Bitwise Avalanche ETF registered in Delaware

Bitwise Avalanche ETF registered in Delaware

Bitwise, a prominent cryptocurrency ETF provider, has taken a significant step in expanding its crypto ETF ambitions by registering an Avalanche ETF in Delaware. This move follows the company's recent filing for a spot NEAR ETF, indicating a growing institutional interest in altcoins beyond Bitcoin and Ethereum [1].

The new ETF, which is yet to be officially announced, will track the price of Avalanche's AVAX token. Bitwise has already registered a NEAR trust in Delaware, a common precursor to ETF filings. Once the 19b-4 is submitted, the SEC review process will officially begin. This filing is part of Bitwise's broader strategy to bring more altcoins into the mainstream if regulators approve the applications [1].

Bitwise has a history of successfully launching spot ETFs for Bitcoin and Ethereum, which have collectively attracted more than $2.3 billion in net inflows. The company's latest filings suggest a shift in the institutional landscape, signaling a new phase in Bitcoin's maturity and broader acceptance of cryptocurrencies [1].

Avalanche, with its AVAX token, is known for its high-speed transactions and scalability, making it a promising contender in the ETF market. The token has a market cap of around $10 billion, positioning it as a mid-cap asset with strong technical backing. This filing may help bring Avalanche further into the U.S. market, if regulators approve the application.

Bitwise's strategic move to register an Avalanche ETF in Delaware is a significant development in the cryptocurrency ETF landscape. As more altcoins gain visibility in U.S. markets, the approval of these ETFs could provide investors with more options to diversify their portfolios.

References:
[1] https://cryptodnes.bg/en/bitwise-targets-near-with-new-spot-etf-proposal-amid-altcoin-etf-push/