Bitwise is prepared to roll out its spot Avalanche ETF as it amends its filing with the US SEC.
Bitwise Asset Management is preparing to launch its spot Avalanche Exchange Traded Fund (ETF). In line with this, it has filed an updated S-1 with the US Securities and Exchange Commission (SEC), detailing the management fee, ticker, and fee waiver. Following the news of the updated filing, the price of AVAX AVAX $14.93 24h volatility: 7.0% Market cap: $6.41 B Vol. 24h: $502.16 M , the native token of the Avalanche protocol, has spiked by almost 7%.
AVAX Price Recovers by 6.7%
Bitwise has updated its spot Avalanche ETF filing with the US SEC to include details like management fee, ticker, and fee waiver.
According to the amendment, the issuer’s AVAX ETF is to be listed under the ticker symbol “BAVA” and will have a 0.34% management fee.
However, it has waived the entire fee for one month or until it reaches $500 million in Asset Under Management (AuM), whichever happens first.
This fund, if approved, is designed to provide investors with exposure to AVAX and additional rewards due to the presence of a staking feature. Its shares will be listed on the New York Stock Exchange (NYSE) Arca.
Meanwhile, Bitwise has made no attempt to remove the delaying amendment from the filing, even after the US SEC’s Division of Corporate Finance provided guidance.
AVAX price has jumped by exactly 6.7% over the last 24 hours, to trade at $14.94, according to CoinMarketCap data.
Though the coin is still significantly down by 26% over the past 30 days, the price surge suggests renewed investors’ interest. The altcoin is now moving in tandem as the broader crypto market has been recovering from the difficult days it faced recently.
More Avalanche ETFs May Enter the Market
VanEck and Grayscale filed their Avalanche ETF applications with the US SEC before Bitwise did in September. On March 10, VanEck registered the “VanEck Avalanche ETF” in Delaware, a move that preceded the future filing for a spot AVAX ETF.
Back in August, when Grayscale made its filing for the fund, it indicated that the shares of the AVAX ETF would be listed on the Nasdaq Stock Market LLC (NASDAQ), when approved. Therefore, the stock exchange followed the filing with an application to the SEC, under Rule 19b-4 of the Securities Exchange Act of 1934, seeking approval to list the shares.
Coinbase will act as the prime broker and custodian for the same.
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