Bitwise launches spot Avalanche ETF with built in staking rewards
Bitwise launched an Avalanche ETF (BAVA) on the NYSE, offering direct AVAX exposure and staking rewards.Summary
Bitwise Asset Management has launched its spot Avalanche ETF, trading under the ticker BAVA on the NYSE. This new exchange-traded product provides public market investors with direct exposure to AVAX, Avalanche's native token. A key feature of the fund is its ability to stake AVAX holdings through Bitwise Onchain Solutions, aiming to capture approximately 5.4% in average staking rewards. The ETF debuted with $2.5 million in assets and saw over $400,000 in volume within its first 90 minutes, considered a strong start. Bitwise positions this launch as a way for investors to gain exposure to Avalanche's enterprise-focused blockchain ecosystem, citing its use in projects like FIFA's custom blockchain and public sector initiatives. This move also signifies Bitwise's continued strategy to introduce more altcoin-focused products to the market, following its earlier launch of a spot Solana ETF.
(Source：Crypto Briefing)