CMC News

$AVAX ETF Filing Submitted by #Bitwise to #SEC

Bitwise has submitted an S-1 filing with the Securities and Exchange Commission for a spot #Avalanche exchange-traded fund, joining the expanding lineup of #altcoin investment vehicles. The proposed fund would provide investors direct exposure to $AVAX, currently the 19th-largest cryptocurrency by market capitalization.

Coinbase will serve as the custodian for digital assets in the proposed Bitwise Avalanche #ETF . The filing positions the fund as a Delaware statutory trust, allowing investors to track real-time spot prices of the underlying tokens.

$AVAX recently traded above $30 per coin after gaining more than 6% over a 24-hour period. Avalanche operates as an alternative to Ethereum, offering developers a cheaper and faster blockchain platform for building decentralized applications.

VanEck and Grayscale have also filed with the SEC to launch $AVAX ETFs, creating competition among asset managers seeking approval. The filings reflect growing institutional interest in providing regulated access to alternative cryptocurrency investments beyond Bitcoin and Ethereum.

The timing coincides with expected debuts of $XRP and $DOGE ETFs this week from REX Shares and Osprey Funds. These altcoin funds will offer exposure through subsidiaries registered in the Cayman Islands, differing from direct cryptocurrency holding structures.

Unlike current Bitcoin and Ethereum ETFs registered as commodity trusts, the upcoming altcoin funds utilize registration under the Investment Company Act of 1940. This structure provides an alternative pathway for asset managers seeking to launch cryptocurrency investment products.

Bitcoin ETFs experienced the most successful debut in ETF history after SEC approval, now managing combined assets worth nearly $152 billion across 12 funds. Ethereum ETFs followed later in 2024, establishing precedent for additional cryptocurrency investment vehicles.