-
Bitwise submitted an S-1 filing for an Avalanche ETF.
-
The fund would directly hold AVAX, not derivatives.
-
Custody would be handled by Coinbase.
-
Competes with Grayscale and VanEck, who also filed AVAX ETF applications.
Bitwise Targets Avalanche with New ETF Filing
Crypto asset manager Bitwise filed an S-1 with the SEC to launch a spot Avalanche ETF. If approved, the fund will directly hold AVAX tokens, offering investors traditional brokerage access without needing to purchase or store Avalanche directly.
How the ETF Would Work
The ETF’s net asset value will be calculated using the CME CF Avalanche–Dollar Reference Rate. Unlike futures-based products, this ETF would provide direct exposure to spot AVAX, with Coinbase serving as custodian.
Rising Competition in AVAX Products
Bitwise’s move follows similar filings from Grayscale and VanEck, both seeking to launch Avalanche ETFs. The filing comes shortly after the Avalanche Foundation announced plans to raise $1 billion to establish AVAX treasury companies in the U.S.
Avalanche has become a preferred blockchain for tokenization trials by BlackRock, Apollo, and Wellington Asset Management, further boosting investor interest.
AVAX is trading at $29.85, up slightly on the day, with analysts saying ETF approval could accelerate adoption.
