Nasdaq Files for Approval of Grayscales Spot Avalanche ETF
This filing marks a key step in the process of proposing a new ETF, and once acknowledged by the SEC, it will be published in the Federal Register, kicking off the approval process.
Grayscales Avalanche ETF Proposal
Grayscales filing is aimed at converting its existing Avalanche Trust, which was launched in August 2024 as a private placement, into a spot ETF. The assets of the trust consist exclusively of AVAX, the native token of the Avalancheblockchain network. The investment objective of the trust is for the value of its shares to reflect the value of the AVAX held by the Trust, adjusted for expenses and liabilities.
The Coinbase platform is designated as the custodian for the Trust, while BNY Mellon Asset Servicing is set to serve as the administrator and transfer agent.
A Competitive Push in the Spot Avalanche ETF Race
This filing follows a similar move by VanEck, which submitted an S-1 registration statement to the SEC last week, seeking approval to launch the first spot Avalanche ETF. The competition for approval is heating up, with both Grayscale and VanEck vying to be first to market with a spot Avalanche ETF.
Avalanche Blockchain Overview
Avalanche is a high-performance Layer 1 blockchain that is known for its low latency and scalability. It includes three main chains: the X-Chain for asset transfers, the C-Chain for Ethereum-compatible smart contracts, and the P-Chain for validator management and custom blockchain creation (subnets).
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