Global Investment Management firm VanEck has filed a new S-1 registration form with the US Securities and Exchange Commission (SEC) to list and trade Avalanche ETF. Dubbed the VanEck Avalanche ETF, the asset manager is yet to disclose the ticker symbol for the new product.
The VanEck Avalanche ETF
In the S-1 registration statement, VanEck said the fund will track the price of AVAX, the native token of the Avalanche network. To achieve its objective, the firm said it will directly hold AVAX as an asset and value its shares daily based on the reported MarketVector Avalanche Benchmark Rate.
According to the filing, the values of the AVAX shares will be based on the price of the top 5 AVAX trading platforms, based on the CCData Centralized Exchange Benchmark review report.
This S-1 registration is the first official step in the process of listing an ETF in the United States. VanEck remains an active player in the crypto ETF scene. As reported earlier by CoinGape, VanEck registered the AVAX ETF in Delaware earlier this week before this latest filing.
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Godfrey Benjamin
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.
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