Nasdaq has filed Form 19b-4 for the listing of the VanEck ETF based on the Avalanche (AVAX) cryptocurrency, bringing the launch of this financial product closer.
Form 19b-4 and Its Significance
The Form 19b-4 was submitted by Nasdaq on behalf of VanEck and outlines plans for the listing of the AVAX-based ETF. This follows the initial S-1 filing made three weeks ago. The SEC will require time to process the application, expected to take several months.
Competition in the ETF Market
VanEck's application is competing with similar offerings from other major players, such as Grayscale. In total, there are 40 ETF applications under review, many from leading issuers of BTC and ETH funds. The Avalanche ETF will follow a model where the Trust company clearly states that it is not an investment company under the Investment Company Act of 1940.
Current Performance of AVAX
Despite the filing, AVAX is trading close to one-year lows at $18.24, following a peak above $52 in December 2024. Avalanche is also known for its robust ecosystem offerings and billions in locked liquidity, yet it has struggled to restore its gaming user base.
The submission of Form 19b-4 represents a significant step towards the launch of the VanEck ETF based on AVAX, although current market conditions and the asset's price remain under pressure.
