Bitwise registers Avalanche ETF in Delaware

Bitwise Asset Management has registered an Avalanche exchange-traded fund in Delaware as the fund manager seeks to expand its lineup of single-crypto investment products beyond Bitcoin and Ethereum.

The trust entity, called “Bitwise Avalanche ETF,” was registered on September 5. The move signals that Bitwise will soon submit a registration statement to the SEC in a bid to launch the product that tracks Avalanche’s native token AVAX.

Bitwise is not the first to target an AVAX ETF. Earlier this year, Grayscale and VanEck filed with the SEC to launch products tracking AVAX’s price.

Launched in 2020, Avalanche is a blockchain platform from Ava Labs built to overcome the blockchain trilemma. Its consensus system delivers fast settlement in under two seconds, high transaction capacity, and efficient energy usage.

AVAX now ranks as the 23rd largest crypto asset by market capitalization. Bitwise’s registration comes amid a crypto sell-off, with AVAX falling to $24. The token has still gained roughly 13% over the past year, according to CoinGecko data.