Bitwise is one step closer to launching its spot Avalanche ETF, filing an updated S-1 with the U.S. Securities and Exchange Commission laying out key details ranging from its fee structure to its ticker. AVAX (CRYPTO: AVAX) jumped more than 8% since the Wednesday announcement, amid a broader crypto rebound and rising expectations around the product.
The $15 billion crypto asset manager revealed the proposed ETF will carry a 0.34% management fee, but investors won’t feel it for some time. Bitwise will waive the entire fee for one month, or until the fund reaches $500 million in assets, in line with its strategy for the other altcoin ETFs.
If approved, the fund would trade on NYSE ARCA under the ticker BAVA and provide exposure to AVAX, plus staking rewards, which will be a secondary goal of the trust. The ETF would track the CME CF Avalanche-Dollar Reference Rate index.
Earlier this year, Bitwise joined VanEck and Grayscale in filing for an Avalanche ETF.
Coinbase Custody Trust Company will manage the ETF's Avalanche holdings, while BNY will provide cash custody. Bitwise Investment Manager will seed the fund with $2.5 million, buying 100,000 shares at $25 each.
The filing comes one week after Bitwise launched its Bitwise XRP ETF (NYSE:XRP) and Dogecoin ETF (NYSE:BWOW), products that created a stir in the crypto community, showing how quickly the firm has expanded into altcoin-themed products.
The launch of the Bitwise XRP ETF came during a bustling stretch for XRP ETFs, with several issuers hitting the market almost at once. Among those were Franklin XRP ETF (NYSE:XRPZ), Canary Capital XRP ETF (NASDAQ:XRPC), and Grayscale XRP Trust ETF (ARCA :GXRP), all launched in November.
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