cryptobriefing.com
Key Takeaways
- Bitwise has registered a trust in Delaware for a potential spot Avalanche ($AVAX) ETF.
- The Bitwise Avalanche ETF would expand Bitwise's lineup of crypto investment products if approved.
Bitwise Asset Management has registered an Avalanche exchange-traded fund in Delaware as the fund manager seeks to expand its lineup of single-crypto investment products beyond Bitcoin and Ethereum.
The trust entity, called “Bitwise Avalanche ETF,” was registered on September 5. The move signals that Bitwise will soon submit a registration statement to the SEC in a bid to launch the product that tracks Avalanche’s native token $AVAX.
Bitwise is not the first to target an $AVAX ETF. Earlier this year, Grayscale and VanEck filed with the SEC to launch products tracking $AVAX’s price.
Launched in 2020, Avalanche is a blockchain platform from Ava Labs built to overcome the blockchain trilemma. Its consensus system delivers fast settlement in under two seconds, high transaction capacity, and efficient energy usage.
$AVAX now ranks as the 23rd largest crypto asset by market capitalization. Bitwise’s registration comes amid a crypto sell-off, with $AVAX falling to $24. The token has still gained roughly 13% over the past year, according to CoinGecko data.