VanEck, a global investment manager, has submitted a filing for an Avalanche exchange-traded fund (ETF) to the US Securities and Exchange Commission (SEC).
This ETF aims to provide investors with direct exposure to the Avalanche smart contract platform. The news was highlighted on March 14 by Bloomberg analyst James Seyffart, who has been tracking the crypto ETF landscape.
The VanEck Avalanche ETF is designed to reflect the performance of the AVAX token, which is the native currency of the Avalanche network. The prospectus states that the fund will hold AVAX and will determine its share value daily based on the MarketVector Avalanche Benchmark Rate. This filing marks a significant step, as it is the first formal application submitted to the SEC for this type of fund.
Avalanche is currently the 16th largest crypto, boasting a market capitalization of $7.7 billion. It is recognized for its high transaction throughput and compatibility with the Ethereum Virtual Machine (EVM), making it an attractive option for developers and investors.
Last week, President Trump‘s World Liberty Financial (WLFI) purchased $2 million each in Avalanche (AVAX) and Mantle (MNT) tokens.
