Nasdaq has taken a significant step toward expanding cryptocurrency investment options by requesting the U.S. Securities and Exchange Commission (SEC) to list and trade shares of the VanEck Avalanche ETF. The filing, submitted today, proposes a rule change under Nasdaq’s Rule 5711(d), which governs commodity-based trust shares, and aims to bring regulated exposure to Avalanche (AVAX) to traditional investors.
The VanEck Avalanche ETF, if approved, would allow investors to gain indirect access to the price performance of AVAX, the native token of the Avalanche blockchain, without the need to purchase or manage the cryptocurrency directly. The ETF would hold AVAX tokens in custody, with a third-party custodian overseeing their security, while tracking the token’s market price. This structure eliminates the need for investors to use crypto wallets or trading platforms, making it accessible through standard brokerage accounts.
The filing was signed by John Zecca, Nasdaq’s Executive Vice President and Chief Legal Officer, and follows VanEck’s earlier efforts to establish the fund. On March 10, VanEck registered the Avalanche ETF as a trust in Delaware, and on March 14, the asset manager publicly shared its formal S-1 application via social media, signaling a strong commitment to the product. VanEck Digital Assets will sponsor the trust, leveraging its experience with previous crypto ETFs, including those tied to Bitcoin, Ethereum, and Solana.
Avalanche, a high-speed Layer 1 blockchain known for its scalability and Ethereum compatibility, has garnered significant attention in the crypto space. Despite its potential, AVAX has faced challenges in 2025, with its price dropping to $18 as of April 10—down 56% from its January high of $41—amid a broader crypto market downturn. However, the proposed ETF reflects growing institutional interest in altcoins beyond Bitcoin and Ethereum, as traditional finance continues to embrace digital assets.
This move by Nasdaq comes on the heels of a similar filing on March 28 to list Grayscale Investments’ Avalanche ETF, which would convert its existing closed-end AVAX fund into a spot ETF. The competition between VanEck and Grayscale underscores the race among asset managers to capture the burgeoning demand for regulated crypto investment vehicles.
The SEC has yet to approve either proposal, and the review process will include a public comment period. If greenlit, the VanEck Avalanche ETF could mark a milestone in bringing altcoins into mainstream portfolios, potentially attracting significant institutional and retail investment.
