Bitwise Files S-1 Amendment For Avalanche ETF With BAVA Ticker

TLDR

• Bitwise filed an S-1 amendment for its Avalanche ETF under the ticker BAVA.
• The ETF charges a 0.34% management fee, waived for one month or up to $500M AUM.
• Shares of the Avalanche ETF are planned to be listed on NYSE Arca.
• The fund includes AVAX staking to generate additional rewards for the Trust.

Bitwise Asset Management has filed an amended Form S-1 with the U.S. Securities and Exchange Commission for its planned Bitwise Avalanche ETF. If approved, the fund would offer investors direct exposure to Avalanche (AVAX) and provide added value through staking rewards. The ETF is expected to trade on NYSE Arca under the ticker “BAVA.”

This move follows Bitwise’s expansion into digital asset ETFs and comes amid growing demand for altcoin-based investment products. The initial S-1 was submitted earlier, but the amendment dated November 26, 2025, includes updated structural and fee details.

ETF to Offer AVAX Exposure and Staking Rewards

According to the filing, the Trust aims to provide investors with exposure to the price of Avalanche held by the fund. Additionally, the ETF will engage in AVAX staking, generating yield through the network’s proof-of-stake mechanism. Rewards earned from staking will be added to the Trust’s holdings and may be treated as income.

The Trust will use the CME CF Avalanche–Dollar Reference Rate – New York Variant to calculate its net asset value (NAV) daily. This pricing benchmark aggregates trading data from major AVAX platforms and is maintained by CF Benchmarks Ltd.

Coinbase Custody will act as the Avalanche custodian, managing secure storage of the digital assets. The Trust will appoint one or more staking agents to operate validators on the Avalanche Network.

Management Fee Set at 0.34% with Temporary Waiver

Bitwise has set a management fee of 0.34 percent annually for the Avalanche ETF. However, the entire fee will be waived for one month following the listing or until assets under management reach $500 million, whichever comes first. This approach mirrors fee structures used in other Bitwise altcoin-focused ETFs.

The filing also notes that Bitwise Investment Manager, LLC, an affiliate of the sponsor, will purchase the initial 100,000 shares for $2.5 million. Bitwise Asset Management, Inc. previously seeded the Trust with $200.

The Trust’s Shares will be offered in blocks of 10,000, known as Baskets, for creation and redemption purposes. These transactions will only be processed with financial firms that are approved as Authorized Participants.

Status and Filing Notes on SEC Review

Although the S-1 amendment includes updated details on fees and staking mechanisms, Bitwise has not removed the delaying amendment. This means the ETF will not become effective automatically and still awaits SEC approval.

The filing confirms that the Trust qualifies as an emerging growth company under the JOBS Act, allowing it to reduce certain reporting requirements. However, the Trust has opted out of the extended transition period for accounting standards and will follow the standard adoption timeline.

The Trust is not registered under the Investment Company Act and is also not a commodity pool under CFTC rules. Therefore, it is not regulated as such by the Commodity Futures Trading Commission.

Avalanche Blockchain and Network Role

Avalanche operates on a proof-of-stake consensus model and supports scalable decentralized applications and smart contracts. The minimum stake required for becoming a validator is 2,000 AVAX, with a maximum limit of 3 million AVAX per validator.

AVAX is used for transaction fees, staking rewards, subnet creation, and validator influence. Fees on the network are burned, reducing supply over time. The Avalanche Blockchain is decentralized and maintained by independent validators rather than a central authority.

The ETF does not use leverage or engage in active trading strategies. It is a passively managed product designed to reflect the price and staking returns of AVAX as accurately as possible.

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