Core Insights - Bitwise has updated its spot Avalanche ETF filing with the SEC, moving closer to market launch and aiming to be the first U.S. ETF to enable yield generation [1] - The ETF ticker has been changed to BAVA, featuring one of the lowest sponsor fees in the Avalanche ETF space at 0.34% [1][2] - The updated filing allows the trust to stake up to 70% of its AVAX holdings to earn additional tokens on Avalanche's proof-of-stake network [2] Fee Structure and Yield Generation - Bitwise's ETF will take a 12% cut of the yield generated from staking, while the remaining yield will be distributed to shareholders [2] - The first month will feature a full fee waiver on the initial $500 million of assets, positioning BAVA as a low-cost option for traditional investors seeking Avalanche exposure and staking income [3] Regulatory and Operational Updates - The filing introduces a liquidity reserve, tighter custody rules with Coinbase, and updated risk disclosures addressing various threats [4] - If approved, BAVA will trade on NYSE Arca, while competitors VanEck and Grayscale plan to list their Avalanche ETFs on NASDAQ, all targeting approval in Q1 2026 [4]