Bitwise Lists Avalanche ETP BAVA on NYSE, Stakes 70% of AVAX
Bitwise launched a spot Avalanche ETP on the NYSE under ticker BAVA, staking about 70% of its AVAX to earn yield and keeping roughly 30% liquid for redemptions.
Bitwise Asset Management launched a spot Avalanche exchange-traded product on the New York Stock Exchange under the ticker BAVA. The fund began trading Wednesday and closed up about 1.5% at $25.50 per share. Avalanche’s native token, AVAX, was trading near $9.52 and was up about 1.8% at the time the product started trading.
The ETP holds AVAX directly and will stake roughly 70% of its AVAX holdings through Bitwise’s in-house unit, Bitwise Onchain Solutions. Staking participation will involve validating on the Avalanche network and earning staking rewards paid in additional AVAX tokens. The product will keep an estimated 30% of holdings liquid to meet redemptions and cover operational needs.
Bitwise said staking rewards on Avalanche were about 5.4% as of mid-April. The ETP is structured to distribute net investment income, including staking rewards, to shareholders on a periodic basis.
The fund carries a sponsor fee of 0.34%. Bitwise is offering a temporary fee waiver that reduces the fee to 0% for the first month on the first $500 million in assets. The firm will conduct staking activity on its own infrastructure rather than relying on third-party staking providers.
Avalanche is a layer-1 blockchain built for high throughput and low latency. The network has been used in tokenization projects and enterprise pilots, including initiatives tied to FIFA, state-level stablecoin efforts in Wyoming, and projects involving companies such as Toyota and asset managers including BlackRock.
The Bitwise ETP follows recent filings and product development by other market participants seeking to provide AVAX exposure through exchange-traded vehicles. One market operator has filed with regulators to list a proposed fund that would offer AVAX exposure under commodity trust rules.
The BAVA product provides direct exposure to AVAX while allocating a portion of tokens to staking to generate yield and retaining a liquidity reserve to address redemptions and operational requirements.
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