VanEck Registers Avalanche Exchange-Traded Fund (ETF)
In a significant move within the financial landscape, VanEck has officially registered an Avalanche exchange-traded fund (ETF) in the U.S. state of Delaware. This registration reflects the growing interest among investment managers to explore various altcoin-based products, even amidst a notable downturn in the cryptocurrency market.
The New York-headquartered investment firm submitted the application for the “VanEck Avalanche ETF” on March 10, as indicated by a recent filing on the Delaware Department of State website. This development comes at a time when the cryptocurrency market is experiencing a sell-off, leading to a substantial decline in the value of Avalanche’s native token, AVAX, which recently plummeted to a one-year low of $16.27.
With this registration, Avalanche becomes the fourth cryptocurrency asset for which VanEck has sought to create an ETF. This follows the firm’s filing for a spot Solana fund back in June of the previous year. VanEck was notably among the pioneers in the realm of cryptocurrency ETFs, having been one of the first issuers to secure approval for Bitcoin (BTC) and Ether (ETH) ETFs in January and July respectively.
As the market evolves, issuers appear to be diversifying their portfolios by venturing into the altcoin sector to develop innovative ETFs. In a related development, investment managers Rex Shares and Osprey Fund also filed on Monday to list a new product known as the MOVE fund, indicating a broader trend of exploration in alternative digital assets.
