Bitwise Files For Spot Avalanche ETF

Crypto asset manager Bitwise has filed an S-1 with the SEC to launch a spot ETF tracking Avalanche’s native token, AVAX. The ETF would hold AVAX directly, avoiding derivatives, and its value would be pegged to the CME CF Avalanche–Dollar Reference Rate. Coinbase is listed as custodian.

According to Bitwise, the product will give investors simplified access to Avalanche through standard brokerage accounts, reducing risks associated with buying and storing tokens directly. The firm said it expects the design to help institutional and retail investors use Avalanche for tactical and strategic allocations.

The filing positions Bitwise against rivals, with Grayscale seeking to convert its existing Avalanche Trust into an ETF and VanEck also submitting its own application. Earlier in September, Bitwise registered an Avalanche trust in Delaware, signaling its commitment. The move underscores rising institutional demand for Avalanche exposure as part of broader competition among issuers for altcoin ETF approvals.

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