Nasdaq has officially submitted a proposal to the U.S. Securities and Exchange Commission (SEC) to list shares of the VanEck Avalanche Trust — a new exchange-traded fund (ETF) aimed at offering investors exposure to Avalanche’s native cryptocurrency, AVAX, without requiring direct ownership.
In the application, signed by Nasdaq’s executive vice president and chief legal officer John Zecca, the exchange asks for permission to list the ETF under its Rule 5711(d), which outlines how commodity-based trust shares are traded.
If greenlit, the ETF would enable investors to tap into AVAX’s market movements indirectly. Instead of owning the tokens themselves, they’d hold shares in a trust that mirrors AVAX’s price. This setup is designed to appeal to traditional investors who want exposure to crypto without managing wallets or using crypto exchanges.
VanEck Digital Assets is listed as the sponsor of the trust, while custody of the AVAX tokens will be managed by a third-party provider, according to the filing.
VanEck Expands Its Crypto ETF Lineup
This move follows VanEck’s earlier registration of the Avalanche ETF trust in Delaware on March 10, signaling growing momentum behind the product. The firm has already filed for similar spot ETFs tied to Bitcoin, Ethereum, and Solana. In fact, in 2024, VanEck became one of the pioneers in applying for a Solana-based ETF.
The Avalanche ETF application was formally revealed to the public on March 14 through the company’s social channels, underlining its commitment to broadening crypto-related investment vehicles.
Growing Competition in the AVAX ETF Space
VanEck isn’t alone in its efforts to bring an AVAX-backed ETF to market. Grayscale Investments is also in the race, with Nasdaq filing a proposal on March 28 to list Grayscale’s own Avalanche ETF. Grayscale’s version would convert an existing closed-end AVAX fund that originally launched in August 2024.
Despite the uptick in institutional interest, AVAX’s market performance has been under pressure. As of April 10, the token was trading at around $18 — a steep 56% drop from its January peak of $41, reflecting the broader slump across crypto markets in 2025.
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