VanEck files for AVAX ETF

Global concern manager VanEck has filed for an Avalanche (AVAX) exchange-traded money (ETF) with the US Securities and Exchange Commission (SEC) seeking to connection investors nonstop vulnerability to the astute declaration platform. 

A snippet of the S-1 filing was shared connected societal media connected March 14 by Bloomberg expert James Seyffart, who has been intimately monitoring developments successful the crypto ETF industry.

Source: James Seyffart

The projected VanEck Avalanche ETF intends to “reflect the show of the terms of “AVAX,” the autochthonal token of the Avalanche network, little the expenses of the Trust’s operations,” the prospectus read.

The projected money volition clasp AVAX and volition “value its Shares regular based connected the reported MarketVector Avalanche Benchmark Rate,” the prospectus said.

As Seyffart noted successful a follow-up post, the Trust’s registration “was shared wide […] earlier this week, But this is the archetypal existent filing with the SEC.”

Avalanche is the 16th largest crypto plus with a full marketplace capitalization of $7.7 billion. The blockchain is notable for its precocious throughput and Ethereum Virtual Machine (EVM) compatibility.

Related: US Bitcoin ETFs interruption outflow streak with $13.3M inflow

ETF contention heats up

The overwhelming occurrence of the US spot Bitcoin (BTC) exchange-traded funds and the predetermination of a pro-crypto medication successful Washington person triggered an influx of crypto money applications astatine the SEC.

As Cointelegraph precocious reported, 9 issuers person filed for an XRP (XRP) ETF, with Franklin Templeton joining the contention connected March 11. Issuers are besides vying to database ETFs linked to Solana (SOL), Litecoin (LTC) and Dogecoin (DOGE).

Although the SEC has punted its decision connected these offerings, opting to designate a longer play for review, Seyffart and chap Bloomberg expert Eric Balchinas accidental determination are “relatively precocious likelihood of approval” aboriginal this year.

A January study by JPMorgan said the support of altcoin ETFs volition apt trigger billions of dollars successful inflows, underscoring the pent-up request for cryptocurrencies. In particular, SOL and XRP products could pull the astir organization interest.

Assuming humble adoption rates, SOL and XRP ETFs could pull billions successful their archetypal 12 months. Source: JPMorgan

“When applying these alleged “adoption rates” to SOL and XRP, we spot SOL attracting astir $3 billion-$6 cardinal of nett assets and XRP gathering $4 billion-$8 cardinal successful nett caller assets,” the study said.