Bitwise Asset Management has launched the Bitwise Avalanche ETP (BAVA), a spot exchange-traded product that provides direct exposure to AVAX tokens combined with on-chain staking rewards, listed on the New York Stock Exchange. The fund, which began trading on April 15, 2026, is structured to offer investors a "carry plus beta" playbook, mirroring strategies previously applied to Bitcoin and Ethereum products.
The BAVA ETF holds AVAX directly and participates in the Avalanche network's staking mechanism via Bitwise's internal division, Bitwise Onchain Solutions. The fund targets an average staking yield of approximately 5.4%, which aligns with the current mid-single-digit reward rates observed on the network (typically ranging from 4.5% to 7%). To maintain liquidity for trading on the NYSE, the fund's prospectus indicates an allocation strategy of roughly 70% of AVAX holdings to staking and 30% to liquidity reserves.
"Avalanche is emerging as one of the leading platforms for businesses, governments, and real-world use cases," said Bitwise CIO Matt Hougan. He added that BAVA offers exposure to "an asset that we believe is powering the next wave of blockchain adoption across global finance and enterprise."
The product carries a management fee of 0.34%, with fees waived for the first $500 million in assets under management during the initial month to encourage early adoption. Bitwise, which manages over $11 billion in client assets, already operates a similar Avalanche staking ETP in Europe under the ticker AVNB.
Bitwise positions Avalanche as a high-performance base layer with significant institutional and government traction, citing use cases by entities like FIFA for digital collectibles and exploration by major financial firms like KKR and BlackRock for tokenized products. The prospectus for BAVA clearly warns investors of concentrated risks, including price volatility, liquidity, regulatory changes, and staking-specific risks that could lead to substantial or total losses.
