Global investment giant VanEck has officially filed for an Avalanche (AVAX) exchange-traded fund (ETF) with the U.S. Securities and Exchange Commission (SEC), marking a significant push for broader institutional adoption of alternative cryptocurrencies.

Bloomberg analyst James Seyffart shared details of the S-1 filing on March 14, confirming VanEck’s intent to offer direct exposure to AVAX. The ETF aims to mirror the performance of AVAX, minus operational expenses, with daily valuations based on the MarketVector Avalanche Benchmark Rate.

Seyffart noted that while the registration had been circulating earlier, this filing marks the first official step with the SEC. If approved, the fund would hold AVAX, offering investors a regulated avenue to invest in Avalanche, currently the 16th largest cryptocurrency with a market cap of $7.7 billion. Avalanche is widely recognized for its high transaction throughput and compatibility with the Ethereum Virtual Machine (EVM).

VanEck’s move comes amid a wave of crypto ETF applications following the success of U.S. spot Bitcoin ETFs and growing pro-crypto sentiment in Washington. Recently, nine issuers have filed for an XRP ETF, with Franklin Templeton joining the race on March 11. Interest is also surging for ETFs tied to Solana, Litecoin, and Dogecoin.

Although the SEC has delayed decisions on these filings, Bloomberg analysts Seyffart and Eric Balchunas predict “relatively high odds of approval” later this year. A JPMorgan report suggests that altcoin ETFs could drive billions in institutional inflows, estimating that Solana and XRP alone could attract between $3 billion and $8 billion in new investments.

With momentum building, the potential approval of the Avalanche ETF could mark a new era for institutional crypto adoption.