VanEck Seeks SEC Approval for First AVAX ETF

VanEck has taken steps to introduce an exchange-traded fund (ETF) tied to AVAX, seeking approval from U.S. regulators.

The asset management firm submitted a request to the Securities and Exchange Commission (SEC) for what it has named the “VanEck Avalanche ETF,” as revealed in a filing made on Friday.

The proposed ETF aims to mirror AVAX’s market performance while accounting for operational costs. Documents indicate that the trust has been registered in Delaware, marking what appears to be the first ETF of its kind focused on Avalanche’s native cryptocurrency.

Bloomberg Intelligence analyst James Seyffart highlighted the significance of this move, noting in an X post that while the trust’s registration had already been widely circulated earlier in the week, this was the first formal submission to the SEC.

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Several financial firms are pursuing regulatory approval for crypto ETFs covering various assets such as SOL, XRP, DOGE, and LTC. The SEC previously gave the green light to spot Bitcoin ETFs in early 2024, followed by spot Ethereum ETFs in July of that year.

Recently, the regulator has demonstrated a more accommodating stance toward digital assets. Over a short period, it has reversed controversial crypto accounting policies, backed away from enforcement actions against major industry participants, established a dedicated crypto task force, and issued a statement addressing memecoins.

Alexander Stefanov