According to Form S-1, on August 22, the U.S. Stock Exchange and the Securities Commission (SEC) issued a registration statement to convert the Avalanche Fund (AVAX) to the appropriate ETF AlCaéto on Nasdaq.
This proposal We are looking to expand our investment product offerings in corporate digital assetsalready have similar funds for Bitcoin (BTC) and Ether (ETH), Ethereum cryptocurrency.
The proposed ETF structure allows cash creation and refunds through authorized participants. Exchange Coinbase will act as a priority corridor for Avax execution and custody, and BNY Mellon will become an administrator and transfer agent, as the company’s statements become clear.
This movement is reproduced Greyscale’s successful strategy for his Bitcoin fundGrayscale Bitcoin Trust (GBTC) and Grayscale Bitcoin Mini Trust ETF (BTC), and for ether, Grayscale Ethereum Trust (ETHE) and Grois Justell Ethereum Mini Trust (ETH).
After displaying the form, Avax prices responded positively, rising from 22 to $26. However, on the current day, cryptocurrency is estimated at $24. The market capitalization ranges in the $10 million range, and the avalanche is one of the 20 most valuable cryptocurrencies.
Last March, NASDAQ had already submitted Document 19B-4 to the SEC to allow the price and negotiation of the ETF’s actions.
Bloomberg Intelligence Analyst, James Seyffart and Eric Balchunas estimate the 90% chance of ETF approval Cryptocurrencies such as Avax, Dogecoin (Doge), Cardano (ADA), Polkadot (DOT), Hedera (HBAR), etc., as reported by encryption.
Currently, only bitcoin and ether are present in US bags, and estimates are beginning in January and June 2024, respectively. The SEC evaluates Grayscale’s suggestions to determine whether Avax will join this list.
(tagstotranslate)altcoins
