Bitwise Submits Avalanche ETF Filing to U.S. SEC
- Bitwise has filed for an Avalanche (AVAX) ETF with the U.S. SEC, following similar moves by VanEck and Grayscale.
- The ETF aims for direct exposure to AVAX by holding the token in custody, managed by Coinbase Custody Trust Company.
- Shares will be issued and redeemed in blocks of 10,000, settled in either cash or AVAX.
- AVAX is currently priced at $29.83, up by 1.29%, but remains over half (57.44%) below its all-time high.
- VanEck and Grayscale are also pursuing separate spot AVAX ETF approvals, indicating growing institutional interest in regulated crypto funds.
The Bitwise filing reflects a significant institutional push towards regulated exposure to Avalanche, as evidenced by recent treasury accumulation and market dynamics favoring the token’s adoption.
With Bitwise’s proposed ETF structure allowing investors to bypass wallet management while accessing AVAX exposure, this development underscores a pivotal moment for cryptocurrency investment vehicles beyond Bitcoin and Ethereum.(Source)
