VanEck Files to List an Avalanche (AVAX) ETF in the United States

VanEck registered an Avalanche ETF in the United States through a filing submitted in Delaware. Although an official application to the SEC has not yet been made

output: U.S.-based investment firm VanEck has registered an Avalanche (AVAX) ETF in the United States, according to a filing submitted in Delaware on Thursday.

What Happened: The investment firm has applied for an ETF based on Avalanche, a blockchain platform known for smart contract execution, focusing on scalability and speed. It is used by major projects such as Chain, Benartex, and Avy.

The filing, spotted by a user on X, suggests that VanEck is considering launching a publicly traded fund based on AVAX. However, no official application has yet been made to the SEC.

This news comes at a time when the market has experienced a significant downturn, with AVAX losing 65% of its value so far this year. At the time of writing, AVAX is trading at $16.74 per unit, having depreciated by more than 65% over the last year.

This marks VanEck’s fourth cryptocurrency ETF registration in Delaware, following Bitcoin, Ethereum, and Solana. The company has been one of the most active in the market, participating in the launch of the first spot Bitcoin ETFs in the U.S. in 2024 and filing for a Bitcoin futures ETF since 2017.

Announcing the registration of a new Avalanche ETF would make VanEck the first to apply for such a product. However, it is worth noting that Grayscale has also applied for an ETF that would include both Bitcoin and five other cryptocurrencies, namely Ethereum, Bitcoin Cash, Litecoin, and Polkadot, in addition to Avalanche.

The news sparked discussion in the crypto community about why VanEck would choose to register an Avalanche ETF over an XRP ETF, considering the high demand for a product based on the latter asset.

"Still no sign of an XRP ETF despite the immense interest. Instead, they're applying for an AVAX ETF. What gives?" one user questioned on X.

Another user pointed out that the ETF could be a multi-asset fund, aiming to include both XRP and other cryptocurrencies in a single ETF.

This new ETF registration confirms that asset managers are actively seeking to expand their digital offerings despite the market downturn and the need for approval from the SEC. The viability of this ETF will depend on the regulatory process and the market developments in the coming months.