VanEck has submitted a registration for an Avalanche exchange-traded fund in the state of Delaware

On March 10, investment firm VanEck filed for a new cryptocurrency investment product called VanEck Avalanche ETF in the United States

Investment firm VanEck has submitted a registration for an Avalanche exchange-traded fund in the state of Delaware, according to a filing on March 10.

This filing, spotted by legal tech company Beacon Chain, hints at an official S-1 filing for a spot AVAX ETF from VanEck in the future. The document is registered under the file number 10125689 and the agent registered on the form was revealed to be CSC Delaware Trust Company, similar to many other crypto ETF filings in the past.

The VanEck AVAX ETF is structured as a Delaware statutory trust and will be managed under a trust agreement, with VanEck as the fund’s main sponsor. The next logical step for VanEck to establish the fund would be to file an official S-1 form with the U.S Securities and Exchange Commission for a spot AVAX ETF. At press time, AVAX is down more than 7% in the past 24 hours and is trading hands at $17.18. In the past few days, the token has experienced a declining trend. In the past week, Avalanche has gone down nearly 15% and more than 32% in the past month.

If the registration gets approved, VanEck could become the first firm in the U.S. to launch an exchange-traded fund that directly holds AVAX tokens.

Ava Labs’s Layer 1 blockchain network, Avalanche, is designed to be DeFi-focused and programmable, much like Ethereum. It is one of the top 15 cryptocurrency tokens by market cap and is currently ranked 14th, according to CoinGecko.

In June 2024, VanEck filed for a spot Solana (SOL) ETF with the U.S. SEC, becoming one of the firms to file for a SOL ETF. Prior to their latest ETF filing, VanEck has also registered ETF products backed by Bitcoin (BTC) and Ethereum (ETH).