Key Takeaways
- • Bitwise Asset Management launched the Bitwise Avalanche ETF (NYSE: BAVA), which begins trading on NYSE on April 15, 2026, providing exposure to Avalanche (AVAX).
- • The fund intends to stake its AVAX holdings through Bitwise Onchain Solutions, targeting participation in Avalanche's average staking rewards of 5.4% (gross rate as of April 13, 2026).
- • The sponsor fee is 0.34%, reduced to 0% for the first month on the fund's first $500M in assets.
- • Bitwise cites Avalanche's $4.1 billion market cap (per CoinMarketCap as of April 13, 2026) and enterprise adoption, including FIFA, Wyoming's FRNT stablecoin, and tokenization work by KKR, Apollo, SkyBridge, and BlackRock.
- • The fund is not registered under the 1940 Act, carries a high degree of risk including possible complete loss, and differs from direct ownership of AVAX.
Summary
Bitwise Asset Management, which reports $11 billion in client assets as of April 1, 2025, announced the launch of the Bitwise Avalanche ETF (NYSE: BAVA). The product is designed to give investors exposure to Avalanche, a blockchain platform that Bitwise describes as powering real-world use cases and government initiatives. The trading start date is April 15, 2026.
Bitwise intends to stake the fund's AVAX through its in-house staking division, Bitwise Onchain Solutions, with the aim of preserving liquidity while participating in Avalanche's average staking rewards of 5.4%. Per the footnotes, that is a gross rate as of April 13, 2026, based on a 14-day staking period with 14-day rates from the prior 90 days averaged and annualized. The trust plans to stake roughly 70% of its Avalanche, holding the remaining 30% in a Liquidity Reserve that the sponsor reviews monthly. The fund intends to distribute net investment income, including staking rewards net of expenses, and notes that the tax treatment of rewards may have adverse consequences for shareholders.
Matt Hougan, CIO of Bitwise, said Avalanche is "emerging as one of the leading platforms for businesses, governments, and real-world use cases." The firm highlights Avalanche's ability to let enterprises build custom, interoperable blockchains with governance and access controls, along with near-instant settlement and low fees. Bitwise cites a market cap of $4.1 billion per CoinMarketCap as of April 13, 2026. Projects building on the network include FIFA's blockchain for digital collectibles and World Cup ticket options, Wyoming's FRNT stable token, a New Jersey pilot for onchain business licenses through Balcony, Toyota's mobility and supply chain initiatives, tokenization efforts by KKR, Apollo, SkyBridge, and BlackRock, and stablecoins in Japan (JPYC) and Korea (KRW1). Anthony Scaramucci, founder of SkyBridge, said the firm chose Avalanche for its tokenized funds because it enables a private, secure network lane.
The sponsor fee is 0.34%, with a 0% fee for the first month on the first $500M in assets. Bitwise Investment Advisers, LLC is the sponsor, and Foreside Fund Services, LLC is the marketing agent. The fund is not registered under the Investment Company Act of 1940, so it lacks those protections, and it is nondiversified, single-asset, and recently organized with a limited track record. Risks flagged include AVAX price volatility, liquidity constraints, staking and slashing risk, regulatory risk, and the possibility that the shares could lose all or substantially all of their value. The fund's AVAX holdings also decline over time through sponsor fees and extraordinary expenses.
Bitwise intends to stake the fund's AVAX through its in-house staking division, Bitwise Onchain Solutions, with the aim of preserving liquidity while participating in Avalanche's average staking rewards of 5.4%. Per the footnotes, that is a gross rate as of April 13, 2026, based on a 14-day staking period with 14-day rates from the prior 90 days averaged and annualized. The trust plans to stake roughly 70% of its Avalanche, holding the remaining 30% in a Liquidity Reserve that the sponsor reviews monthly. The fund intends to distribute net investment income, including staking rewards net of expenses, and notes that the tax treatment of rewards may have adverse consequences for shareholders.
Matt Hougan, CIO of Bitwise, said Avalanche is "emerging as one of the leading platforms for businesses, governments, and real-world use cases." The firm highlights Avalanche's ability to let enterprises build custom, interoperable blockchains with governance and access controls, along with near-instant settlement and low fees. Bitwise cites a market cap of $4.1 billion per CoinMarketCap as of April 13, 2026. Projects building on the network include FIFA's blockchain for digital collectibles and World Cup ticket options, Wyoming's FRNT stable token, a New Jersey pilot for onchain business licenses through Balcony, Toyota's mobility and supply chain initiatives, tokenization efforts by KKR, Apollo, SkyBridge, and BlackRock, and stablecoins in Japan (JPYC) and Korea (KRW1). Anthony Scaramucci, founder of SkyBridge, said the firm chose Avalanche for its tokenized funds because it enables a private, secure network lane.
The sponsor fee is 0.34%, with a 0% fee for the first month on the first $500M in assets. Bitwise Investment Advisers, LLC is the sponsor, and Foreside Fund Services, LLC is the marketing agent. The fund is not registered under the Investment Company Act of 1940, so it lacks those protections, and it is nondiversified, single-asset, and recently organized with a limited track record. Risks flagged include AVAX price volatility, liquidity constraints, staking and slashing risk, regulatory risk, and the possibility that the shares could lose all or substantially all of their value. The fund's AVAX holdings also decline over time through sponsor fees and extraordinary expenses.
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