VanEck Seeks SEC Approval for First-Ever AVAX ETF

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As per a recent statement, VanEck is seeking approval from the U.S. Securities and Exchange Commission (SEC) to launch the “VanEck Avalanche ETF.” This filing follows VanEck’s recent registration of the Avalanche ETF in Delaware.

If approved by the SEC, it would be the first-ever ETF tied to AVAX, marking a significant step for both the fund and the broader crypto space. “The Trust’s investment objective is to reflect the performance of the price of ‘AVAX,’ the native token of the Avalanche network, less the expenses of the Trust’s operations,” the filing noted. 

James Seyffart from Bloomberg Intelligence stated on Friday that although the VanEck Avalanche ETF had been widely discussed earlier this week, this is the first official filing with the SEC.

Besides, Several firms are seeking the SEC’s approval for different types of cryptocurrency ETFs, such as ones tracking SOL (Solana), XRP (Ripple), DOGE (Dogecoin), and LTC (Litecoin). Bloomberg ETF analysts have provided approval odds for various altcoin-based ETFs, estimating a 90% chance for Litecoin, while XRP and Solana face lower probabilities. Avalanche’s track record, including its use in financial innovations like Franklin Templeton’s tokenized fund, could support its case for approval

This push comes after the SEC approved the listing of spot Bitcoin ETFs in January 2024 and spot Ethereum ETFs in July 2024 under the previous administration, signaling a shift toward more crypto-related investment products being allowed in the market.

In just a few weeks, the agency reversed its controversial crypto accounting rules, dropped enforcement actions against major crypto players, created a crypto task force, and even issued a statement on memecoins. This shift indicates a more open approach to the crypto space.