Breaking: Bitwise Prepares to Launch its Avalanche ETF, Reveals Ticker and Fees

Core Insights - Bitwise is preparing to launch its Avalanche ETF, having filed an updated S-1 with the U.S. SEC, revealing key details such as management fees and ticker symbol [1][3][4] Group 1: ETF Details - The management fee for the Bitwise Avalanche ETF is set at 0.34%, with a fee waiver for the first month or until assets reach $500 million [3][5] - The ETF plans to list on NYSE Arca under the ticker symbol "BAVA" [3][4] - The trust will track the AVAX price using the CME CF Avalanche-Dollar Reference Rate index and will offer staking as a secondary objective [5] Group 2: Market Reaction - Following the announcement, the price of AVAX surged over 7%, contributing to a weekly rally exceeding 17% [1][8] - The current trading price of AVAX is $14.94, with a 24-hour trading volume increase of nearly 15% [8] Group 3: Custodianship and Initial Investment - Coinbase Custody Trust Company will act as the custodian for Avalanche assets, while BNY Mellon will serve as the cash custodian [6] - Bitwise Investment Manager is expected to invest $2,500,000 to purchase 100,000 shares at a price of $25 per share [6]