Regulatory Filing - Bitwise filed an S-1 with the SEC for a proposed spot Avalanche ETF [1] - The ETF aims to track $AVAX, Avalanche's native token [1] - Coinbase Custody would safeguard the assets [1] - The filing was submitted on September 15 [1] ETF Structure and Benefits - The ETF will provide investors access to Avalanche through standard brokerage accounts [2] - The trust will hold AVAX tokens outright and value them using the CME CF Avalanche-Dollar Reference Rate [2] - This structure mirrors spot Bitcoin and Ethereum ETFs [2] Market Competition and Institutional Interest - Grayscale has applied to convert its existing Avalanche Trust into a spot ETF [4] - VanEck is exploring its own AVAX fund [4] - Approval could bring traditional capital into Avalanche [4] - SkyBridge Capital has considered tokenizing $300 million worth of assets through Avalanche [4]

Core Viewpoint - The crypto market is poised for a significant rally as the SEC prepares to introduce generic listing standards for crypto exchange-traded products (ETPs) [1][4]. Group 1: Market Outlook - Macro and structural factors are aligning for a strong year-end rally in the crypto market, despite September being historically weak for digital assets [3]. - Potential interest rate cuts, increasing inflows into crypto investment products, concerns over dollar strength, and rising momentum in stablecoins and tokenization are identified as key drivers for this rally [3]. Group 2: Regulatory Developments - The SEC's proposal for generic crypto ETP listing standards could streamline the approval process, allowing issuers to launch ETPs within as little as 75 days if the underlying asset meets specific criteria [4]. - This regulatory change could lead to a surge in new ETP offerings, with assets like Solana, XRP, Avalanche, Dogecoin, and Chainlink potentially qualifying quickly [5]. Group 3: Company Initiatives - Bitwise has filed for a spot Avalanche ETF, aiming to provide institutional investors with regulated exposure to AVAX, joining other firms like VanEck and Grayscale in this initiative [5][8]. - The fund will track the CME CF Avalanche-Dollar Reference Rate and will be backed by AVAX tokens held in custody by Coinbase Custody [5][6]. Group 4: Historical Context - The expected boom in crypto ETPs is compared to the surge in traditional ETF issuance following the SEC's adoption of the "ETF Rule" in 2019, which tripled ETF launches in the U.S. and made the market more accessible [7].

Regulatory Filing - Bitwise files S-1 with the SEC for a spot Avalanche ETF [1] - The proposed ETF aims to track $AVAX, Avalanche's native token [1] - Coinbase Custody would safeguard the ETF's assets [1] - The filing allows Bitwise to expand its product offerings beyond Bitcoin and Ethereum [1] Investment Access and Structure - The ETF aims to provide investors access to Avalanche through standard brokerage accounts [2] - The trust will hold AVAX tokens outright, valuing them using the CME CF Avalanche-Dollar Reference Rate [2] - The structure mirrors spot Bitcoin and Ethereum ETFs [2] Market Competition and Institutional Interest - Grayscale has applied to convert its existing Avalanche Trust into a spot ETF [4] - VanEck is also exploring its own AVAX fund [4] - Approval could bring traditional capital into Avalanche, similar to Bitcoin and Ethereum ETFs [4] - Institutions like Apollo, BlackRock, and SkyBridge Capital have shown interest in Avalanche through tokenized funds, with SkyBridge Capital considering tokenizing $300 million of assets [4] Company Information - Bitwise, founded in 2017, is an active U S crypto asset manager [3] - Bitwise already runs index funds and single-asset products [3] - Bitwise registered an Avalanche trust in Delaware earlier this month [3]