🚨 Avalanche Alert! 🚨 ETF Frenzy Hits Nasdaq! 🤯

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The Lowdown, Folks:

  • Nasdaq, in all its wisdom, filed a 19b-4 proposal to list Grayscale’s spot Avalanche ETF. Because, why not? 🤷‍♂️
  • This ETF would hold AVAX tokens directly. No middlemen, no fuss! (Just kidding, there’s always fuss in crypto) 😬
  • Grayscale didn’t want to be left out, so they filed after VanEck’s S-1 filing for an Avalanche ETF. Keeping up with the Joneses, crypto-style! 👥

Well, shucks! Nasdaq went and submitted a 19b-4 filing to the SEC for Grayscale’s spot Avalanche ETF. This could mean a cheaper, more flexible way for folks to get their hands on some AVAX tokens, but don’t hold your breath – the SEC’s approval is still pending, and they’ve been tighter than a clamshell about spot altcoin ETFs (except for ETH, the favorite child, of course). 🙄

Now, Grayscale already has an Avalanche Trust with a 2.5% management fee. This new ETF, if approved, would offer traditional investors a more conventional way to dip their toes into crypto, all through their regular brokerage accounts. And, as an added bonus, Coinbase Custody would be the ETF’s custodian – because who doesn’t love a good ol’ fashioned crypto custody service? 🤝

The ETF would track the market price of AVAX, which, at the time of writing, was trading at $20.5 after a thrilling 6.6% plummet in 24 hours. But hey, that’s just the crypto market being its wonderful, unpredictable self! 🎢 (The broader CoinDesk 20 Index (CD20) also took a 4% dive, but who’s counting?)

It seems Avalanche is the belle of the ball, with VanEck also filing for an Avalanche ETF earlier this month. And, because one ETF filing isn’t enough, Grayscale also filed for a Cardano ETF last month, which would be their first standalone ADA investment vehicle. Crypto ETF-palooza, anyone? 🎉

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2025-03-28 16:16