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Bitwise Asset Management, a crypto asset manager with $11 billion under management, launched the Bitwise Avalanche ETF under the ticker BAVA on the New York Stock Exchange. The fund offers direct exposure to the AVAX token and includes an active staking feature, distinguishing it from most altcoin ETFs currently available.
To carry out this strategy, Bitwise will use its in-house division, Bitwise Onchain Solutions, which will manage the staking of AVAX held in custody. The stated goal is to preserve liquidity while maximizing participation in the network’s average rewards, which currently stand at 5.4% annually. Bitwise said the approach is designed to generate additional returns without compromising the fund’s operability.
Matt Hougan, Chief Investment Officer at Bitwise, said Avalanche is a relevant platform for enterprise and government use cases. He cited that the network is used by FIFA for its digital collectibles blockchain, by Wyoming to issue its state stablecoin—the first of its kind in the United States—and by Toyota for initiatives related to supply chains and mobility. Hougan also noted that institutions including KKR, Apollo, and BlackRock have developed tokenization projects on the infrastructure.
The launch of BAVA comes during a period of expansion in the crypto ETF market under the Trump administration. Grayscale and VanEck already have exchange-traded products based on AVAX, and last week Canary Capital filed a request with the SEC to list an ETF tied to the memecoin PEPE.
Initial reception for BAVA was positive. Bloomberg ETF analyst James Seyffart said the $400,000 in volume recorded during the first 90 minutes of trading represents a “pretty damn good” debut for a product of this type.
The fund’s fee is set at 0.34%. For the first month, Bitwise will charge 0% on the first $500 million in assets, a launch-phase pricing strategy intended to attract capital.

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