VanEck has submitted an S-1 registration statement to the US Securities and Exchange Commission (SEC) for a proposed Avalanche exchange-traded fund (ETF), aiming to provide investors with direct exposure to AVAX.
According to the filing, the VanEck Avalanche ETF will hold AVAX directly and value its shares based on the MarketVector Avalanche Benchmark Rate, which aggregates pricing data from the five largest trading platforms, as determined by CCData’s exchange benchmark report.
This filing follows VanEck’s recent registration of the Avalanche ETF in Delaware, signaling the firm’s intent to expand its lineup of crypto investment products.
VanEck has yet to disclose the ETF’s ticker symbol.
Altcoin ETFs gain momentum
The move comes as asset managers push for ETFs linked to cryptocurrencies beyond Bitcoin and Ethereum.
Since the SEC approved spot Bitcoin ETFs in January and recently gave the green light to Ethereum-based products, firms have been exploring the potential for ETFs
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