Bitwise Introduces Avalanche ETP for Yield and Exposure

Bitwise Asset Management has expanded its product lineup with a new exchange-traded product (ETP) focused on the Avalanche token. The fund, which is listed under the ticker BAVA on the NYSE, allows investors to gain exposure to AVAX while earning yield through staking.

The ETP holds AVAX directly and utilizes an in-house staking unit, Bitwise Onchain Solutions, to participate in network validation and earn rewards. As of mid-April, Avalanche staking rewards were approximately 5.4%. The fund's sponsor fee is 0.34%, with a temporary waiver to 0% for the first month on the first $500 million in assets.

The launch of Bitwise's Avalanche ETP comes as exchange-traded crypto products and publicly traded companies continue to accumulate a significant share of Bitcoin's circulating supply. According to data from BitBO.io, Bitcoin ETFs hold over 1.29 million BTC, while public companies hold an additional 1.17 million BTC on their balance sheets.