Grayscale has filed to list an ETF based on the Avalanche network on the Nasdaq platform.
Details of Grayscale's Filing
The financial giant Nasdaq has submitted a 19b-4 form to the U.S. Securities and Exchange Commission (SEC) to list and trade shares of Grayscale's proposed fund based on Avalanche. If approved, the ETF would directly hold AVAX tokens, providing investors access to Avalanche network assets via traditional brokerage accounts.
Growing Interest in Altcoin Investments
The SEC has yet to approve any spot crypto ETFs beyond Bitcoin and Ethereum, making Grayscale's filing significant for investors with a growing interest in regulated altcoin investment vehicles. The filing comes in the wake of VanEck's recent move to file for a similar Avalanche fund, reflecting increasing institutional interest in this sector.
From Avalon to ETF: Grayscale's Trend
Grayscale plans to convert its existing Avalanche Trust, launched in August 2024 as a private placement, into an ETF. The fund will be hosted by Coinbase Custody, with BNY Mellon serving as the administrator and transfer agent. This initiative highlights Grayscale's effort to expand its presence in the crypto ETF segment, as evidenced by its recent filing for a Cardano ETF.
The final SEC decision on Grayscale's filings could set new standards for the next generation of crypto ETFs.
