Worldwide financial powerhouse VanEck has registered for a new Avalanche (AVAX) ETF in the U.S. Documents presented to Delaware disclose intentions for an ETF, which is presumably linked to AVAX's pricing.
The firm already offers Bitcoin and Ethereum ETFs and has filed for a Solana ETF, which is still awaiting approval. Matthew Sigel, VanEck's head of digital asset analysis, linked the SOL filing to a possible Trump presidency. VanEck's goals include an "Onchain Economy ETF." This fund will focus on digital asset instruments and transformation companies rather than individual cryptos.
AVAX is currently trading at $18.51. It is ranked 16th by market cap. It was up 6.1% in 24 hours but around 10% down in seven days.
The SEC's approval of spot Bitcoin ETFs in January 2024 resulted in billions in inflows. Ethereum ETFs were introduced in July, significantly bolstering the cryptocurrency sector. VanEck's action reflects increased institutional interest in various crypto assets. It represents the changing landscape of digital asset investments following legislative advancements.
