Bitwise Asset Management has moved its spot Avalanche ETF closer to approval by submitting an updated S-1 filing with the U.S. Securities and Exchange Commission (SEC). The ETF, set to trade under the ticker BAVA on NYSE Arca, features a management fee of 0.34%, which will be fully waived for the first month of trading or until assets under management reach $500 million, whichever occurs first.
Unlike Bitcoin ETFs, this fund includes staking rewards through participation in Avalanche's proof-of-stake mechanism, providing institutional investors with yield opportunities. The net asset value (NAV) will be benchmarked against the CME CF Avalanche-Dollar Reference Rate to minimize retail exchange volatility.
Custody arrangements split digital asset storage to Coinbase Custody Trust Company and cash management to BNY Mellon. Bitwise Investment Manager will supply seed capital by purchasing 100,000 shares worth $2.5 million at launch. The update has intensified competition, with VanEck and Grayscale also filing for Avalanche ETFs, and DTCC listing the ETF on its clearing roster, indicating advanced preparation.
Following the filing, AVAX price jumped over 7%, extending gains from the broader crypto market rebound. This development aligns with Bitwise's expansion into altcoin ETFs, following recent launches for XRP and Dogecoin.
USDT
MNT
LUNA
USDC
PI
TOWN