Keynote
- NASDAQ has submitted a new ETF to the US SEC.
- Avalanche ETF, supported by Grayscale, is the second in the market of major asset managers.
- Avax Price maintained its flaws despite the strong ETF submission news.
GrayScale Investments, LLC took a big step in bringing Spot Avalanche-Traded Fund (ETF) to the market. Asset Management Large Corporation has joined Vaneck to submit Avax ETF to the US Securities and Exchange Commission (SEC).
NASDAQ files for ETF approval
According to the submission on March 27, the company applied for the exchange partner NASDAQ. The company submitted a 19B-4 submission to the SEC to list and trade the proposed GrayScale Avalanche Trust ETF.
It is worth mentioning that this submission is an essential stage of the regulatory approval process. It will be posted in the Federal Registration Department and will be reviewed when the public opinion is disclosed and accepted.
This submission revealed that the proposed ETF was developed to track the value of Avax, the default cryptocurrency of the Avalanche blockchain. This allows investors to be exposed to AVAX without owning their own assets.
According to the update, the ETF works like GrayScale’s Bitcoin and Ethereum products. The company plans to convert existing personal eye -crisis trust into public trading funds.
Grayscale’s Avalanche Trust began in August 2024 and currently manages about $ 1.7 million assets. If approved, the ETF provides AVAX with a low technical barrier regulatory investment option by making AVAX more easily accessible to organizations and retail investors.
Increased institutional interest in AVAX
Promotion of Avalanche ETF shows a wide range of institutional interest in alternative blockchain networks other than Bitcoin and Ethereum.
Vaneck recently submitted a S-1 registration proposal to the US SEC for its own AVAX ETF. In addition, appetite for eye -based investment products is increasing. GrayScale documented an important service provider for the funds proposed in the submitted report.
Coinbase Custody Trust Company will handle asset custody and BNY MELLON will work as an administrator and transfer agent.
Foreside Fund Services is expected to manage marketing efforts, and Coindesk Indices will provide a benchmark index for tracking the price of Avax. The eye was built for fast transactions and expansion. It runs on three individual blockchains.
The X-chain transmits assets, C-chain supports Etherum-based smart contracts, and P-chains manage valid and customized blockchains. This network has gained popularity among developers and investors.
AVAX prices fall during ETF submission
According to the report, the AVAX price has experienced unexpected modifications since the rechargeable news was released.
According to CoinmarketCap data, the coin has fallen more than 8% over the last 24 hours and is traded at $ 20.09 based on press time. Other top coins, such as XRP, Ethereum and Solana, have a significant loss, but Avax has been lost more than 10% for 30 days.
Meanwhile, SEC’s position on digital asset ETF has changed since Donald Trump’s inauguration. Under the leadership of Mark Uyeda, the committee has increased the openness of digital asset funds, resulting in a wave of new ETF applications.
If approved, the GrayScale Avalanche ETF can display another milestone in the increase in institutional adoption of encryption assets.
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Benjamin Godfrey is a blockchain enthusiast and journalist, and is integrated worldwide with the general acceptance of emerging technology, loving writing about the actual applications and innovation of blockchain technology. His desire to educate people for Cryptocurrencies encourages his contribution to famous blockchain media and sites.