On March 14, VanEck submitted an application for an exchange-traded fund (ETF) that will follow the price of Avalanche's AVAX coin. This move reflects asset managers' efforts to capitalize on the increasing interest in cryptocurrencies beyond bitcoin.
As investment firms continue to introduce new products, they are targeting investors seeking the next promising token post bitcoin's impressive surge. For instance, earlier this month, Franklin Templeton applied for an ETF linked to Avalanche. Notably, in February, the same asset manager requested approval for an ETF tracking [specific cryptocurrency].
Avalanche's AVAX coin currently boasts a market capitalization of approximately $8 billion, as reported by cryptocurrency data and analysis firm CoinGecko.