Bitwise Seeks SEC Approval to Launch Spot AVAX ETF

Highlights:

• Bitwise seeks SEC approval to introduce a new fund focused on AVAX exposure.
• AVAX tokens will remain in highly secure accounts managed under strict regulations.
• Growing institutional interest drives multiple firms to explore spot ETFs for Avalanche.

Bitwise, a leading global crypto asset manager, has filed an S-1 application with the U.S. Securities and Exchange Commission (SEC) to launch an exchange-traded fund (ETF) tied to Avalanche’s native token, AVAX. Coinbase Custody Trust Company will securely hold the AVAX assets for the fund. Regulated under New York banking law, Coinbase Custody will keep the tokens in separate cold storage accounts, ensuring protection against theft or loss.

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BITWISE FILES FOR SPOT AVALANCHE ETF WITH SEC

– Crypto asset manager Bitwise filed an S-1 with the SEC for a proposed spot @Avax ETF.

– If approved, the product would track $AVAX, the native token of the Avalanche blockchain, with Coinbase Custody safeguarding assets.

– The… pic.twitter.com/7H6EqODNMt

— BSCN (@BSCNews) September 16, 2025

How the Trust Helps Investors Access AVAX

Bitwise said the Trust is designed to help investors use Avalanche in their investment plans more easily. Instead of buying, holding, or trading AVAX directly, they can simply buy Shares in the fund. “The Trust provides investors with the opportunity to access the market for Avalanche through a traditional brokerage account without the potential barriers to entry or risks involved with acquiring and holding Avalanche directly,” Bitwise wrote.

The SEC filing also explained that the fund’s value will be based on the CME CF Avalanche–Dollar Reference Rate. The fund will hold AVAX tokens directly and will not use any complicated financial products like derivatives. Investors can purchase shares in blocks of 10,000, called baskets, which settle in cash or AVAX. 

Bitwise Expands Crypto ETF Offerings

Bitwise’s plan for an Avalanche ETF has inspired other crypto managers to consider applying for a spot AVAX ETF. Founded in 2017, Bitwise has grown into a top global crypto-asset manager and offers products like crypto index funds and ETFs that track Bitcoin, Ethereum, and other digital assets. Earlier this month, Bitwise set up an Avalanche Trust in Delaware as a step toward launching the ETF.

The push for an Avalanche ETF comes as the network gains momentum. Last week, the Avalanche Foundation announced plans to raise $1 billion to create two U.S. treasury firms that will buy AVAX at discounted prices. Like ETFs, these treasuries offer traditional investors a way to access crypto. Bitwise has also applied to launch multiple single-asset ETFs, including ones tracking Chainlink and XRP.

Other Firms Join the Avalanche ETF Race

Bitwise is not alone in seeking an Avalanche ETF. VanEck filed an S-1 for its own spot AVAX ETF in March 2025, and Nasdaq proposed a rule change in April 2025 to allow the listing. A final decision is still pending. The active filings show growing interest from institutions in accessing AVAX through regulated funds. Avalanche’s recent treasury accumulation also reflects increasing confidence in the token. Grayscale filed on August 22 to convert its Avalanche Trust into a spot AVAX ETF. The fund is planned to list on Nasdaq, with Coinbase Custody and BNY Mellon managing it.

Grayscale Investments has submitted an SEC S-1 registration statement to launch the Grayscale Avalanche Trust (AVAX), aiming to list it on Nasdaq. The trust seeks to track the price performance of AVAX, with Coinbase Custody serving as the custodian and Coinbase, Inc. acting as…

— Wu Blockchain (@WuBlockchain) August 25, 2025

Despite the recent development, AVAX’s price has slightly dropped. According to CoinMarketCap, it is currently trading at $29.53, down 0.12% over the past 24 hours.

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