(Reuters) – VanEck filed for an exchange-traded fund on Friday that will track the price of Avalanche’s avax coin, as asset managers seek to capitalize on the growing interest in cryptocurrencies beyond bitcoin.
Investment firms are increasingly rolling out new products aimed at investors who are looking for the next breakout token, following bitcoin’s remarkable rally.
Earlier this month, Franklin Templeton filed for an ETF tied to the spot price of cryptocurrency XRP. In February, the asset manager had also filed for an ETF that will track the spot price of Solana.
Avalanche’s avax coin has a market capitalization of about $8 billion, according to cryptocurrency data and analysis firm CoinGecko.
(Reporting by Arasu Kannagi Basil in Bengaluru; Editing by Mohammed Safi Shamsi)
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