Overview

• Bitwise submitted a Sept. 15 S-1 to the SEC for a trust that holds AVAX directly rather than using derivatives.
• Coinbase Custody Trust Company is named as custodian, storing tokens in segregated cold storage under New York banking oversight.
• The ETF plans 10,000‑share creation and redemption baskets that can settle in cash or AVAX.
• The trust’s valuation would track the CME CF Avalanche–Dollar Reference Rate calculated by CF Benchmarks.
• The application joins VanEck’s March filing and Grayscale’s proposed conversion of its Avalanche Trust for a Nasdaq listing, with SEC review timelines extended.