Grayscale is seeking approval to launch yet another Crypto ETF, with Nasdaq submitting the 19B-4 of the avalanche ETF on behalf of the SEC.
Filed on Friday by the famous New York-based stock exchange NASDAQ 19b-4 An application that attempts to list and trade avalanche spot exchange sales funds. The filing, made on behalf of Grayscale's, calls for changes to the rules to provide alternative exposure to Avax, the native token of the avalanche ecosystem.
Grayscale Avalanche ETF Approval Process is underway
Titan Asset Manager already provides client exposure to Avax through trust. It was released last August Greyscale Avalanche Trust It has a 2.50% expense ratio, providing closed-end exposure to cryptocurrency, and has accumulated $1.7 million to date.
However, Grayscale is trying to convert trust into a Spot ETF that tracks Avax tokens. If approved, the fund provides a more flexible and cost-effective way for traditional investors to indirectly own cryptocurrency.
According to filing, Coinbase, a US-based crypto exchange, will become a crypto administrator, with Bny Mellon, the world's largest custodian bank, serving as administrator and transfer agent. Additionally, the Coindesk index provides an index for the ETF.
Meanwhile, bullish developments have not shaken the general bearish of Avax tokens, which reflect the broader market decline tokens. At the time of writing, the 14th largest cryptocurrency by market capitalization was $20.2, a staggering 8% in the last 24 hours.
Yet another grayscale file for AltCoin ETF
Interestingly, Grayscale's Avalanche ETF application takes place two weeks after Asset Manager Vaneck files an S-1 filing with the US Securities and Exchange Commission (SEC) of Vaneck Avalanche ETF. In particular, the company registered its investment products in Delaware on March 10th.
Grayscale recently applied for a Cardano Spot ETFits first standalone financial instrument tracking ADA. This adds a list of Altcoin Investment product applications to SEC, XRPSolana, Dogecoinand Polka dot pattern ETFS.
Nevertheless, Securities Watchdog has not yet approved Altcoin ETFs other than Ethereum. In particular, government agencies only authorize two crypto spot ETFs: Bitcoin and Ether Spot Exchange Funds.
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