Bitwise Asset Management has officially filed an S-1 registration with the U.S. Securities and Exchange Commission (SEC) for a spot Avalanche (AVAX) exchange-traded fund (ETF). The filing, submitted on August 22, 2025, marks a significant step toward providing institutional investors with regulated access to AVAX, following the company's prior success with Bitcoin and Ethereum ETFs.
The proposed ETF will offer direct exposure to AVAX by holding the cryptocurrency itself, rather than derivatives, and will track the CME CF Avalanche–Dollar Reference Rate. Coinbase Custody Trust Company, regulated under New York banking law, will safeguard the AVAX tokens using secure cold storage solutions. The trust will issue and redeem shares in blocks of 10,000 (baskets), settled either in cash or AVAX tokens.
Bitwise joins other major asset managers, including VanEck (filed in March 2025) and Grayscale (filed in August 2025), in seeking SEC approval for an Avalanche ETF. This collective push underscores growing institutional interest in AVAX, which is recognized for its scalability, low transaction fees, and proof-of-stake consensus mechanism. A cryptocurrency industry commentator noted, "The potential ripple effects in terms of liquidity and market validation could be significant."
As of the latest data, AVAX traded at $29.83, up 1.29% over 24 hours, though still below its all-time high. The SEC has yet to approve any non-Bitcoin or Ethereum spot ETFs, and review periods for existing filings remain ongoing.