Bitwise Introduces Avalanche ETF to Public Market Investors

Bitwise Asset Management has expanded its crypto exchange-traded fund (ETF) offerings with the launch of its Avalanche ETF, allowing public market investors to gain direct exposure to the cryptocurrency. The new ETF, BAVA, holds spot $AVAX and stakes those holdings through Bitwise Onchain Solutions, capturing part of Avalanche's average staking rewards, which are around 5.4%.

The fund began trading on the New York Stock Exchange (NYSE) on April 15, marking another step in Bitwise's push into crypto ETFs. According to Bloomberg ETF analyst James Seyffart, BAVA launched with $2.5 million in assets and saw over $400,000 in volume in its first 90 minutes, a strong start despite not being a 'blockbuster debut.'