Crypto asset manager Bitwise prepares to launch its Avalanche ETF as the issuer filed an updated S-1 with the U.S. Securities and Exchange Commission. The issuer reveals several details, including the management fee, ticker, and fee waiver. LINK price jumped more than 7% following a breakout amid positive development and a broader crypto market recovery.
Bitwise Updates Its Spot Avalanche ETF with the US SEC
$15 billion asset manager Bitwise filed a first amendment to S-1 for its spot Avalanche ETF, according to the latest filing with the US SEC. If approved, the fund will provide investors with exposure to AVAX and additional rewards via AVAX staking.
In the latest filing, the issuer has revealed a 0.34% management fee. Additionally, it has waived the entire fee for one month or until reaching $500 million in assets under management, similar to its other altcoin-related exchange-traded funds.
Moreover, Bitwise Avalanche ETF plans to list the shares on NYSE Arca under the ticker symbol “BAVA.” Notably, the issuer has not removed the delaying amendment from the filing despite the latest guidance from the US SEC’s Division of Corporate Finance.
Other Details on Bitwise Avalanche ETF
Bitwise followed VanEck and Grayscale in submitting an Avalanche ETF filing to the U.S. SEC in September. Last month, DTCC listed the Avalanche ETF on its website to mark progress towards approval and listing on the NYSE Arca exchange.
The trust will track AVAX price using the CME CF Avalanche-Dollar Reference Rate index. Also, it intends to offer staking, which is the secondary objective of the Avalanche ETF.
Coinbase Custody Trust Company will act as custodian for Avalanche assets held by the trust. BNY Mellon will serve as cash custodian.
Notably, seed capital investor Bitwise Investment Manager is expected to purchase the initial baskets of shares for $2,500,000 at a per-share price of $25 for 100,000 shares.
This week, Bitwise launched its XRP and Dogecoin ETFs, marking a milestone that sparked massive excitement within the crypto community.
Will AVAX Price Reclaim 50MA After Climbing Over 7%?
AVAX price surged by more than 7% over the past 24 hours, extending the weekly rally to more than 17%. At the time of writing, the price was trading at $14.94. The 24-hour low and high were $13.93 and $14.99, respectively. Furthermore, trading volume has increased by almost 15% in the last 24 hours.
Notably, Avalanche price is still trading significantly below the 50-MA and 200-MA on the daily chart, despite the Bitwise Avalanche ETF launch approaching. The price needs to reclaim above the 50-MA at $18.04 to gain upside momentum.
CoinGlass data showed mixed sentiment in the derivatives market in the last few hours. Total AVAX futures open interest tumbled almost 0.50% to $612 million in the last 24 hours. However, AVAX futures open interest jumped 6% on Binance and OKX crypto exchanges.
