Key Insights:
- Bitwise updates its S-1, advancing plans for a spot Avalanche ETF with staking.
- New filing details include fee waiver, seed capital, and custodian designations.
- ETF progress aligns with Bitwise’s expanding product lineup, including DOGE and XRP funds.
Bitwise has taken another formal step toward bringing an Avalanche exchange-traded fund to the U.S. market, having submitted an updated S-1 filing to the Securities and Exchange Commission.
The latest amendment outlines new structural and fee details, which show progress toward approval at a moment when the broader crypto market and AVAX itself are showing renewed strength.
Updated Filing Details and Initial Structure
According to the amendment, Bitwise continues to pursue a spot Avalanche ETF that would hold AVAX directly, allowing the trust to receive staking rewards. The firm disclosed a 0.34% management fee, which will be fully waived for one month or until the product reaches $500 million in assets under management. This temporary waiver aligns with the approach used for its other recently launched altcoin-based funds.
The ETF is expected to trade on NYSE Arca under the ticker “BAVA,” although the filing still contains a delaying amendment. The inclusion of that clause implies that Bitwise has not yet activated the final stage required before an effective registration, despite updated information from the SEC’s Division of Corporate Finance.
Seed capital arrangements were also disclosed. Bitwise Investment Manager plans to supply the initial funding by purchasing 100,000 shares at $25 each, totaling $2.5 million. Coinbase Custody Trust Company is set to secure the Avalanche holdings, while BNY Mellon will oversee the cash component.
Progress Follows Earlier Submissions and DTCC Listing
Bitwise first filed for an Avalanche ETF in September, joining VanEck and Grayscale in their pursuit of regulatory approval for spot exposure to AVAX. The product later appeared on DTCC’s website, a standard indicator that operational preparations were underway for a possible listing on NYSE Arca. The trust intends to track the CME CF Avalanche-Dollar Reference Rate, which serves as the benchmark index for pricing.
Alongside its primary goal of AVAX exposure, the trust lists staking as a secondary objective. The updated registration continues to focus on the inclusion of staking rewards within the structure, a feature that has been central to Bitwise’s filings.
Filing Comes During Wave of Bitwise ETF Activity
The Avalanche update follows a period of heightened activity from the firm. This week, Bitwise introduced its XRP and Dogecoin ETFs, expanding a series of new digital-asset products entering the market. Momentum around its Dogecoin strategy continued as NYSE Arca certified the listing of the Bitwise Dogecoin ETF, clearing the path for trading to begin.
The approval follows recent launches of similar DOGE-related funds from other issuers, including new products under the Exchange Act of 1934 and the Investment Company Act of 1940. With the amended S-1 now on record, regulators will review Bitwise’s latest disclosures as the firm seeks approval for what could become one of the first spot Avalanche ETFs available in the United States.
