Crypto asset manager Bitwise has officially filed an S-1 application with the US Securities and Exchange Commission to launch a spot exchange-traded fund (ETF) linked to Avalanche's AVAX token.
The proposed fund would directly hold AVAX tokens, with Coinbase serving as custodian. According to the filing, the ETF would use the CME CF Avalanche–Dollar Reference Rate to establish its net asset value (NAV).
This move represents a significant step toward bringing direct exposure to the Avalanche blockchain to traditional securities markets, allowing investors to access it through a standard brokerage account without needing to directly own the cryptocurrency.
Last week, the Avalanche Foundation announced plans to raise $1 billion to create two US-based treasury companies. These entities will purchase AVAX tokens from the foundation at a discount. Like ETFs, these digital asset treasuries offer investors a traditional brokerage route to access cryptocurrency markets.