Bitwise Submits SEC Filing for Avalanche ETF, Awaits Ticker Approval

Bitwise Asset Management has filed a Form S-1 with the U.S. Securities and Exchange Commission (SEC) for a spot Avalanche ETF. The fund would hold AVAX directly and track the CME CF Avalanche Dollar Reference Rate (New York variant), though the filing left out the listing exchange and ticker, which will be finalized later.

The prospectus identifies Coinbase Custody as the fund’s custodian, with Coinbase Inc. serving as the prime execution agent for creations, redemptions, and expense sales. Net asset value will be calculated once daily at 4:00 p.m. ET, using a benchmark provided by CF Benchmarks.

Just in: Bitwise files Form S-1 for $AVAX ETF pic.twitter.com/DtvveAJqRH

— The Wolf Of All Streets (@scottmelker) September 15, 2025

Delaware trust structure, CF pricing, and rival filings frame Bitwise’s AVAX ETF bid

Bitwise organized its proposed Avalanche ETF as a Delaware statutory trust, with creations and redemptions set in 10,000-share blocks through authorized participants. The trust plans to value holdings against CF Benchmarks’ New York variant of the AVAX reference rate and allow either in-kind or cash transactions. 

The preliminary filing leaves fees and seed amounts in brackets, while CEO Hunter Horsley signed the document on September 15, 2025. CF Benchmarks states that its Avalanche reference rate aggregates trades from multiple venues using an audited, UK-regulated methodology. The benchmark has been published since February 2022 and is recognized under the UK Benchmarks Regulation.

Bitwise enters a competitive field. VanEck filed for an Avalanche Trust in March with a Nasdaq listing proposal, while Grayscale has applied to convert its Avalanche Trust into a spot ETF. Both moves aim to package AVAX into regulated investment vehicles, signaling growing institutional demand.

Regulatory timing is unclear. The SEC has demonstrated its ability to approve products quickly but also to suspend decisions for review, as it did in July when it paused Bitwise’s 10 Crypto Index ETF just days after granting approval. Analysts say the pattern highlights shifting ground for crypto exchange-traded products.

At the same time, the Avalanche Foundation is pursuing about $1 billion through two U.S. treasury-focused vehicles. According to the Financial Times, one deal involves up to $500 million led by Hivemind, while another is tied to a Dragonfly-backed SPAC. Both structures are designed to acquire AVAX directly from the foundation, representing tens of millions of tokens at current prices. 

AVAX Holds $50 as ETF Speculation Heats Up

AVAX jumped about 7% after Bitwise filed an S-1 for a spot AVAX ETF with the SEC, breaking above the $30 resistance level. Volume surged past $1.2 billion in the same period. Over the prior 24 hours, AVAX gained from roughly $28.50 to its current price near $30, riding optimism over institutional interest and clear pricing benchmarks. 

Source: Coinmarketcap

Analysts are now eyeing ambitious targets, many see AVAX pushing toward $50+ if it holds above $30. Others warn that leveraged futures and short-term correction risks could drag the price down if support fails. Overall sentiment appears bullish, especially given Bitwise’s filing and the broader ETF race.

$AVAX path back to ATHs looks pretty clear from here.

Anywhere under $50 is free. pic.twitter.com/ppxaajNBde

— K A L E O (@CryptoKaleo) September 15, 2025

Market structure is being reinforced by ETF-driven sentiment, which has historically boosted flows around major catalysts. Still, the timing of any U.S. approval remains uncertain. Past Bitcoin and Ethereum spot launches sparked 50% to 100% rallies in the weeks following confirmation, though market reactions have varied with headline momentum.