• Bitwise files for an Avalanche ETF aiming to offer direct AVAX exposure through a standard brokerage account.
• VanEck and Grayscale also seek SEC approval for Avalanche ETFs, showing rising interest in AVAX investment tools.
• The proposed ETF will hold Avalanche directly and track its value using a daily published reference rate.

Bitwise has filed a new S-1 registration with the U.S. Securities and Exchange Commission (SEC) to launch an Avalanche (AVAX) exchange-traded fund (ETF). The proposed ETF would provide investors with direct exposure to Avalanche’s native token. The move marks Bitwise’s attempt to expand beyond Bitcoin and Ethereum-based products.

The fund will hold AVAX tokens directly rather than using derivatives. The ETF shares will be listed on an exchange in the U.S., and the ticker symbol will be revealed in the future. The Custodian will be Coinbase Custody Trust Company, where the assets will be kept in the cold storage accounts that will be segregated. The trust was formed under Delaware law and will issue shares in blocks of 10,000, also known as baskets.

NAV and Pricing Method

The ETF’s net asset value (NAV) will follow the CME CF Avalanche–Dollar Reference Rate. This rate is published daily by CF Benchmarks. The NAV is calculated by subtracting liabilities from total assets, then dividing by the number of shares. This figure gives investors a per-share value of the ETF.

Bitwise believes this structure will allow investors to gain exposure to Avalanche through traditional brokerage accounts. It also avoids the need for investors to manage private wallets or handle AVAX tokens directly.

Growing Interest Among Competitors

Bitwise’s filing has triggered similar moves by rival asset managers. VanEck submitted its own S-1 in March 2025, proposing a spot Avalanche ETF. Nasdaq followed with a proposed rule change in April 2025 to allow the listing of VanEck’s product.

Grayscale filed an application in August 2025 to convert its existing Avalanche Trust into a spot ETF. This proposed ETF would also trade on Nasdaq. In Grayscale’s application, Coinbase Custody is listed as the custodian, and BNY Mellon would act as administrator. Coinbase Custody Trust Company was also made the official custodian for the 21 shares SEI ETF fund. 

The SEC has yet to approve any of these applications. Grayscale’s proposal remains under review, with no final decision released. The SEC extended its review period until mid-July but has not published updates.

Market Signals and Strategic Moves

Institutional demand for Avalanche exposure has been rising. The Avalanche Foundation recently announced plans to raise $1 billion. The funds will be used to build two AVAX treasury firms in the U.S. These firms will purchase AVAX tokens at discounted rates to manage treasury operations.

Bitwise has also filed for other single-asset ETFs, including those tracking Chainlink and XRP. The firm continues expanding its presence in the crypto ETF space as investor demand diversifies beyond major tokens.