VanEck Files for Avalanche ETF Despite Market Decline
- VanEck may become the first issuer of an Avalanche ETF
- AVAX token value has dropped by 52% year-to-date
- Numerous altcoin ETF applications have been submitted recently
Investment firm VanEck has submitted an application for an Avalanche exchange-traded fund (ETF) in the US despite the current market downturn.
The company, headquartered in New York, filed for the VanEck Avalanche ETF in Delaware on March 10, as per records from the Delaware Department of State website.
VanEck’s move indicates a potential filing for an official spot AVAX ETF with the US Securities and Exchange Commission (SEC). This news comes amidst a decline in market prices for Avalanche’s AVAX token.
Data from CoinMarketCap shows a year-to-date decline of nearly 52% for AVAX. The token has dropped approximately 10% in the last 24 hours and is currently trading at $17.15, up slightly from its morning value of just over $15.
ETF Applications
If approved, VanEck could become one of the first issuers of an AVAX ETF. This follows their filing for a Solana ETF last June and joins existing Bitcoin and Ethereum ETF products, which received SEC approval in January and July last year.
VanEck is among several issuers seeking approval for various altcoin ETFs in recent months. In the past month, the Chicago Board Options Exchange (Cboe) submitted four filings for spot XRP ETFs.
In January, Nasdaq filed a 19b-4 form for a Canary Litecoin ETF, followed by a Hedera ETF filing in February. NYSE Arca also filed a 19b-4 form earlier this month to list the Bitwise Dogecoin ETF.
