Overview

• Bitwise submitted a Form S-1 on Sept. 15 to register a trust that would hold 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 trust plans creations and redemptions in 10,000-share baskets that can settle in cash or in AVAX.
• Net asset value would track the CME CF Avalanche–Dollar Reference Rate published by CF Benchmarks.
• Bitwise joins VanEck and Grayscale in pursuing a spot AVAX ETF, with all proposals pending SEC approval as XRP and Dogecoin ETFs prepared by other issuers move toward U.S. listings under a different structure.