In a move that could only be described as a delightful romp through the world of finance, VanEck has decided to throw its hat into the ring by submitting a registration for an Avalanche exchange-traded fund in the charming state of Delaware. This comes hot on the heels of their previous escapade with the Solana ETF filing, which, let’s be honest, was about as thrilling as watching paint dry. 🎨
On the 10th of March, the investment firm VanEck, in a fit of enthusiasm, filed for a new cryptocurrency investment product dubbed the VanEck Avalanche ETF. According to the public records on the official Delaware state website—where all the best gossip is found—this hints at a future S-1 filing for a spot AVAX (AVAX) ETF. One can only imagine the excitement in the boardroom! 🥳
The document, which is registered under the rather unexciting file number 10125689, reveals that the agent on the form is none other than the CSC Delaware Trust Company. This is akin to finding out that your favorite pub serves the same beer as the one down the street—comforting, yet not exactly groundbreaking.
Now, the VanEck AVAX ETF is structured as a Delaware statutory trust, which sounds terribly official, and will be managed under a trust agreement, with VanEck as the fund’s main sponsor. The next logical step, of course, would be for VanEck to file an official S-1 form with the U.S. Securities and Exchange Commission for a spot AVAX ETF. Because why not add a bit more paperwork to the mix? 📄
As of the latest gossip, AVAX is down more than 7% in the past 24 hours and is trading at a rather sad $17.18. In the past few days, the token has been on a slippery slope, with a decline of nearly 15% in the past week and a staggering 32% in the past month. One might say it’s having a bit of a crisis! 😱
If the registration gets the green light, VanEck could become the first firm in the U.S. to launch an exchange-traded fund that directly holds AVAX tokens. AVAX, for those not in the know, is the native token of the Layer 1 blockchain network Avalanche, designed by the clever folks at Ava Labs. 🧠
In June 2024, VanEck also filed for a spot Solana (SOL) ETF with the U.S. SEC, joining the ranks of firms eager to dip their toes into the crypto waters. Prior to this latest filing, they had also registered ETF products backed by Bitcoin (BTC) and Ethereum (ETH). It seems they’re quite the overachievers in the ETF department!
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2025-03-11 15:01