Fresh from its success with Bitcoin and Ethereum ETFs, Bitwise is expanding its suite of crypto products by filing for a spot exchange-traded fund for Avalanche’s AVAX.
This filing signals a growing trend of asset managers targeting crypto assets beyond the “big two” for the next wave of ETFs.
The fund would be a physically-backed spot ETF, meaning it would hold actual AVAX tokens custodied at Coinbase, and would track an established benchmark rate from CME. Approval from the SEC would mark Avalanche’s entry into the mainstream regulated financial products arena.
