Bitwise Files for Spot Avalanche ETF With SEC
Bitwise Asset Management has formally filed an S-1 registration statement with the U.S. Securities and platform Commission (SEC) to launch a spot Avalanche platform-traded fund (ETF), marking a new milestone in the effort to expand regulated crypto investment vehicles beyond BTC and ETH. If approved, the fund would give investors direct exposure to AVAX, the native token of the Avalanche blockchain, through traditional brokerage accounts.
The proposed “Bitwise Avalanche ETF” would directly hold AVAX tokens rather than using futures contracts or synthetic derivatives, a structure designed to more closely reflect the underlying asset’s performance. The filing states that the ETF’s net asset value (NAV) will be calculated based on the CME CF Avalanche–Dollar Reference Rate, a pricing benchmark used to provide consistent and reliable valuations. Coinbase Custody has been selected as the custodian, with the AVAX tokens to be held in segregated cold storage wallets for enhanced security.
Details of the filing
According to public records, Bitwise registered the trust entity in Delaware on September 5, 2025, and followed with the detailed S-1 submission around September 15, 2025. The structure mirrors those of earlier spot crypto ETF filings for BTC and ETH, which set a precedent earlier this year when the SEC granted long-awaited approvals later than years of pushback. Bitwise’s application highlights a broader industry push to secure regulated pathways for institutional and retail investors viewking exposure to a wider range of blockchain ecosystems.
Avalanche, a high-performance layer-1 blockchain known for its scalability and quick transaction finality, has gained momentum as an alternative to ETH. The filing represents an attempt to capture institutional interest in layer-1 projects that underpin decentralized finance, tokenized assets, and new blockchain-based applications. By introducing an Avalanche-focused ETF, Bitwise is signaling confidence in investor demand for diversified crypto investment options.
Competitive landscape
Bitwise is not alone in pursuing AVAX-based financial products. Other asset managers, including Grayscale and VanEck, have expressed interest in expanding beyond BTC and ETH into alternative digital assets, with some firms already operating AVAX trusts for accredited investors. A spot Avalanche ETF, however, would provide a more accessible, platform-listed option for broader market participants.
Approval of such a product remains uncertain. While the SEC’s stance on BTC and ETH ETFs has softened, its regulatory position on alternative cryptocurrencies is still evolving. Analysts point to several factors that could influence the decision, including AVAX’s market liquidity, the robustness of custody arrangements, and broader concerns about whether certain tokens qualify as securities under U.S. law. A favorable ruling could open the door for similar single-asset ETFs tied to other prominent blockchains such as Solana or Cardano, accelerating the mainstreaming of the crypto sector.
For now, the filing underscores Bitwise’s strategy of staying at the forefront of product innovation in digital assets. By targeting Avalanche, the firm is betting that investors are ready to look beyond BTC and ETH toward a new generation of blockchain ecosystems. Whether regulators agree remains to be viewn, but the move highlights the rapid evolution of crypto markets and the growing competition among asset managers to deliver the next wave of regulated investment products.
