Digital asset administration large 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 listing and commerce shares of Grayscale Avalanche Belief, which might be fully tied to the worth of the layer-1 mission’s native asset, AVAX.
Grayscale isn’t the primary monetary large to file for an Avalanche ETF. Paperwork submitted to the state of Delaware earlier this month recommend 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 authorised. 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} price of inflows to the highest digital asset by market cap. The regulator subsequently authorised Ethereum ETFs for buying and selling final July.
Two monetary companies, Franklin Templeton and Hashdex, additionally launched joint BTC-ETH ETFs earlier this yr.
AVAX is buying and selling at $20.36 at time of writing. The Seventeenth-ranked crypto asset by market cap is down practically 8% up to now 24 hours.
Observe us on X, Fb and Telegram
Do not Miss a Beat – Subscribe to get e-mail alerts delivered on to your inbox
Verify Worth Motion
Surf The Every day Hodl Combine
 
Disclaimer: Opinions expressed at The Every day Hodl are usually not funding recommendation. Traders 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 chances are you’ll incur are your duty. The Every day Hodl doesn’t suggest the shopping for or promoting of any cryptocurrencies or digital property, neither is The Every day Hodl an funding advisor. Please word that The Every day Hodl participates in affiliate marketing online.
Generated Picture: Midjourney
