Bitwise Eyes Avalanche ETF: Registration Filed in Delaware

Bitwise Registers Avalanche ETF Trust

Bitwise Asset Management has taken a step towards offering an Avalanche (AVAX) exchange-traded fund (ETF) by registering a trust entity in Delaware. This move indicates the firm's ambition to broaden its range of single-crypto investment products beyond the current offerings focused on Bitcoin and Ethereum.

The trust, named Bitwise Avalanche ETF, was officially registered on September 5. Industry observers anticipate that Bitwise will soon file a registration statement with the U.S. Securities and Exchange Commission (SEC) to launch the ETF, which would track the performance of Avalanche's native token, AVAX.

The Race for an AVAX ETF

Bitwise is not the only player vying for an AVAX ETF. Earlier in the year, both Grayscale and VanEck submitted filings to the SEC with similar intentions to launch products tracking the price of AVAX.

Avalanche: A Blockchain Overview

Avalanche, launched in 2020 by Ava Labs, is a blockchain platform designed to address the blockchain trilemma – achieving decentralization, security, and scalability. Its consensus mechanism aims to provide rapid transaction settlement (under two seconds), high throughput, and energy efficiency.

Market Context and AVAX Performance

AVAX currently holds the position of the 23rd largest cryptocurrency by market capitalization. Bitwise's registration occurs amidst a broader crypto market downturn, which has seen AVAX prices dip to around $24. Despite this recent pullback, the token has still recorded gains of approximately 13% over the past year, according to CoinGecko data.