Bitwise Debuts Avalanche ETF (BAVA) With Staking, Targeting 5.4% Annual Rewards

Bitwise Asset Management, a crypto manager overseeing $11 billion, has listed the Bitwise Avalanche ETF under the ticker BAVA on the New York Stock Exchange. The fund offers direct exposure to the AVAX token and adds an active staking component, a feature that differentiates it from most altcoin ETFs currently on the market. Bitwise said it plans to stake AVAX held in custody through its in-house unit, Bitwise Onchain Solutions. The firm aims to maintain liquidity while participating in Avalanche's network rewards, which it puts at an average of 5.4% per year, and said the setup is designed to generate incremental returns without impairing day-to-day fund operations. Bloomberg ETF analyst James Seyffart called the ETF's early activity a strong start, citing about $400,000 in trading volume in the first 90 minutes as "pretty damn good." BAVA carries a 0.34% management fee. Bitwise is waiving the fee for the first month on the first $500 million in assets, a typical launch incentive aimed at drawing initial inflows. Bitwise Chief Investment Officer Matt Hougan pointed to Avalanche's traction in enterprise and public-sector applications. He noted that FIFA uses the network for its digital collectibles blockchain, Wyoming is using it to issue its state stablecoin--described as the first of its kind in the U.S.--and Toyota has explored projects tied to supply chains and mobility. The firm also cited tokenization efforts on Avalanche by institutions including KKR, Apollo, and BlackRock. The launch comes as crypto ETFs continue to broaden under the Trump administration. Grayscale and VanEck already offer exchange-traded products linked to AVAX, and Canary Capital filed with the SEC last week seeking approval to list an ETF tied to the memecoin PEPE.