The New York-based exchange Nasdaq has submitted a 19b-4 form with the US SEC to list the Avalanche ETF product from asset manager VanEck.

The filing, which came up today, Thursday, followed an earlier S-1 registration form from VanEck filed with the top regulatory body. VanEck submitted this application in March, declaring its intention to manage a traditional investment vehicle offering exposure to Avalanche.

Notably, Bloomberg’s ETF analyst James Seyffart confirmed the latest development in a tweet today. For context, VanEck becomes the second asset manager to file for an Avalanche ETF, with both 19b-4 filings for the product submitted by Nasdaq.

VanEck Seeks Approval for an Avalanche ETF

Avalanche is prominent in the cryptocurrency industry for its smart contract features. The open-sourced layer-1 network allows users to build decentralized applications atop it, offering high throughput and Ethereum virtual machine (EVM) compatibilities.

The VanEck Avalanche ETF would offer institutional and retail traders exposure to AVAX, the Avalanche network’s native token. With a market cap of $7.5 billion, the asset currently ranks 13th in the CoinMarketCap cryptocurrency ranking by market valuation.

Meanwhile, the commodity-based ETF would hold AVAX and value its shares tracked against the Market Vector Avalanche Benchmark Rate. Furthermore, the funds will be listed and traded on Nasdaq, offering alternative exposure to Avalanche.

A Parade of Altcoin ETFs

The Thursday rule change filing becomes the latest attempt by an asset manager to offer an Avalanche ETF. Recall that Nasdaq submitted a similar application with the SEC in late March on behalf of prominent asset manager Grayscale.

Moreover, VanEck recently registered a Binance Coin (BNB) ETF with Delaware earlier in the month, becoming the first asset manager to consider an investment product tracking the asset in the United States. It has also filed for a Solana ETF, submitting the rule-change request in June 2024.

Remarkably, the US SEC has seen a parade of altcoin ETFs recently, amid an easing regulatory environment in America. Several asset managers have submitted applications for Solana, Dogecoin, Cardano, and Polkadot ETFs, leaving the incoming chair, Paul Atkins, with a crucial decision to make.