Bitwise Files S-1 For a Spot Avalanche (AVAX) ETF

September 16, 2025, Bitwise Asset Management has filed an S-1 registration with the U.S. SEC for the Bitwise Avalanche ETF, seeking to provide spot exposure to AVAX. The filing, dated September 15, follows Bitwise’s Delaware trust registration earlier this month and arrives as AVAX trades near $29 in a broadly constructive market. If approved, the fund would mirror AVAX’s price while removing frictions around self-custody and exchange access for investors.

The Filing and ETF Mechanics

Bitwise’s S-1 describes a spot ETF intended to track AVAX’s price by holding tokens directly. Shares would be listed on a national securities exchange (proposed as Nasdaq), with Bitwise managing custody, audits, and operational controls. The documents also discuss staking of a portion of AVAX—with potential yields in the 7–10% range—subject to SEC compliance, restricted transfer windows during staking, and third-party oversight. The approach mirrors recently approved spot constructs while emphasizing direct asset ownership instead of futures exposure. The September 5 Delaware trust registration signals readiness for full SEC review.

Implications for AVAX and the Broader Market

For Avalanche, the filing lands as on-chain activity expands across DeFi and gaming, with recent quarters showing elevated transaction throughput and subnet deployments. Analysts see room for incremental demand via ETF inflows, noting parallels to capital that chased and Ethereum funds post-approval. Avalanche’s technical profile—high throughput (~4,500 TPS) and sub-second finality—positions AVAX as a Layer-1 competitor capable of handling mainstream volumes should regulated products scale.