Nasdaq Seeks SEC Approval for Grayscale Avalanche ETF Application

Nasdaq has submitted a formal application to the Securities and Exchange Commission (SEC) for a Grayscale Avalanche exchange-traded fund (ETF). This move follows an uptick in applications from various firms seeking to offer altcoin ETFs. Currently, 11 cryptocurrencies are under consideration: XRP, SOL, DOGE, ADA, AVAX, SUI, HBAR, DOT, LTC, APT and AXL. The SEC has approved 11 crypto-based ETFs already, including those for Bitcoin (BTC) and Ethereum (ETH). VanEck also filed an application for an Avalanche ETF. The cryptocurrency, AVAX, currently holds the 15th spot in global market capitalization.