Source: Cointelegraph Original: "{title}"
The Nasdaq Stock Exchange has submitted an application to the U.S. Securities and Exchange Commission (SEC) to list and trade shares of the VanEck Avalanche Trust. This proposed exchange-traded fund (ETF) aims to provide investors with an indirect investment opportunity in AVAX tokens.
The application was signed by Nasdaq Executive Vice President and Chief Legal Officer John Zecca, requesting approval to list and trade shares of the VanEck Avalanche ETF under company rule 5711(d). This rule primarily governs the trading of commodity trust shares.
If approved, the VanEck Avalanche ETF will allow investors to gain exposure to price movements of Avalanche (AVAX) tokens without directly holding them. The ETF will hold these tokens and track their market price, enabling investors to profit without the need for a crypto wallet or digital asset trading platform.
According to the application, asset management company VanEck Digital Assets will sponsor the trust, while a third-party custodian will be responsible for holding all Avalanche tokens on behalf of the trust.
Excerpt from Nasdaq's Avalanche ETF listing application. Source: Nasdaq
This application is VanEck's latest effort to register a spot Avalanche ETF in the U.S. On March 10, the asset management company registered this crypto investment product as a trust in Delaware.
This is the fourth independent crypto ETF product submitted by VanEck, alongside previous Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) ETF products. In 2024, VanEck applied for a spot ETF based on SOL, becoming one of the first issuers to launch such a product.
On March 14, VanEck's Avalanche ETF formal application was publicly announced via social media, demonstrating the company's high regard for the product.
Meanwhile, Grayscale Investments is also advancing an AVAX-based ETF. On March 28, Nasdaq applied to list Grayscale's Avalanche ETF. This product will be a conversion version of the closed-end AVAX fund that the company plans to launch in August 2024.
Despite strong market interest in AVAX-based exchange-traded products, the AVAX token experienced a significant decline in 2025 due to the overall downturn in the crypto market. As of April 10, the trading price of the AVAX token was only $18, down 56% from its January peak of $41.
Related: SEC approves spot Ethereum ETF options
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