- Nasdaq submits rule change for AVAX spot ETF listing.
- Approval expected by year-end, says Bloomberg analyst.
- DOGE ETF also in line, with mid-October projection.
Nasdaq has taken a major step in the growing crypto ETF movement by submitting a rule change application to the U.S. Securities and Exchange Commission (SEC). The change would allow it to list the VanEck Avalanche (AVAX) spot ETF, marking another milestone in mainstream crypto adoption.
The application comes just a month after VanEck officially proposed the AVAX spot ETF. This move places Avalanche among a growing list of altcoins—beyond Bitcoin and Ethereum—that are pushing for spot ETF listings in U.S. markets.
Analysts Predict Approval by End of 2024
Bloomberg analyst James Seyffart has weighed in on the development, suggesting that the AVAX ETF could secure approval as early as December 2024. This timeline positions Avalanche to become one of the first non-Bitcoin, non-Ethereum assets to be offered in a U.S. spot ETF format.
Seyffart also mentioned that a similar ETF for Dogecoin (DOGE) is in the pipeline and could be approved by mid-October 2024. The approval of both AVAX and DOGE ETFs would signal growing institutional interest in broader crypto markets, potentially driving more capital into these assets.
Why This Matters for the Crypto Market
Spot ETFs provide direct exposure to the underlying asset, unlike futures ETFs which are based on contracts. Approval of the VanEck Avalanche ETF would offer traditional investors a regulated and simplified entry point into Avalanche, likely increasing liquidity and market confidence.
As U.S. regulatory bodies become more open to crypto products, spot ETFs for altcoins could play a critical role in expanding the crypto investment landscape. This move by Nasdaq and VanEck sets the stage for a new chapter in institutional crypto adoption.
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