VanEck has initiated the process of registering an Avalanche exchange-traded fund (ETF) in Delaware, as investment managers seek to expand their altcoin offerings despite a resurgence in the bear market for cryptocurrencies.
The firm, based in New York, filed for the “VanEck Avalanche ETF” on March 10, as indicated by documentation on the Delaware Department of State’s website.
This registration occurs during a significant sell-off in the cryptocurrency space, with Avalanche’s native token (AVAX) hitting a one-year low of $16.27.
Avalanche marks the fourth crypto asset for which VanEck has registered an ETF, following their application for a spot Solana fund last June. The company was one of the pioneers in launching ETFs for bitcoin (BTC) and ether (ETH) after they received regulatory approval in January and July, respectively.