Grayscale Seeks SEC Approval for Avalanche ETF Amid Crypto Fund Application Surge

Grayscale's pursuit of an Avalanche (AVAX) exchange-traded fund (ETF) has advanced with Nasdaq's filing of a 19b-4 form with the U.S. Securities and Exchange Commission (SEC) on Thursday. This move follows Grayscale's registration as a Delaware Trust entity more than two weeks prior. If approved, the AVAX ETF would utilize Coinbase Custody as its custodian. The Trust's assets would consist solely of AVAX, aiming to mirror the index price, with BNY Mellon Asset Servicing as administrator and transfer agent. The filing comes a week after VanEck's S-1 registration statement for a similar product. This application is part of a broader trend of fund issuers seeking altcoin ETFs, spurred by a perceived shift in regulatory stance under the new administration. AVAX was recently trading at $20.37, down 7.4% in the past 24 hours.