Nasdaq Pushes Ahead With VanEck Avalanche ETF Listing Amid Market Drop

YEREVAN (CoinChapter.com) — Nasdaq filed a request with the U.S. Securities and Exchange Commission (SEC) to list the VanEck Avalanche ETF. The submission falls under Rule 5711(d), covering commodity-based trust shares. If approved, the ETF will offer indirect access to the AVAX token.

John Zecca, Nasdaq’s executive vice president and chief legal officer, signed the filing. VanEck Digital Assets will sponsor the trust. A third-party custodian, unnamed in the document, will hold the AVAX tokens.

Investors would not directly manage AVAX. The ETF structure allows access to its price through brokerage accounts, avoiding wallets or crypto exchanges.

Avalanche Trust Registered in Delaware

On March 10, VanEck registered the Avalanche fund as a trust in Delaware, a standard step before listing. The legal structure aligns with prior VanEck filings for digital asset products.

March 14, VanEck disclosed the ETF application via social media. This marks VanEck’s fourth crypto ETF, following Bitcoin, Ethereum, and Solana filings. The Avalanche ETF uses a spot-based structure, meaning it will track AVAX’s market price. VanEck’s application outlines a model already used in its earlier ETF proposals.

On April 10, 2025, the AVAX token was trading around $17.71, according to the AVAX/USDT pair on Binance. The price briefly touched $18.39 before pulling back. This marks a significant drop from its January 2025 high of $41, showing a decline of over 56% in just over three months.

The AVAX chart shows persistent downward pressure throughout March and early April. Short-lived rebounds failed to maintain momentum, with the price trending below the 50-period EMA, currently at $17.64. Recent trading volume reached 730,210 AVAX, indicating sustained activity despite the price slump.

The ETF aims to offer price exposure to AVAX through traditional channels. Investors would not need digital wallets or trading accounts to access the token’s performance. Although the AVAX price declined sharply, filings for regulated exposure continue.

Grayscale Avalanche ETF Filing Also Pending

On March 28, Nasdaq submitted another application to list the Grayscale Avalanche ETF. This product would convert an existing closed-end AVAX fund, first launched in August 2024, into a spot ETF.

Grayscale used the same approach to convert its Bitcoin and Ethereum funds. The SEC is now reviewing both Grayscale and VanEck’s filings. The two applications show institutional demand for exposure to the AVAX token despite recent price movements.

The VanEck Avalanche ETF would be listed under Nasdaq’s Rule 5711(d), covering trust shares that hold real assets. The ETF will be backed by AVAX held in custody. VanEck will serve as the sponsor and handle fund operations.

The SEC has not set a timeline for a decision. The proposal is subject to a public comment period and standard review procedures. Nasdaq will proceed with the listing if the SEC approves the product.

The VanEck Avalanche ETF and Grayscale Avalanche ETF join several pending crypto ETF applications. Other tokens with applications include Bitcoin, Ethereum, Solana, and XRP.