VanEck Files Avalanche $AVAX ETF for SEC Review

• VanEck Registers with Avalanche ETF.
• AVAX Price Today faces 2% drop on the day.
• Avalanche ranks 20th in the market.

VanEck, a renowned investment manager, has just taken a major step towards innovation in the cryptocurrency market in the United States, by registering an ETF based on Avalanche (AVAX) in Delaware. Although the formal SEC filing has not been completed, indications suggest that the company is considering the possibility of launching an exchange-traded fund that would invest directly in the AVAX token.

It is worth remembering that the SEC is already evaluating other cryptocurrency ETFs, including those based on XRP, SOL and ADA, highlighting a growing trend in the acceptance of financial products linked to digital assets.

The news comes at a turbulent time for the cryptocurrency, which has seen its value drop by 65% ​​since the start of the year. Originating from a blockchain platform that enables the execution of smart contracts, Avalanche focuses on speed and scalability. The AVAX token, which was once among the ten most valuable by market capitalization in 2021, now ranks 20th, valued at around $7 billion.

2024 has been a challenging year for Avalanche. At the time of writing, the price of AVAX is now trading at $17,26 per unit, down 2% in the last 24 hours. In addition, weekly depreciation reached 14% and, year-to-date, the loss exceeds 65%.

This is VanEck’s fourth crypto ETF filing in Delaware, following previous efforts with Bitcoin, Ethereum and Solana. The firm has a history of pioneering the space, including launching one of the first spot Bitcoin ETFs in the United States and filing for a Bitcoin futures ETF in 2017.