2025-03-31
Grayscale, a major crypto investment
company, wants to launch an exchange-traded fund (ETF) for Avalanche (AVAX) in
the U.S.
On March 27, 2025, Nasdaq submitted the
U.S. Securities and Exchange Commission (SEC) for approval to list and trade
the ETF, called the Grayscale Avalanche Trust. The ETF would follow the
price of AVAX, the main token of the Avalanche blockchain.
Grayscale isn't the only one interested
in an AVAX fund. Earlier this month, another investment firm, VanEck, filed
similar paperwork in Delaware.
If approved, Coinbase Custody will hold
the AVAX for Grayscale's ETF. Grayscale also wants to offer ETFs for other
cryptocurrencies like Cardano (ADA), Solana (SOL), XRP, and Hedera (HBAR).
The SEC approved the first Bitcoin ETFs
in January 2024, which led to a lot of investment in Bitcoin. It later approved
Ethereum ETFs in July.
Two other companies, Franklin Templeton
and Hashdex, have already launched ETFs that include both Bitcoin and Ethereum.
Right now, AVAX has a market cap of
$7.8 billion. It's currently the 15th largest cryptocurrency by market value.
