VanEck Taps AVAX, Registers Avalanche Spot ETF in US

Digital asset manager VanEck has submitted a filing to register an Avalanche (AVAX) exchange-traded fund (ETF) in the United States.

The filing was submitted on March 10 in Delaware and outlines a proposed trust-based investment product named “VanEck Avalanche ETF”. According to the Delaware State Public Registry, it follows the standard structure the company used in previous cryptocurrency ETF submissions.

This marks VanEck’s fourth standalone crypto ETF filing, following earlier products dedicated to Bitcoin (BTC), Ethereum (ETH), and even a pending revision and approval for a spot Solana (SOL) ETF.

Related: SOL Down 16%, as Polymarket Bettors Believe Solana’s Slump to Continue in March

AVAX Price Spikes 11%

It surely is great news for the Avalanche community, as the AVAX token surged 11% in the day, currently trading at US$17 (AU$27.2). However, like the vast majority of cryptocurrencies at the moment, AVAX is barely keeping up in such an abrasive bear market.

Avalanche was developed by Ava Labs and launched in 2020 as a multichain blockchain platform built to support decentralised applications (dApps) and smart contracts. It’s currently the 16th largest crypto project by market capitalisation (at least according to CoinMarketCap). It’s also down 55% year-to-date, leaving its market cap at US$7B (AU$11.3B).

From the outset, it has aimed to compete directly with Ethereum in transaction speed, efficiency, and scalability. AVAX quickly gained prominence, especially during the DeFi boom. 

Related: Trump Induced Economic ‘Death Spiral’ Sends Bitcoin Below $80k as Analysts Weigh In