VanEck is betting big on Avalanche (AVAX-USD). The global investment firm has registered an Avalanche ETF in the U.S., according to CoinDesk. This signals a potential move toward a spot AVAX ETF filing. This registration comes at a rough time for AVAX, which has plunged 55% year-to-date.
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VanEck Expands Its Crypto ETF Lineup
VanEck’s filing in Delaware marks its fourth standalone crypto ETF registration, following Bitcoin, Ethereum, and Solana. The firm has been a major player in the crypto ETF market, launching one of the first spot Bitcoin ETFs in 2024 and filing for a Solana ETF in 2024.
No XRP ETF Yet, and Some Are Noticing
Not everyone is thrilled with VanEck’s priorities. Some crypto community members have pointed out that VanEck moved forward with an Avalanche ETF before filing for an XRP ETF. One commenter on X, whose post was reshared by VanEck’s digital asset research head Matthew Sigel, questioned, “Who is your handler telling you not to file an XRP ETF?”
SEC Approval Still a Big Question
Even though VanEck has made this move, we have to remember that the SEC’s stance on an Avalanche ETF remains unclear. Grayscale previously attempted to include AVAX in a multi-asset ETF in 2024, but no standalone AVAX ETF has been approved yet.
At the time of writing, AVAX is sitting at $17.34.
