Summary: VanEck has submitted an Avalanche (AVAX) ETF filing in the United States, its fourth crypto ETF filing after Bitcoin, Ethereum, and Solana. The move comes as AVAX struggles, declining 55% in 2025 and a further 5% over the last 24 hours to $16.78. Although there were some expecting an XRP ETF to be filed first, VanEck’s action has been controversial. If approved, the AVAX ETF would institutionalize investment and liquidity for Avalanche.
VanEck, an international investment firm, has formally applied for an Avalanche ETF in the United States, joining its line of cryptocurrency investment products. The application, dated March 10, 2025, in Delaware under the number 10125689, reflects VanEck’s efforts to bring more digital asset ETFs to market.
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Avalanche is the latest cryptocurrency for which VanEck has submitted an ETF application to the U.S., following on from Bitcoin, Ethereum, and Solana. VanEck also submitted a Solana ETF last year and is among the first to openly adopt crypto-related investment products.
Avalanche, founded in 2020 by Ava Labs and led by Emin Gün Sirer, is a smart contract and dApps-centric blockchain network. It was among the top 10 cryptocurrencies and is currently 20th with a $7 billion market capitalization.
The timing of VanEck’s application is coincidental with a rough year for AVAX, down 55% this year. The token dipped another 5% in the last day to $16.78. There are some within the crypto community questioning why VanEck opted for an AVAX ETF rather than an XRP ETF.
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VanEck is not alone in seeking crypto ETFs. In October 2024, Grayscale filed a request to convert its multi-coin fund—AVAX holding—into an ETF. If approved, a spot AVAX ETF would increase institutional adoption and liquidity for Avalanche.