Bitwise submitted the Avalanche ETF S-1 filing, AVAX price rose over 7% in 24 hours.

The crypto asset management company Bitwise has submitted an updated S-1 filing to the SEC in preparation for the launch of its Avalanche ETF. The filing reveals details such as management fees, stock codes, and fee waiver policies. Driven by this news and the overall rise in the crypto market, the AVAX price has increased by more than 7% over the past 24 hours, with a weekly rise of over 17%, reported at $14.94, and the 24-hour volume has also risen nearly 15%.

According to the latest documents, Bitwise plans to list on the NYSE Arca with the stock code “BAVA.” The fund management fee is 0.34%, and it offers a one-month full management fee waiver or a waiver of management fees until the assets under management reach $500 million. This is similar to its other altcoin ETFs. If approved, the fund will provide investors with AVAX investment opportunities and additional rewards through AVAX staking.

The Bitwise Avalanche ETF will track the AVAX price using the CF Avalanche-US Dollar Reference Rate Index from the Chicago Mercantile Exchange (CME), and plans to offer staking services, with BNY Mellon serving as the cash custodian. Seed capital investor Bitwise Investment Manager expects to purchase 100,000 shares at $25 per share, totaling $2.5 million.

Previously, Bitwise launched XRP and Dogecoin ETFs, attracting attention from the crypto community. Although the Avalanche ETF is set to launch soon, the daily chart price of AVAX remains below the 50-day and 200-day moving averages, needing to reclaim the 50-day moving average at $18.04 to gain upward momentum. CoinGlass data shows that the total open interest in AVAX futures has decreased by 0.5% in the past 24 hours, but open interest has increased by 6% on two major exchanges, indicating mixed sentiment in the derivatives market.

The submission of the S-1 document marks an important progress for Bitwise in promoting the development of cryptocurrency ETFs, while also providing investors with a new investment channel for AVAX. (CoinGape)