Vanguard Files for Rule Change to List Bitcoin ETF

Nasdaq Files to Launch Vaneck Avalanche ETF

The Nasdaq stock market has filed with the Securities and Exchange Commission (SEC) to launch a new exchange-traded fund (ETF) focused on the cryptocurrency market, specifically the Avalanche blockchain.

The Vaneck Avalanche ETF, if approved, will track the performance of the Avalanche blockchain, which is a decentralized platform that enables the creation of custom blockchains and smart contracts.

The ETF will invest in a basket of assets that are tied to the performance of the Avalanche blockchain, including tokens, stablecoins, and other digital assets that are traded on the platform.

Vaneck, a leading provider of cryptocurrency ETFs, has partnered with Ava Labs, the company behind the Avalanche blockchain, to launch the new ETF.

The move comes as the cryptocurrency market continues to gain mainstream acceptance, with more institutional investors and individuals looking to gain exposure to the space.

"Avalanche is a highly innovative and promising blockchain platform that has the potential to disrupt traditional financial systems," said Michael McLaughlin, head of ETFs at Vaneck. "We believe that this ETF will provide investors with a unique way to gain exposure to the platform and its growth potential."

The Vaneck Avalanche ETF will be listed on the Nasdaq exchange if it is approved by the SEC. The fund will have an expense ratio of 0.95%, which is lower than many other cryptocurrency ETFs on the market.

The launch of the Vaneck Avalanche ETF is the latest in a series of moves by Nasdaq to expand its offerings in the cryptocurrency space. In recent months, the exchange has listed a number of cryptocurrency-related products, including ETFs and futures contracts.