VanEck Discloses Fees and Staking Details for its Avalanche ETF

The leading crypto asset manager VanEck amends its Avalanche ETF with the U.S. Securities and Exchange Commission (SEC). The issuer reveals key details such as management fees as part of the final preparations ahead of launch.

VanEck Amends its Avalanche ETF with the US SEC

According to the latest US SEC filing, asset manager VanEck submitted a third amendment to its S-1 form for the proposed spot Avalanche ETF. The issuer seeks regulatory approval to launch the ETF tracking AVAX price.

In the latest filing, VanEck has mentioned a management fee of 0.30%, but has not yet announced any fee waiver. In contrast, Bitwise Avalanche ETF set 0.34% as fees and also waived the entire fee for one month or until reaching $500 million in assets under management.

Also, the issuer has finally revealed Coinbase Crypto Services as the staking provider. VanEck Avalanche ETF will generate rewards from staking a portion of the trust’s AVAX.

The staking services provider will regularly credit staking rewards on a recurring basis after deducting any applicable payments as compensation under the agreement, the custodian staking facilitation fee.

Coinbase Crypto Services plans to deduct 4% from staking rewards as part of the ‘staking provider consideration’ agreement. The custodian staking facilitation fee is currently zero.

In addition, Benqi Finance (sAVAX), Hypha (STAVAX), and Yield Yak (yyAVAX) will offer liquid staking solution.

VanEck Avalanche ETF Plans to List Under Ticker VAVX on Nasdaq

If approved, the proposed Avalanche ETF will list and trade on the Nasdaq stock exchange under the ticker symbol VAVX. VanEck awaits the SEC’s approval under the Generic listing guidelines.

Anchorage Digital Bank will serve as the primary custodian, with Coinbase Custody Trust Company as the second custodian for the trust.

State Street Bank and Trust Co. will serve as cash custodian, administrator, and transfer agent. Van Eck Securities Corporation is the marketing agent.

The investment objective is to reflect the performance AVAX price and rewards from staking a portion of the trust’s AVAX assets. The trust will use the MarketVector Avalanche Benchmark Rate index to track AVAX price.

AVAX Price Rebounds Over 5%

AVAX price surged by more than 5% over the past 24 hours, following a 12% decline in a week. At the time of writing, the price was trading at $11.97. The intraday low and high were $11.28 and $12.28, respectively. Furthermore, trading volume has increased by almost 36% in the last 24 hours.

CoinGlass data showed significant buying sentiment in the derivatives market in the last few hours. Total AVAX futures open interest climbed 1.30%, following a 1.70% jump in the past 4 hours.