Grayscale files application to convert Avalanche Trust fund into ETF

Asset management company Grayscale has just filed an application with the U.S. Securities and Exchange Commission (SEC) to convert the Avalanche Trust fund into a spot ETF. This move allows investors to access Avalanche ($AVAX ) through a traditional investment product on the Nasdaq exchange.

The Altcoin ETF Race

The filing of #Grayscale is a new step in the race of asset management companies to establish ETF funds for other major altcoins such as Solana, XRP, and Cardano. VanEck has also applied for approval of an Avalanche ETF previously and is awaiting a decision from the SEC.

Market experts are optimistic about the possibility of a series of #ETFaltcoin funds being approved in October, following the success of spot Bitcoin and Ethereum ETFs. Bloomberg ETF analyst James Seyffart even suggested a 90% chance that Avalanche ETF funds will be approved this year.

Prospects for Avalanche

Although the current price of AVAX is at 24 USD, slightly down in the past 24 hours, many analysts still have a positive outlook on its long-term potential. Investment bank Standard Chartered predicts that AVAX could reach 55 USD by the end of this year and 250 USD by the end of this decade, thanks to its unique subnet technology. With nearly 2 billion USD in assets being utilized in DeFi applications, #Avalanche continues to affirm its position as one of the leading layer-1 networks.