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]

Group 1 - Bitwise has filed for an Avalanche exchange-traded fund (ETF) as new altcoin investment vehicles are anticipated to enter the U.S. market [1] - The "Bitwise Avalanche ETF" will utilize Coinbase for custody of the digital assets [1] - Avalanche, the network behind AVAX, is the 19th-largest digital asset by market cap, offering a cheaper and faster blockchain compared to Ethereum [2] Group 2 - AVAX was recently trading over $30 per coin, having increased by more than 6% in a 24-hour period [2] - Other asset managers, such as VanEck and Grayscale, have also filed with the SEC to launch AVAX ETFs [2] - Upcoming altcoin ETFs for XRP and Dogecoin are expected to debut this week, registered by REX Shares and Osprey Funds [3] Group 3 - The new XRP and Dogecoin ETFs will provide exposure through a subsidiary registered in the Cayman Islands, differing from the Bitcoin and Ethereum ETFs [3][4] - The Bitcoin and Ethereum ETFs were registered under the Securities Act of 1933, while the new altcoin ETFs are registered via the Investment Company Act of 1940 [4] - The SEC approved Bitcoin ETFs last year, leading to a successful debut with 12 funds managing nearly $152 billion in combined assets [4] Group 4 - The SEC is expected to approve a variety of altcoin funds from asset managers looking to launch smaller cryptocurrencies in the future [5]