Grayscale, a digital asset management company in California, hopes to introduce an Avalanche exchange traded fund (ETF).
This week, the Nasdaq Stock Market sent a proposal to the U.S. Securities and Exchange Commission to list and to trade Grayscale Avalanche Trust shares, which will be completely tied to AVAX, the native asset of layer-1.
Grayscale wasn’t the only financial titan to apply for an Avalanche ETF. VanEck has also submitted documents to Delaware in the past month, suggesting that it hopes to create a fund linked to Ethereum’s (ETH) competitor.
If approved, Coinbase Custody would be the trustee for Grayscale Avalanche’s ETF. The crypto asset management company also plans to launch funds linked to Cardano(ADA), Solana(SOL), XRP, and Hedera.
In January 2024 the SEC approved the first Bitcoin ETFs for the spot market, which will bring in billions of dollar worth of capital to the leading digital asset in terms of market cap. In July last year, the regulator approved Ethereum ETFs to be traded.
In the first half of this year, two financial companies, Franklin Templeton, and Hashdex launched BTC-ETH exchange traded funds.
AVAX was trading at $20.36 when this article was written. AVAX, the 17th most valuable crypto asset in terms of market capitalization, has fallen nearly 8% over the last 24 hours.
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The post Nasdaq Files to Launch a Grayscale Avalanche Exchange-Traded Fund (AVAX), may change as new information becomes available.
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