Bitwise Files for Avalanche ETF, Reveals Key Details
- Bitwise filed an updated S-1 with the U.S. SEC for its spot Avalanche ETF, planning to list under the ticker symbol “BAVA.”
- The ETF will have a management fee of 0.34%, waived for one month or until assets reach $500 million.
- AVAX price increased by over 7% in response to the ETF news, trading at $14.94 with a weekly gain of more than 17%.
- Coinbase Custody Trust Company will serve as custodian for Avalanche assets, while BNY Mellon will handle cash custody.
- The trust aims to provide staking rewards alongside tracking AVAX prices using the CME CF Avalanche-Dollar Reference Rate index.
This filing follows similar submissions by other firms and indicates progress towards approval and listing on NYSE Arca, which is significant for investor access to Avalanche. The recent surge in AVAX price reflects market optimism amid broader crypto recovery.
With AVAX needing to reclaim above its moving averages, the upcoming ETF could play a crucial role in influencing future price movements. (Source)
