VanEck's Expected Avalanche Move: The First Official Application for AVAX Has Been Made! - Coin Newsletter

U.S.-based fund manager VanEck is awaiting (SEC) approval from the U.S. Securities and Exchange Commission to (ETF) launch its first exchange-traded fund focused (AVAX) Avalanche.

Asset giant VanEck, which manages $89.5 billion, recently registered its fund called "VanEck Avalanche ETF" in the US state of Delaware and made the official application. According to the details of the application, the main purpose of the fund will be to reflect the price performance of AVAX, the native cryptocurrency of the Avalanche network, to investors. The fund's management expenses will be deducted from the return that investors will receive.

Cryptocurrency ETFs have recently become a major focus of attention in the US markets. The SEC, which previously authorized spot Bitcoin (BTC) ETFs and spot Ethereum (ETH) ETFs in July 2024, is now eagerly awaited in the industry for its response to the AVAX ETF.

Bloomberg Intelligence analyst James Seyffart said in a statement on the subject, **"VanEck's AVAX ETF application was previously publicly announced, but the formal application to the SEC has just happened."

SEC support for cryptocurrencies is on the rise

In recent weeks, there has been a significant shift in the SEC's attitude towards cryptocurrencies. In particular, steps such as the relaxation of accounting rules, the suspension of sanctions against major players in the industry, and the creation of a dedicated crypto task force reflect the institution's positive approach to the crypto industry.

In addition to the AVAX ETF application, there are also ETF applications on different cryptocurrencies such as Solana (SOL), Ripple (XRP), Dogecoin (DOGE) and Litecoin (LTC) on the SEC's desk. Following these developments, the market is expected to move in the coming months.