Coinbase Seeks SEC Approval for Bitcoin ETF Listing

Nasdaq Seeks SEC Approval for Grayscale's Avalanche ETF

The Nasdaq stock exchange has filed a request with the Securities and Exchange Commission (SEC) to list Grayscale Investments' Avalanche ETF, a fund that tracks the price of the AVAX token.

Grayscale, a leading digital asset management company, launched the Avalanche ETF in October 2021, providing investors with exposure to the AVAX token, which is native to the Avalanche blockchain. The ETF is designed to track the price of AVAX, allowing investors to gain exposure to the cryptocurrency without having to buy and hold the token directly.

The Nasdaq filing marks a significant step forward for the ETF, which is currently trading over-the-counter. If approved by the SEC, the ETF would be listed on the Nasdaq exchange, providing investors with a more liquid and accessible way to invest in AVAX.

Avalanche is a fast-growing blockchain platform that has gained popularity in recent months due to its high transaction speeds and low fees. The platform has attracted a range of decentralized applications (dApps) and has become a popular choice for developers looking to build decentralized finance (DeFi) protocols.

The listing of the Avalanche ETF on the Nasdaq exchange would provide a new avenue for investors to gain exposure to the AVAX token, which has seen significant price appreciation in recent months. The ETF's listing would also provide a new way for institutional investors to gain exposure to the cryptocurrency, which is currently not available on most major exchanges.

The Nasdaq filing is subject to SEC approval, which is typically a thorough and rigorous process. The SEC has been gradually warming up to the idea of approving ETFs that track cryptocurrencies, with several ETFs already listed on major exchanges. However, the approval process can be lengthy, and it's unclear when the SEC will make a decision on the Avalanche ETF.