VanEck Files for an Avalanche ETF

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VanEck has filed for an exchange-traded fund (ETF) that will track Avalanche’s AVAX coin, as asset managers aim to tap into the growing interest in cryptocurrencies beyond Bitcoin.

Investment firms are increasingly launching new products for investors seeking the next breakout token, inspired by Bitcoin’s impressive rally.

Earlier this month, Franklin Templeton filed for an ETF linked to the spot price of cryptocurrency XRP. Previously, in February, the asset manager submitted an application for an ETF tracking the spot price of Solana.

According to CoinGecko, Avalanche’s AVAX coin has a market capitalization of about $8 billion.