Geoffrey Kendrick, Head of Global Digital Asset Research at Standard Chartered, has predicted that the price of Avalanche's AVAX token could increase more than tenfold, potentially reaching $250 by the end of 2029. He shared this information in an email to The Block on Wednesday, along with a new report detailing his predictions.
VanEck seeks SEC approval for the first AVAX ETF.
VanEck has officially filed with the U.S. Securities and Exchange Commission (SEC) to launch the 'VanEck Avalanche ETF'. This move comes shortly after the company registered the Avalanche ETF in Delaware, indicating its intent to expand investment options linked to AVAX.
If approved, this would be the first exchange-traded fund (ETF) linked to AVAX, the native token of the Avalanche network. According to the filing, the fund's objective is to track the price performance of AVAX while accounting for operating costs.
The ETF will directly hold AVAX, and its stock value will be determined based on the MarketVector Avalanche Benchmark Rate. This benchmark incorporates price data from the five largest cryptocurrency exchanges, as identified by CCData's exchange benchmark report.
More cryptocurrency ETFs in crypto.
James Seyffart from Bloomberg Intelligence stated on Friday that although the VanEck Avalanche ETF has been widely discussed earlier this week, this is the first official filing submitted to the SEC.
VanEck is not the only company seeking approval for cryptocurrency-based ETFs. Several companies have also filed for ETFs linked to Solana (SOL), XRP (Ripple), Dogecoin (DOGE), and Litecoin (LTC). Bloomberg ETF analysts estimate a 90% chance of approval for the Litecoin ETF, while XRP and Solana have lower odds. Avalanche's participation in Franklin Templeton's tokenization fund may improve its chances of receiving the green light.
The SEC's developmental approach to cryptocurrency.
The surge in ETF applications comes after the SEC approved spot Bitcoin ETFs in January 2024 and spot Ethereum ETFs in July 2024 under the previous administration.
Recently, the SEC has made several moves indicating a more open stance towards cryptocurrency, including: reversing strict cryptocurrency accounting rules, dropping enforcement actions against major cryptocurrency companies, establishing a dedicated cryptocurrency task force, and issuing a statement on memecoins.
The race for cryptocurrency ETF funds is heating up, and Avalanche could be the next coin to make a breakthrough.
