Grayscale, a big name in digital assets, is trying to bring an Avalanche (AVAX) exchange-traded fund (ETF) to the US. Nasdaq just filed paperwork with the SEC to list and trade shares of the Grayscale Avalanche Trust. This ETF would track the price of AVAX, Avalanche’s cryptocurrency.
Competition in the AVAX ETF Market
Grayscale isn’t alone in this. VanEck also filed to launch an Avalanche ETF earlier this month.
Custodian and Future Plans
Coinbase Custody will handle the safekeeping of the AVAX in Grayscale’s ETF, if approved. Grayscale also has plans for ETFs based on other cryptocurrencies like Cardano (ADA), Solana (SOL), XRP, and Hedera (HBAR).
Following the Bitcoin and Ethereum ETF Trend
This move comes after the SEC approved the first Bitcoin spot ETFs in January 2024 and Ethereum ETFs last July. The approval of these ETFs led to significant investment in Bitcoin and Ethereum. Other firms have also launched combined Bitcoin-Ethereum ETFs.
Current AVAX Price and Market Performance
AVAX is currently trading around $20.36, but it’s down about 8% in the last 24 hours. It’s currently the 17th largest cryptocurrency by market value.
