Bitwise Seeks SEC Approval for Spot Avalanche ETF Amid AVAX’s $30.12 Surge

- Bitwise aims to launch a spot Avalanche ETF for seamless institutional access to AVAX. - The proposed fund will hold physical AVAX, with Coinbase Custody serving as custodian. On September 15, 2025, Bitwise Asset Management filed an S-1 application with the U.S. Securities and Exchange Commission (SEC). The filing seeks approval for its proposed spot Avalanche (AVAX) exchange-traded fund (ETF). The “Bitwise Avalanche ETF” is designed to offer investors exposure to AVAX’s market performance without requiring them to own or store the cryptocurrency directly, marking another step toward the mainstream adoption of digital assets. On September 15, CoinGape, Crypto Briefing, and Blockonomi reported that Bitwise intends to structure the ETF to hold AVAX tokens directly, rather than relying on derivatives. This approach ensures investors benefit from transparent, spot-based pricing. The ETF will use the CME CF Avalanche–Dollar Reference Rate, widely recognized by institutional investors for its data integrity, to calculate its net asset value (NAV). Bitwise selected Coinbase Custody Trust Company to serve as the fund’s custodian and manage the secure storage of the AVAX tokens. Bitwise’s filing comes amid a wave of institutional interest in regulated cryptocurrency investment products. Earlier in 2025, VanEck filed for its AVAX ETF in March, and Grayscale followed suit in August, proposing to convert its Avalanche Trust into a spot ETF. These applications signal a growing industry trend to diversify crypto-focused ETFs beyond established assets like Bitcoin and Ethereum. They also reflect heightened competition to capitalize on Avalanche’s expanding ecosystem and its appeal to investors seeking alternatives within the crypto market. According to CoinMarketCap, Avalanche (AVAX) was trading at $30.12 as of 22:14 UTC on September 15. This price marked a 2.49% increase over the previous 24 hours.