Bitwise Brings Staking to the Table with New Avalanche ETF

Bitwise Asset Management has launched an exchange-traded fund (ETF) tied to Avalanche's AVAX token. The new fund trades on U.S. markets under the ticker symbol BAVA and is managed by Bitwise, which currently oversees $11 billion in assets across its crypto investment products.

The fund will stake the AVAX held inside it through Bitwise Onchain Solutions, capturing an average staking reward of around 5.4%, while keeping the fund liquid.

Bitwise CIO Matt Hougan described Avalanche as an emerging platform for business and government applications, citing its design that allows developers to build custom, interoperable blockchains without giving up security.

The new ETF adds Bitwise to a group of companies offering AVAX exposure, including Grayscale and VanEck. The fund's launch saw $400,000 in trading volume within its first 90 minutes of listing, according to Bloomberg ETF analyst James Seyffart.