Summary
- Bitwise said it is seeking to launch the United States' first Avalanche (AVAX) staking ETF.
- It said the ETF is designed to allow staking of up to 70% of held AVAX.
- It reported that the additional reward structure through staking is seen as an element that could expand institutional investors' participation.
Bitwise is seeking to launch an Avalanche (AVAX) exchange-traded fund (ETF) that includes a staking function, pursuing the introduction of the United States' first AVAX staking ETF.
On the 27th (local time), according to CoinDesk, a virtual asset (cryptocurrency) specialized media outlet, Bitwise updated the Avalanche ETF S-1 (registration statement) it filed with the U.S. Securities and Exchange Commission (SEC). The new filing is notable for being designed to allow staking of up to 70% of the ETF's held AVAX.
The ETF ticker is 'BAVA', and if approved it would become the first Avalanche staking ETF in the U.S. market. The additional reward structure through staking is seen as a factor that could broaden institutional investors' participation.
Bitwise is expanding into AVAX after its Ethereum (ETH) staking ETF application and appears to be fully entering competition in the multi-chain-based staking ETF market.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
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