- If approved, VanEck could be the first issuer of an Avalanche ETF
- Avalanche’s token, AVAX, has dropped nearly 52% in year-to-date value
- There has been a flurry of various ETF altcoin applications in recent months
Investment company VanEck has registered for an Avalanche exchange-traded fund (ETF) in the US despite a decline in market prices.
The New York-headquartered company filed the VanEck Avalanche ETF in the state of Delaware on March 10, according to the Delaware’s Department of State website.
The move from VanEck suggests that it may file an S-1 form for an official spot AVAX ETF with the US Securities and Exchange Commission (SEC). News of this comes as market prices are down for Avalanche’s AVAX token.
Data from CoinMarketCap shows that its year-to-date decline is at nearly 52%. Over the past 24 hours, it has dropped around 10% and is trading at $17.15. This is a slight rise from early morning trading when it was valued at just over $15.
ETF applications
If approved, VanEck could become one of the first to issue an AVAX ETF. It would also follow on from its Solana ETF, which it filed for last June. It would join the likes of Bitcoin and Ethereum ETF products, which were the first to receive SEC approval last January and July.
VanEck is among several issuers applying for various altcoin ETFs in recent months. Last month, the Chicago Board Options Exchange (Cboe) filed four separate filings on behalf of issuers to launch spot XRP ETFs.
In January, Nasdaq filed a 19b-4 form for a Canary Litecoin ETF. This was followed by Nasdaq filing for a Hedera ETF at the end of February. Earlier this month, the NYSE Arca filed a 19b-4 form to list the Bitwise Dogecoin ETF.
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