The Nasdaq Stock Exchange has applied to the SEC for the listing of the Avalanche ETF.

The Nasdaq exchange (Nasdaq, Inc) applied this week to amend its rules, which could lead to the launch of a VanEck Avalanche (AVAX) ETF, indicating that among the many altcoin ETFs awaiting approval, at least Avalanche has made significant progress. Bloomberg ETF experts predict in a report to Decrypt that both the Avalanche and DOGE ETFs will ultimately receive approval, although it is still uncertain how long it will take.

Nasdaq applies for listing VanEck Avalanche spot ETF

NASDAQ applies to list the VanEck Avalanche ETF, expanding the supply of spot cryptocurrency ETFs. VanEck is currently seeking approval from the U.S. Securities and Exchange Commission (SEC). The application documents are signed by NASDAQ's Executive Vice President and Chief Legal Officer John Zecca, requesting approval to list and trade shares of the VanEck Avalanche ETF under the company's regulations 5711(d), which governs the trading of trust shares based on commodities.

If approved, the VanEck Avalanche ETF will allow investors to invest without directly holding Avalanche stocks. The ETF will hold the tokens and track their prices, enabling investors to profit from the token performance without needing a crypto wallet or using a digital asset exchange platform. According to the documents, the asset management company VanEck Digital Assets will sponsor the trust, while a third-party custodian will hold the Avalanche tokens on behalf of the trust.

Grayscale Investments also seeks to acquire an AVAX ETF. On March 28 of this year, Nasdaq applied to list Grayscale's Avalanche ETF, which will be a conversion of the closed-end AVAX fund launched by Grayscale Asset Management in August 2024.

Avalanche ( AVAX ) market condition analysis

Avalanche (AVAX) currently has a Market Cap of $8.37 billion, a Fully Diluted Valuation (FDV) of $9.11 billion, a current coin price of $20.13 USD, and a maximum supply of $720,000,000. According to the current Avalanche FDV, the diluted valuation is much higher than the current market capitalization, indicating that there are many tokens that are locked up, and if these tokens enter the market significantly after liquidation, they may cause the price of the coin to fall. On April 9 this year, after the news of Nasdaq's application to list Avalanche, the coin price briefly rose from $16.20 to $18.75, and as of the time of writing, the coin price stayed at about $20 USD (source: Coingecko) Compared with the same period last year, the coin price is still in a downward trend, and the coin price was $32.15 on April 16 last year. When the Avalanche ETF is officially launched, it does not mean that coin holders will necessarily be paid more on the coin price. Pure market observation, not any investment advice.

This article discusses the Nasdaq stock exchange applying to the U.S. Securities and Exchange Commission for listing the Avalanche ETF, first appearing in Chain News ABMedia.