Global investment giant VanEck has officially filed for an Avalanche exchange-traded fund (ETF) with the U.S. Securities and Exchange Commission (SEC). The proposed ETF aims to provide investors direct exposure to AVAX, the native token of the Avalanche blockchain.
Bloomberg analyst James Seyffart shared a snippet of the S-1 filing on social media on March 14, confirming that this marks the first official SEC submission for the VanEck Avalanche ETF. According to the prospectus, the fund will hold AVAX and track its price using the MarketVector Avalanche Benchmark Rate, minus operational expenses.
Avalanche’s Growing Presence in the Crypto Market
Avalanche is currently the 16th largest cryptocurrency, boasting a market capitalization of $7.7 billion. The blockchain is recognized for its high-speed transactions and Ethereum Virtual Machine (EVM) compatibility, making it a strong competitor in the smart contract space.
VanEck’s move signals growing institutional interest in altcoin-based ETFs, following the massive success of U.S. spot Bitcoin ETFs.
Crypto ETF Filings Gain Momentum Amid Regulatory Shift
VanEck’s filing comes amid a surge in crypto ETF applications at the SEC, driven by the positive performance of Bitcoin ETFs and increasing optimism about regulatory approval.
Nine issuers have already submitted applications for an XRP ETF, with Franklin Templeton joining the race on March 11. Additionally, firms are seeking approval for ETFs tied to Solana (SOL), Litecoin (LTC), and Dogecoin (DOGE).
While the SEC has delayed decisions on these filings, opting for extended review periods, Bloomberg analysts Seyffart and Eric Balchunas believe there is a “relatively high” chance of approval later this year.
