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 - A significant number of crypto ETF applications have been submitted to the SEC, including five new filings that cover a range of assets from Avalanche infrastructure to Bonk meme coin [1][2] - The total number of pending crypto ETF applications has exceeded 92, with many facing deadlines in October and November [2] - REX-Osprey's XRP and Dogecoin ETFs are set to launch using the 40 Act structure, which allows for faster market entry [3] Group 2 - Bitcoin ETFs have seen net inflows of $292 million, while Ethereum products experienced outflows of $61.74 million as of September 16 [3] - Analysts believe that infrastructure tokens like Avalanche have the highest chances of SEC approval due to their established market cap and regulatory comfort [5][7] - Memecoins and basis trading products are expected to face more scrutiny from regulators due to concerns over their volatility and liquidity profiles [4][6] Group 3 - The basis trade approach is considered the "first of its kind" and is likely to encounter additional regulatory scrutiny due to its complexity [6] - Bitwise is pursuing institutional-grade exposure to Avalanche, joining other firms like VanEck and Grayscale [5] - The SEC clarified in February that memecoins are not classified as securities, but analysts still view infrastructure coins as more favorable for approval [7]