Haciyev Reşit 
Crypto asset manager Bitwise has filed an S-1 application with the U.S. Securities and Exchange Commission (SEC) to launch a spot ETF tracking Avalanche (AVAX). If approved, Coinbase Custody will serve as the fund’s custodian.
Bitwise emphasized in its filing that this product would allow investors to gain exposure to Avalanche (AVAX) through traditional brokerage accounts without directly buying AVAX or dealing with digital wallet risks.
Fund Design and Mechanism
The company stated that the ETF’s Net Asset Value (NAV) will be determined via the CME CF Avalanche-Dollar Reference Rate. According to the filing, the fund will hold only spot AVAX tokens and will not use any derivatives, making the fund’s structure transparent and directly tied to Avalanche’s price.
Bitwise also noted that the ETF design simplifies strategic and tactical asset allocation for investors who prefer holding shares instead of directly buying AVAX.
Competitive Moves in the Sector
Bitwise’s Avalanche ETF filing intensifies competition in the market. Rival asset manager Grayscale has applied to convert its existing Avalanche Trust product into a spot ETF, while VanEck aims to list a separate AVAX fund.
Additionally, last week the Avalanche Foundation announced plans to raise $1 billion to establish two AVAX treasury companies in the U.S., intending to sell tokens to investors at a discounted price. This development is seen as boosting institutional interest in the Avalanche ecosystem and supporting ETF applications.
Avalanche Ecosystem Growth
Launched by Ava Labs in 2020, Avalanche has emerged as a leading Layer-1 blockchain for decentralized applications and tokenized asset projects due to its high transaction speed and scalability.
Recently, major financial institutions like BlackRock and Apollo have chosen Avalanche for on-chain fund experiments, making the network more attractive to institutional investors. Additionally, Anthony Scaramucci’s SkyBridge has announced plans for $300 million in asset tokenization on Avalanche.
Following the news, AVAX rose slightly over 1% during the day, trading at $29.75. If the ETF is approved, it is expected to increase AVAX liquidity and further attract institutional investor interest.
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