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Bitwise Files for Spot Avalanche ETF with U.S. SEC

Bitwise Files for Spot Avalanche ETF with U.S. SEC

Bitwise Asset Management’s Avalanche ETF filing arrives alongside new altcoin ETFs for XRP and Dogecoin, signaling broader diversification in regulated crypto investment products beyond Bitcoin and Ethereum.

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Fact Check
Multiple independent news sources, including The Block, Cryptopolitan, and Coincentral, directly and consistently report that Bitwise has filed an S-1 form with the U.S. Securities and Exchange Commission (SEC) for a spot Avalanche (AVAX) ETF.
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Summary

Bitwise Asset Management filed an S-1 with the U.S. SEC for a spot Avalanche ETF, which would custody AVAX tokens through Coinbase. Avalanche, the 19th-largest cryptocurrency, competes with Ethereum on transaction speed and cost. AVAX recently traded above $30 after a 6% daily gain. VanEck and Grayscale also filed to launch AVAX ETFs. Meanwhile, REX Shares and Osprey Funds are set to debut ETFs for XRP and Dogecoin this week under the Investment Company Act of 1940, distinguishing them from Bitcoin and Ethereum ETFs registered as commodity trusts. The SEC has already approved Bitcoin and Ethereum ETFs, which collectively manage nearly $152 billion in assets.

Terms & Concepts
  • S-1 Filing: A registration statement filed with the SEC by companies wishing to launch new securities, including ETFs.
  • Investment Company Act of 1940: U.S. legislation regulating investment funds, under which some new altcoin ETFs are being registered.
  • Commodity Trust: A fund structure used by Bitcoin and Ethereum ETFs, regulated under the Securities Act of 1933, where the fund directly holds commodities or digital assets.