TLDR
- Bitwise filed an updated S-1 with the SEC for its planned Avalanche ETF.
- The ETF will trade under the ticker symbol BAVA on NYSE Arca after approval.
- Bitwise set a 0.34 percent management fee and waived it for the first month or until assets reach 500 million dollars.
- The Avalanche ETF will track the CME CF Avalanche-Dollar Reference Rate index.
- The trust aims to provide AVAX exposure and generate staking rewards as a secondary objective.
Bitwise has moved closer to launching its Avalanche ETF after filing an amended S-1 with the U.S. SEC. The filing includes key data such as the ticker, fee structure, and initial share purchase details. AVAX price rose more than 7% in the past 24 hours as market conditions improved.
Bitwise Confirms Avalanche ETF Ticker, Fee Waiver
Bitwise disclosed a 0.34% management fee for its proposed Avalanche ETF in the new SEC filing.
The firm also announced a one-month fee waiver or until assets under management hit $500 million, whichever comes first.
Shares will trade on NYSE Arca under the ticker “BAVA,” once regulatory approval is received.
The Avalanche ETF aims to provide exposure to AVAX price performance, along with extra rewards through AVAX staking.
The trust will track the CME CF Avalanche-Dollar Reference Rate index, ensuring accurate price representation for AVAX.
Bitwise stated, “The Trust’s secondary objective is to generate rewards from staking Avalanche tokens held by the Trust.”
Bitwise Investment Manager will act as the seed capital investor and will purchase 100,000 shares for $2,500,000.
Each share will be priced at $25, according to the latest S-1 amendment submitted by the asset manager.
The delaying amendment remains in the filing, which aligns with previous guidance from the SEC’s Division of Corporate Finance.
Coinbase, BNY Appointed Custodians for Avalanche ETF
Coinbase Custody Trust Company will manage custody for the AVAX tokens held by the Avalanche ETF.
BNY will handle cash custody operations to support the trust’s financial operations and liquidity requirements.
The trust will not directly buy or sell AVAX but will rely on authorized participants to manage share creation and redemption.
The Avalanche ETF joins Bitwise’s growing list of digital asset investment vehicles filed with the U.S. SEC.
Bitwise filed for the Avalanche ETF in September, following similar applications by VanEck and Grayscale.
Last month, the DTCC listed the Avalanche ETF on its platform, signaling ongoing progress toward listing approval.
LINK Price Jumps Following Breakout and Crypto Market Move
LINK price gained over 7% in the past 24 hours, reaching a high of $14.99 before settling slightly lower.
The price action follows a breakout on the daily chart and reflects broader recovery across the crypto market.
Trading volume climbed by nearly 15% in 24 hours, supporting the upward move in LINK’s price performance.
AVAX also surged more than 7% during the same period, with the weekly gain extending beyond 17% as of Thursday.
The Avalanche ETF filing helped drive interest, though the price remains below the 50-day moving average of $18.04.
CoinGlass data shows mixed sentiment in the AVAX derivatives market, with a 0.5% drop in total futures open interest.
However, Binance and OKX saw a 6% increase in AVAX futures open interest, reflecting changing trader positioning.
AVAX price traded between $13.93 and $14.99 in the past 24 hours, according to real-time market tracking.
Bitwise recently launched XRP and Dogecoin ETFs, adding to investor enthusiasm for the Avalanche ETF listing.
As of now, Avalanche ETF approval is pending with the SEC, and market participants await the next regulatory update.
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