VanEck files for ETF to track Avalanche token AVAX

Asset management firm VanEck has filed an application to launch an exchange-traded fund (ETF) that tracks the price of Avalanche's AVAX token.

Driven by the stunning rise in the price of Bitcoin, investment companies are continuing to launch new products to meet investors' demand for the next star token.

Earlier this month, another asset management company, Franklin Templeton, filed an application for an ETF tied to the spot price of XRP.

In February this year, the company also applied for an ETF that tracks the spot price of Solana.

According to a report by cryptocurrency data and analysis company CoinGecko, Avalanche's AVAX token currently has a market value of approximately $8 billion.

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