Bitwise Files S-1 With SEC for Avalanche ETF After Securing Delaware Registration

Bitwise files S-1 with the SEC for an Avalanche ETF after Delaware registration, offering direct AVAX exposure through Coinbase Custody.

Bitwise has taken a step towards launching an Avalanche (AVAX) exchange-traded fund (ETF) by filing an S-1 with the U.S. SEC. This filing follows the trust’s registration in Delaware, where it was established as a statutory trust. 

The move aims to provide institutional and retail investors with direct exposure to Avalanche. This is through a regulated product, highlighting the growing interest in the blockchain’s native token, AVAX.

Bitwise Avalanche ETF Structure and Custody

The proposed Bitwise Avalanche ETF is designed to hold actual Avalanche tokens rather than relying on futures or derivatives contracts.

Besides, this offers a more direct and transparent exposure to the cryptocurrency. This is with the ETF’s net asset value being tracked through the CME CF Avalanche-Dollar Reference Rate, published daily by CF Benchmarks.

Coinbase Custody Trust Company will serve as the custodian for the Avalanche tokens held by the ETF. The company, regulated under New York banking law, will provide secure storage in segregated cold storage accounts. This custodial service aims to ensure that institutional investors can safely access and hold the digital assets.

The ETF will issue and redeem shares in blocks of 10,000, known as baskets, with the option for settlement in either cash or Avalanche tokens. This structure simplifies the process for investors. Besides, it allows them to gain exposure to AVAX without the complexities of managing wallets or private keys.

Market Context and Avalanche Price Movement

Avalanche operates as a proof-of-stake blockchain, providing a platform for decentralized applications (dApps), governance, and scalable smart contracts. 

The AVAX token, used to power these applications, is currently priced at $29.83, reflecting a 1.29 percent increase over the last 24 hours. Despite this, AVAX remains 57.44 percent below its all-time high, underscoring the volatility that can accompany cryptocurrency investments.

The recent price movement aligns with the filing developments and suggests renewed investor interest. While market conditions remain volatile, the filing for a regulated ETF product offers a structured way for investors to gain exposure to AVAX, which could impact future price trends as institutional interest continues to rise.

VanEck and Grayscale Avalanche ETF Filings

Bitwise is not alone in seeking approval for an Avalanche ETF. VanEck filed an S-1 for its own spot AVAX ETF in March 2025, with plans to list shares on Nasdaq. This filing is still under SEC review, and no final decision has been made. 

Nasdaq also filed a proposed rule change to accommodate the listing, indicating a broader move toward introducing more crypto-focused products to mainstream exchanges.

Grayscale is also pursuing a spot ETF for Avalanche. On August 22, 2025, Grayscale filed to convert its Avalanche Trust into an ETF. This filing includes Coinbase Custody as the custodian and BNY Mellon as the administrator. 

The SEC extended its review deadline to July 15, 2025, but no decision has been issued yet. These filings indicate a growing institutional interest in Avalanche as a viable investment vehicle.