Grayscale Files to Convert Avalanche Trust to ETF

Crypto Asset Manager Grayscale has submitted a registration statement for IT Avalanche Trust the US Securities and Exchange Commission on Friday, which asks approval to ‘found’ the investment vehicle and convert it into a fully -fledged stock market.

The product, which Grayscale introduced last year as a private placement for accredited investors, would offer exposure to the spot price of Avalanche on the Nasdaq according to a crypto coinbase. Sec.

Friday’s application represented a new step in the approval process for avalanche-oriented funds, because asset managers racing to set up similar products for other altcoins such as such as such as such as Solana And XRP.

In March, the Nasdaq submitted A 19B-4 form for Grayscale on behalf of Grayscale to list shares of his Avalanche Trust. Crypto Asset Manager Vaneck set -up A trust company for an Avalanche fund in Delaware weeks earlier and strives for a place Avalanche ETF in the US itself.

In June, the sec paved On Vaneck’s application gives itself extra time to make a decision. Applications aimed at other cryptocurrencies have confronted similar delays.

The Commission gave Gray Preserves permission for an ETF -holding Solana, XRP, and Cardano in July – but the debut was Then paused. The sec said later that month that it had approved An order that promotes a “merit-neutral approach” for applications for certain crypto-oriented ETFs. Experts expect A series of approvals in October, after the debut of Spot Bitcoin And Ethereum ETFs in the US last year.

At the end of June, Bloomberg ETF analyst James Seyffart Penciled in a 90% chance that Avalanche ETFs were approved in the US this year. He gave similar opportunities on requests for ETFs DogecoinCardano, PolkadotAnd Hbar.

Avalanche is the 22nd largest cryptocurrency by market capitalization, worth $ 10 billion, according to crypto data provider Coentecko. On Monday the price of token fell to $ 24, a decrease of 7.6% on the past day.

In April, Investment Bank Standard Chartered predicted that by the end of the decade could reach a price of $ 55 and $ 250 towards the end of the decade, reference The unique approach to scaling via so-called app networks, formerly called subnets. Avax previously peaked back in 2021 at a price of $ 155.

Avalanche is one of the more popular Layer-1 networks when it comes to Decentralized financingor Defi. According to Crypto Data Provider, the network had nearly $ 2 billion in assets used within Defi applications on Monday Defillama.