Nasdaq filed to launch an Avalanche (AVAX) ETF on behalf of VanEck

Nasdaq has filed a form 19b-4 to list the VanEck Avalanche (AVAX) ETF. The form filing moves the full ETF launch a step closer. 

VanEck, one of the top investment managers, is moving a step closer to launching a full Avalanche (AVAX) ETF. The Nasdaq market operator has filed a 19b-4 form on behalf of VanEck, outlining the listing intentions. 

The SEC has 40 ETF filings to consider

The new form listing arrives around three weeks after the initial filing for the S-1 form. VanEck incorporated the Avax Trust to sponsor the ETF in March. After the filing, the SEC will have months of deliberation and discussion for the ETF. In 2025, a total of 40 altcoin ETFs are waiting for approval, filed by some of the biggest issuers of BTC and ETH funds. 

The Avalanche ETF will follow the model of other attempted listings, where a Trust company is explicitly mentioning it is not an investment company under the Investment Company Act of 1940. 

“The Trust is a passive investment vehicle that does not seek to pursue any investment strategy beyond tracking the price of AVAX. As a result, the Trust will not attempt to avoid losses or hedge exposure arising from the risk of changes in the price of AVAX,” the Nasdaq market operator posted in the SEC form.

The filing is now competing with Grayscale’s own offer of a potential AVAX ETF. The Avalanche L1 chain currently has two active ETF filings, lagging behind other altcoins like XRP and Solana (SOL). 

AVAX is already accessible for mainstream investment through the Grayscale AVAX ETP and the 21Shares ETP. However, those products have limited reach, with just $1.4M in Grayscale’s product. 

VanEck has also launched an ETP based on AVAX, with $10.07M in assets under management. The new filing for a full ETF sets hopes for a wider reach through Nasdaq.

AVAX trades near one-year lows

The long process of launching an ETF meant the news was not immediately bullish for AVAX. The token still traded near its one-year low at $18.24. AVAX fell from its 2024 peak in December when the asset traded above $52. 

The main reason for the AVAX ETF attempts is the legacy status of Avalanche. The chain has been around since the 2021 bull cycle, becoming one of the key L1 chains for gaming. 

Since then, Avalanche pivoted to DeFi, aiming to rebuild its value. Avalanche also improved its L1 structure for faster deployment, lower fees, and more accessible nodes. 

Avalanche has built up $1.04B in locked liquidity, with $1.64B in stablecoins. The chain has attracted decentralized activity, including a version of Aave. Avalanche is an EVM-compatible chain, capable of bridging from Ethereum. The available liquidity makes Avalanche one of the more active chains, as other L1s usually attract lower traffic. 

Avalanche C-Chain performs on par with Polygon, another legacy chain linked to the Ethereum ecosystem. Based on Artemis data, Avalanche receives around $750K in daily net inflows. 

Ava Labs and the Avalanche Foundation are the active branches of the project. The Avalanche L1 chain has always forged new partnerships, sponsoring multiple eligible projects. Previously, Ava Labs also offered curation services for gaming projects. 

On April 15, Ava Labs will take the Retro9000 snapshot for side projects approved to receive a development grant. Avalanche aims to rebuild its user base with extremely low gas fees, down to $0.004 for priority transactions. Currently, the chain mostly supports lending protocols, as well as the highly active XEN Batch Minter, taking up 40% of gas on the chain. 

The L1 chain still carries legacy games but has not recovered its gaming user base, as most of the apps have only a handful of users.

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