4 days ago
Nasdaq submitted a 19b-4 filing with the U.S. Securities and Exchange Commission (SEC) to o.k. the listing of a spot Avalanche exchange-traded money (ETF) managed by Grayscale.
Grayscale already manages an Avalanche Trust that carries a 2.5% absorption fee. The filing could pb to a cheaper, much flexible concern conveyance with vulnerability to the AVAX token, and reflects an manufacture inclination toward processing regulated vehicles for altcoin trading. The SEC, however, has yet to o.k. immoderate spot altcoin ETFs beyond those offering vulnerability to ether (ETH).
If approved, Grayscale’s money would connection different way for accepted investors to entree crypto assets done accepted brokerage accounts. The ETF’s custodian would beryllium Coinbase Custody, according tot helium filing.
The ETF would clasp AVAX directly, tracking the marketplace terms of the Avalanche network’s autochthonal token. The cryptocurrency is astatine the clip of penning trading astatine $20.5 aft losing 6.6% of its worth successful the past 24 hours amid a wider marketplace drawdown that has seen the broader CoinDesk 20 Index (CD20) driblet by implicit 4%.
Other companies are besides looking astatine Avalanche. Earlier this month, VanEck filed an S-1 form for an Avalanche ETF.
Last month, Grayscale besides filed for a Cardano ETF, which would go the company’s archetypal standalone ADA concern vehicle.
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