VanEck has registered an Avalanche exchange-traded fund (ETF) in the U.S. state of Delaware as investment manager continue to apply for various altcoin-based product despite the clawback in the crypto market.
The New York-headquartered company registered the “VanEck Avalanche ETF” on March 10, according to a filing on Delaware’s Department of State website.
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The registration comes amid an ongoing sell-off in the crypto market, which has seen Avalanche’s native token (AVAX) fall to a one-year low of $16.27.
Avalanche becomes the fourth crypto asset VanEck has registered an ETF for, following its filing for a spot Solana fund last June. VanEck was among the first issuers of bitcoin (BTC) and ether(ETH) ETFs after they were approved in January and July respectively.
Issuers are seemingly branching out across the altcoin market to develop new ETFs. Investment managers Rex Shares and Osprey Fund filed to list a MOVE fund on Monday.