According to a report by The Block, Nasdaq on Thursday submitted a 19b-4 document to the U.S. Securities and Exchange Commission (SEC) on behalf of cryptocurrency asset management firm Grayscale, in order to apply for the listing of an Avalanche spot exchange-traded fund (ETF).
The 19b-4 form is submitted by the exchange on behalf of the issuing entity, and it is the second step in the two-step process for proposing the listing of a cryptocurrency ETF to the SEC. Once the SEC accepts the filing, the document will be published in the Federal Register, initiating the agency’s approval process.
Similar to Grayscale’s Bitcoin and Ethereum spot ETFs, if this proposed rule change application is approved, it will convert Grayscale’s existing Avalanche Trust into a spot ETF.
According to the application document, the trust’s assets consist solely of the native token AVAX of the Avalanche network, with the investment objective of reflecting the value of the AVAX it holds in the value of the trust shares. Coinbase has been designated as the custodian for the trust, while its manager and transfer agent is expected to be provided by BNY Mellon Asset Servicing.
Prior to this, another asset management firm, VanEck, submitted an S-1 registration statement to the SEC a week ago, seeking approval to launch the first Avalanche spot ETF.
Companies including Grayscale, Fidelity, Franklin Templeton, Bitwise, 21Shares, and Canary Capital are all seeking SEC approval for various types of cryptocurrency ETFs, including those that track the prices of tokens such as XRP, SOL, DOGE, ADA, SUI, HBAR, DOT, LTC, APT, and AXL.
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