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Stacy Pereira
- Bitwise has officially filed a Form S-1 registration with the SEC to launch a spot Avalanche ETF.
- Bitwise plans an ETF that physically holds AVAX, giving shareholders “real” asset exposure, unlike other derivative-based funds.
- Bitwise’s filing follows earlier applications by VanEck and Grayscale for AVAX ETFs.
Crypto asset manager Bitwise has officially filed an S-1 form with the U.S. Securities and Exchange Commission (SEC) to launch a spot Avalanche ETF. The filing was submitted on September 15, 2025.
The proposed Bitwise Avalanche ETF (ticker symbol not yet disclosed) would give investors exposure to AVAX via shares in a trust that directly holds AVAX tokens, rather than via derivatives. Custody of the tokens is planned to be handled by Coinbase Custody, with institutional-grade security like segregated accounts and cold storage.
Direct exposure to AVAX tokens
Bitwise disclosed that the net asset value (NAV) will be tied to the CME CF Avalanche-Dollar Reference Rate, as per its New York variant. This benchmark is calculated daily by CF Benchmarks based on aggregated trade flow from several major Avalanche trading platforms. Shares will be created/redeemed in batches of 10,000 shares (“baskets”), using either AVAX or U.S. dollars (cash) in the redemption/creation process.
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Ecosystem for altcoin ETFs accelerates
Bitwise joins a growing field of asset managers seeking regulated AVAX exposure. VanEck filed an S-1 for a spot AVAX ETF earlier in March 2025. Grayscale has also made some moves, as it applied more recently to convert its existing Avalanche Trust into a spot-ETF format on Nasdaq. This also comes at a time when the ecosystem for altcoin ETFs is accelerating, with XRP and Dogecoin funds expected anytime this week.
As for Avalanche’s ecosystem metrics, it’s also showing strength in the recent past. DEX trading volumes, stablecoin market cap on Avalanche, and overall network activity have been increasing. In fact, after the announcement, AVAX was trading above $30, having rallied more than 6% over 48 hours.
