- Bitwise has joined VanEck and Grayscale in filing for a spot Avalanche (AVAX) ETF with the SEC.
- The proposed ETFs would hold Avalanche directly, offering investors secure access without managing wallets or private keys.
The competition to bring an Avalanche (AVAX) exchange-traded fund (ETF) to U.S. markets is intensifying, with Bitwise joining VanEck and Grayscale in submitting filings to the Securities and Exchange Commission (SEC).
The trio of asset managers are positioning themselves to capture growing institutional demand for regulated exposure to Avalanche, the proof-of-stake blockchain known for its scalability, smart contract support, and subnet architecture.
Bitwise Avalanche ETF: Direct AVAX Exposure
Bitwise’s proposal stands out for its direct exposure model. According to its SEC filing, the ETF will hold AVAX tokens in custody rather than derivatives, enabling investors to access Avalanche without the complexity of managing wallets or private keys.
The trust, registered in Delaware as a statutory entity, plans to issue and redeem shares in blocks of 10,000—known as baskets, which can be settled in either cash or AVAX. Shares will track the CME CF Avalanche–Dollar Reference Rate, published daily by CF Benchmarks.
Coinbase Custody Trust Company, regulated under New York banking law, will act as custodian, safeguarding tokens in segregated accounts with cold storage protection.
Shares are expected to trade on a U.S. exchange under a yet-to-be-announced ticker. By removing technical barriers and custody risks, Bitwise aims to make Avalanche accessible to both institutional and retail investors seeking a regulated entry point.
VanEck and Grayscale Join the Race
Bitwise is not alone in the Avalanche ETF race. VanEck filed an S-1 with the SEC in March 2025 for its own spot AVAX ETF, while Nasdaq submitted a proposed rule change in April to list the fund. Although no final decision has been made, the filing signals growing institutional confidence in Avalanche as an investable asset.
Meanwhile, Grayscale, already a dominant player in crypto investment products, is pursuing a conversion of its existing Avalanche Trust into a spot ETF. Filed on August 22, 2025, the application proposes trading on Nasdaq, with Coinbase Custody as custodian and BNY Mellon serving as administrator. The SEC extended its review to July 15, 2025, but has yet to issue a ruling.
Growing Demand Beyond Bitcoin and Ethereum
The wave of Avalanche ETF filings reflects a broader shift in institutional focus beyond Bitcoin and Ethereum. As Avalanche’s ecosystem expands—with growing adoption in DeFi, governance, and staking—asset managers are betting on investor appetite for diversified crypto exposure.
AVAX is currently trading at $29.83, according to TradingView data, up 1.29% in the past 24 hours. Despite this rebound, the token remains 57.44% below its all-time high, underscoring both the opportunities and risks that ETFs could pass to investors.
With multiple heavyweights now vying for SEC approval, the race to launch the first Avalanche ETF underscores how traditional finance continues to deepen its integration with blockchain-based assets. Whether Bitwise, VanEck, or Grayscale emerges first, the eventual approval could mark a turning point for AVAX’s role in institutional portfolios.
