Bitwise Files for Avalanche ETF Amid Altcoin Fund Surge
- Bitwise has filed an S-1 with the SEC to launch an ETF offering exposure to AVAX, the world’s 19th-largest digital asset by market cap.
- The “Bitwise Avalanche ETF” will utilize Coinbase for custody of its digital assets.
- Upcoming ETFs are expected to provide exposure to Dogecoin and XRP, managed via a Cayman Islands subsidiary.
- VanEck and Grayscale have also submitted filings with the SEC for AVAX ETFs.
- Bitcoin and Ethereum ETFs, launched last year, now manage assets worth nearly $152 billion combined.
Bitwise’s filing comes as interest in altcoin investment vehicles grows, with new funds targeting smaller cryptocurrencies like AVAX, Dogecoin, and XRP set to enter the U.S. market soon. This marks a shift from traditional Bitcoin and Ethereum ETFs towards more diverse crypto assets.
The introduction of these altcoin ETFs highlights a broadening investor appetite for varied cryptocurrency exposure beyond major coins like Bitcoin and Ethereum ((Source )
