Bitwise updates its spot Avalanche ETF application, plans to add staking feature

Jinse Finance reported that Bitwise has updated its spot Avalanche ETF application with the U.S. Securities and Exchange Commission (SEC). This amendment changes the Avalanche ETF ticker to BAVA and sets the sponsor fee rate at 0.34%, currently the lowest among similar products. In comparison, one exchange’s Avalanche ETF fee rate is 0.4%, while Grayscale’s is 0.5%. The updated S-1 filing also states that the trust will be allowed to stake up to 70% of its AVAX holdings on Avalanche’s proof-of-stake network to earn additional tokens. However, the issuer is considering deducting 12% of the staking yield as fees, with the remainder distributed to shareholders. Since competitors have not yet launched staking services, their fees are currently limited to sponsor fees only. Bitwise is also offering a full fee waiver for the first 500 millions USD in assets during the first month, aiming to position BAVA as the lowest-cost way for traditional investors to gain exposure to Avalanche and staking income.