Digital asset administration big Grayscale hopes to launch an Avalanche (AVAX) exchange-traded fund (ETF) within the US.
The Nasdaq Inventory Market submitted a proposal this week to the U.S. Securities and Trade Fee (SEC) to checklist and commerce shares of Grayscale Avalanche Belief, which might be fully tied to the worth of the layer-1 undertaking’s native asset, AVAX.
Grayscale isn’t the primary monetary big to file for an Avalanche ETF. Paperwork submitted to the state of Delaware earlier this month counsel VanEck additionally hopes to launch a fund tied to the Ethereum (ETH) rival.
Coinbase Custody will function the custodian for Grayscale’s Avalanche ETF if it’s permitted. The crypto asset supervisor additionally hopes to launch funds tied to Cardano (ADA), Solana (SOL), XRP and Hedera (HBAR).
The SEC greenlit the primary spot market Bitcoin (BTC) ETFs in January 2024, bringing in billions of {dollars} value of inflows to the highest digital asset by market cap. The regulator subsequently permitted Ethereum ETFs for buying and selling final July.
Two monetary corporations, Franklin Templeton and Hashdex, additionally launched joint BTC-ETH ETFs earlier this 12 months.
AVAX is buying and selling at $20.36 at time of writing. The Seventeenth-ranked crypto asset by market cap is down almost 8% up to now 24 hours.
Comply with us on X, Fb and Telegram
Do not Miss a Beat – Subscribe to get e-mail alerts delivered on to your inbox
Examine Value Motion
Surf The Day by day Hodl Combine
 
Disclaimer: Opinions expressed at The Day by day Hodl usually are not funding recommendation. Buyers ought to do their due diligence earlier than making any high-risk investments in Bitcoin, cryptocurrency or digital property. Please be suggested that your transfers and trades are at your personal danger, and any losses you could incur are your accountability. The Day by day Hodl doesn’t suggest the shopping for or promoting of any cryptocurrencies or digital property, neither is The Day by day Hodl an funding advisor. Please be aware that The Day by day Hodl participates in internet online affiliate marketing.
Generated Picture: Midjourney