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Avalanche ETF Race Heats Up as Bitwise Becomes First to Add Staking
Bitwise moves its Avalanche ETF closer to market with updated SEC filing and becomes first issuer to include staking.
Nov 27, 2025, 5:49 p.m.
What to know:
- Bitwise has updated its spot Avalanche ETF filing with the SEC, moving it closer to market and potentially becoming the first U.S. ETF to enable yield generation.
- The ETF, now with the ticker BAVA, offers one of the lowest sponsor fees at 0.34% and plans to stake up to 70% of its AVAX holdings.
- BAVA aims to be the lowest-cost option for traditional investors seeking Avalanche exposure and staking income, with a full fee waiver for the first month on the initial $500 million of assets.
Bitwise updated its spot Avalanche ETF filing with the SEC, moving it one step closer to market and to becoming the first U.S. exchange-traded fund to enable yield generation.
The significant amendment changes the AVAX ETF ticker to BAVA and locks in one of the cheapest sponsor fees (0.34%) in the Avalanche ETF space. In comparison, VanEck's Avalanche ETF fee sits at 0.40% and Grayscale's at 0.50%.
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The world’s largest crypto index fund manager's updated S-1 filing also says that it will allow the trust to stake up to 70% its AVAX holdings to earn extra tokens on Avalanche’s proof-of-stake network.
While the Bitwise ETF's sponsor fee is the cheapest among peers, the issuer contemplates taking a 12% cut of the yield generation as expenses, while allowing the rest to flow to its shareholders. As competitors don't have staking yet, their fees are currently limited to just the sponsor fees.
Bitwise is also offering a full fee waiver for the first month on the initial $500 million of assets, aiming to position BAVA as the lowest-cost way for traditional investors to gain Avalanche exposure and staking income.
This is among the first live U.S. ETF proposals to fully embrace staking after the IRS issued new guidance effectively clearing the path for yield-generating crypto ETFs without triggering tax issues.
The filing also introduces a liquidity reserve, tighter custody rules with Coinbase, and updated risk disclosures covering everything from quantum-computing threats to recent exchange hacks.
If approved, BAVA would trade on NYSE Arca, while VanEck’s and Grayscale’s Avalanche ETFs would list on the NASDAQ. They are all eyeing approval in Q1 2026.
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