Asset management firm Bitwise has filed an S-1 registration statement with the US Securities and Exchange Commission (SEC) to launch an exchange-traded fund (ETF) tracking AVAX, the native token of the Avalanche blockchain.
The proposed ETF aims to provide direct exposure to AVAX by holding the cryptocurrency itself, avoiding derivatives and simplifying investor access.
Bitwise Seeks SEC Nod For Its AVAX ETF
Sponsored
According to the filing, the ETF’s net asset value (NAV) will be determined by referencing the CME CF Avalanche–Dollar Reference Rate – New York Variant. Coinbase Custody Trust Company, LLC will serve as the custodian.
Nonetheless, the specific exchange where the shares will be listed and the ticker symbol have not yet been disclosed.
“The Sponsor believes that the design of the Trust will enable certain investors to more effectively and efficiently implement strategic and tactical asset allocation strategies that use Avalanche by investing in the Shares rather than purchasing, holding, and trading Avalanche directly,” the S-1 reads.
This filing constitutes an important development in the advancement of institutional adoption of AVAX. It follows comparable applications submitted by VanEck in March and by Grayscale in August, each seeking approval for their Avalanche ETFs.
What Risks Is AVAX Facing After a 30% Rally in September?
Sponsored
Meanwhile, Bitwise’s move comes as AVAX is undergoing a bullish rally along with the broader market. BeInCrypto Markets data showed that the altcoin’s value has appreciated nearly 30% this month.
Recently, BeInCrypto also reported that AVAX crossed the $30 mark for the first time since February 2025. At the time of writing, the coin traded at $30.09, up 1.7% over the past day.
Besides the price, the network is also seeing strong user adoption. According to Token Terminal data, daily active addresses have risen steadily over the past month.
Despite the growth, the risk of a correction remains. An analyst noted that AVAX’s Futures Volume Bubble Map indicates signs of ‘heating up.’ There has been a rapid increase in leveraged positions, marked by red signals on the chart. This kind of overheating has historically preceded short-term corrections.
Sponsored
“That’s because even a small pullback can trigger liquidations and accelerate downside pressure,” Burakkesmeci wrote.
Nonetheless, the analyst added that this does not necessarily point to an imminent crash, as AVAX’s broader upward trend remains intact. Still, the data serves as a warning sign that short-term volatility could emerge.
Furthermore, future predictions remain quite bullish. In an X post, an analyst highlighted that AVAX has broken out of a several-month-long range and an ascending triangle.
Sponsored
An ascending triangle pattern is a bullish chart formation, with a breakout above resistance, especially on strong volume, signaling further upward momentum. According to the analyst, AVAX could rise as high as $54 next, a level last seen in December 2024.
Other market watchers corroborate this view.
“AVAX Easily one of the top coins to be buying right now. Ready to run shortly we should see a $50 Avalanche,” another analyst posted.
Thus, while short-term risks from leveraged futures trading remain, the broader outlook for AVAX appears constructive, supported by bullish technical signals and expanding ecosystem activity. If momentum continues, institutional products like the proposed ETFs may accelerate AVAX’s path toward mainstream recognition.
Source: https://beincrypto.com/bitwise-avax-etf-filing-september-rally/