VanEck has submitted a registration for an Avalanche exchange-traded fund in the state of Delaware, following its previous Solana ETF filing.

On March 10, investment firm VanEck filed for a new cryptocurrency investment product called VanEck Avalanche ETF in the United States, according to public records on the official Delaware state website. This hints at an official S-1 filing for a spot AVAX (AVAX) ETF from VanEck in the future.

The document is registered under the file number 10125689 and the agent registered on the form was revealed to be CSC Delaware Trust Company, similar to many other crypto ETF filings in the past.

The VanEck AVAX ETF is structured as a Delaware statutory trust and will be managed under a trust agreement, with VanEck as the fund’s main sponsor. The next logical step for VanEck to establish the fund would be to file an official S-1 form with the U.S Securities and Exchange Commission for a spot AVAX ETF.

At press time, AVAX is down more than 7% in the past 24 hours and is trading hands at $17.18. In the past few days, the token has experienced a declining trend. In the past week, Avalanche has gone down nearly 15% and more than 32% in the past month.

If the registration gets approved, VanEck could become the first firm in the U.S. to launch an exchange-traded fund that directly holds AVAX tokens. AVAX is the native token of the Layer 1 blockchain network Avalanche, designed by Ava Labs.

In June 2024, VanEck filed for a spot Solana (SOL) ETF with the U.S. SEC, becoming one of the firms to file for a SOL ETF. Prior to their latest ETF filing, VanEck has also registered ETF products backed by Bitcoin (BTC) and Ethereum (ETH).