VanEck launched the VanEck Avalanche ETF on Monday beneath ticker VAVX, providing US buyers trade traded publicity to Avalanche token AVAX with the potential for staking rewards mirrored in fund efficiency.
Based on the prospectus, VAVX is anticipated to record on Nasdaq beneath present generic itemizing requirements, permitting the product to come back to market with no separate SEC rule change submitting.
The belief isn’t registered beneath the Funding Firm Act of 1940 and is designed to passively monitor the worth of AVAX alongside staking returns.
VanEck mentioned it’s waiving sponsor charges on the fund’s first $500 million in belongings by February 28. After that date or threshold, whichever comes first, the sponsor payment might be set at 0.20%.
The ETF launch comes as VanEck continues to increase its crypto ETF lineup, which already contains spot Bitcoin and Ethereum merchandise.
Avalanche positions itself as a excessive throughput blockchain constructed for customizable Layer 1 deployments and enterprise use circumstances. The community has attracted exercise from main establishments, together with FIFA’s blockchain initiative and Citigroup’s tokenized fund trial.
AVAX was final buying and selling round $11.7 at press time, up roughly 3% on the day however nonetheless down about 14% over the previous two weeks amid broader crypto market volatility
