Bitwise Files S-1 Application for New Avalanche ETF Focused on AVAX

TLDR

• Bitwise has filed an S-1 application with the SEC for an Avalanche ETF focused on AVAX exposure.
• The ETF will hold AVAX directly instead of using derivatives, providing direct access to the digital asset.
• Coinbase Custody Trust Company will manage and secure the Avalanche assets in segregated cold storage accounts.
• The ETF will issue shares in blocks of 10,000, with settlements in cash or AVAX.
• Bitwise’s filing signals growing institutional demand for AVAX and its future prospects.

Bitwise has filed an S-1 registration statement with the SEC for a new exchange-traded fund (ETF) focused on Avalanche (AVAX). The Bitwise Avalanche ETF aims to provide investors direct exposure to the Avalanche network’s native digital asset, AVAX. According to the filing, the ETF would hold AVAX tokens instead of using derivatives.

Custody and Security for Avalanche ETF

Coinbase Custody Trust Company will safeguard the AVAX assets held by the fund. Coinbase Custody, regulated under New York banking law, will store the tokens in segregated accounts with cold storage. The security measures are designed to protect investors from theft or loss of funds.

The Avalanche ETF will not rely on derivatives or other financial instruments. Instead, it will directly hold Avalanche assets. Investors can buy shares in blocks of 10,000, also known as baskets, which will settle in either cash or AVAX. This structure allows investors to gain exposure to AVAX without handling wallets or private keys.

Increasing Confidence in Avalanche Drives ETF Filings

Bitwise is not the only firm pursuing an Avalanche ETF. VanEck filed for a similar product in March 2025. Like Bitwise’s, the VanEck ETF aims to offer direct exposure to AVAX through a regulated vehicle.

Grayscale has also entered the race. In August 2025, the company filed to convert its existing Avalanche Trust into a spot AVAX ETF. Grayscale’s proposal includes Coinbase Custody as custodian and BNY Mellon as administrator, with trading set for Nasdaq.

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