VanEck Files S-1 Document with the SEC, Seeking Permission to Launch an Avalanche (AVAX) ETF

Investment fund manager VanEck has officially filed an S-1 document with the U.S. Securities and Exchange Commission, requesting permission to launch an Avalanche ($AVAX) exchange-traded fund.

Investment fund manager VanEck has officially filed an S-1 document with the U.S. Securities and Exchange Commission, requesting permission to launch an Avalanche ($AVAX) exchange-traded fund. The proposal, which aims to expose AVAX to traditional retail investors, was outlined in the preliminary prospectus on March 15.

This new ETF, to be launched on the New York Stock Exchange and titled ‘VanEck Avalanche ETF,’ will track the performance of the world’s 18th largest cryptocurrency closely, aiming to provide a seamless avenue for investors to engage with the digital asset. However, the ETF’s operating expenses will be deducted from the total return.

Moreover, the document also reveals that the price of the AVAX ETF shares will be based on the ‘Avalanche Benchmark Rate,’ which is to be calculated by financial indexes and benchmarks provider MarketVector, based on the top 5 AVAX trading platforms.

AvaLabs founder and CEO Emin Gün Sirer celebrated the news on his personal Twitter account. In the post, Gün Sirer shared how excited he was about the new development, arguing that the AVAX ETF will offer a “new and convenient” way for people to participate in one of the most technologically advanced blockchain networks.

This development arrives amid increasing interest in cryptocurrency ETFs, driven by a growing demand for alternative digital asset investments. While the SEC’s approval process for crypto-related ETFs has historically been rigorous, this filing could signal broader acceptance of blockchain assets within traditional financial markets, potentially paving the way for even more altcoin ETFs entering the market.