Bitwise Avalanche ETF
Key statistics
from XBRL data in SEC filingsAI briefing
from the latest 10-K, 10-Q and 8-K eventsBitwise Avalanche ETF (BAVA) is a NYSE Arca-listed exchange-traded product that holds Avalanche and seeks staking-derived additional Avalanche, sponsored by Bitwise Investment Advisers, LLC.
What they do
The Trust issues common shares of beneficial interest listed on NYSE Arca under the ticker BAVA. It holds Avalanche in segregated accounts at Coinbase Custody Trust Company, LLC, with net asset value set daily by reference to the CME CF Avalanche Dollar Reference Rate - New York Variant. A designated staking account permits held Avalanche to be staked via Staking Agents selected by the Sponsor, with the Trust receiving a portion of additional Avalanche earned. The Trust states it will not use derivatives.
Revenue drivers
- Avalanche price exposure — The Trust's primary objective is exposure to the value of Avalanche held, less expenses and liabilities; NAV is marked to the Pricing Benchmark daily.
- Staking rewards — The secondary objective is to derive additional Avalanche through staking, with the Trust receiving a portion of additional Avalanche earned in the Trust Staking Account(s).
- Share issuance and trading — Shares are listed on NYSE Arca under BAVA, giving investors access to Avalanche through a traditional brokerage account rather than direct acquisition and holding.
Recent performance
For the period from April 14, 2026 (commencement of operations) through June 30, 2026, the Trust reported a net investment loss of $128,525 and net realized and unrealized loss of $930. Net decrease in net assets resulting from operations was $7,296,613. Net assets were $16,673,620, with total assets of $16.7 million and total liabilities of $6,406 as of 2026-06-30.
Strategy
The Trust pursues a primary objective of exposure to the value of Avalanche held, less Trust expenses and other liabilities, and a secondary objective of deriving additional Avalanche through staking. It establishes NAV by reference to the CME CF Avalanche Dollar Reference Rate - New York Variant, a CF Benchmarks Ltd. reference rate calculated as of 4:00 p.m. ET from aggregated executed trade flow on major Avalanche trading platforms. Coinbase Custody Trust Company, LLC serves as Avalanche Custodian under a custody agreement, maintaining segregated Trust Avalanche Accounts. The Sponsor selects one or more trusted Staking Agents to operate validators to which the Trust's Avalanche is delegated.
Risks
- Avalanche price risk — NAV is tied to the CME CF Avalanche Dollar Reference Rate, and Avax price moves flow directly into net assets, as shown by the $930 realized and unrealized loss for the period from April 14, 2026 through June 30, 2026.
- Digital asset ownership differences — The filing states ownership of Avalanche does not entitle holders to any portion of a company's profits or any stream of income payments, unlike stocks or bonds.
- Custody concentration — Trust Avalanche is held in segregated accounts by Coinbase Custody Trust Company, LLC, which is not insured by the FDIC but carries private insurance.
- Staking agent execution — The Sponsor selects Staking Agents that operate validators for delegated Trust Avalanche; the Trust receives only a portion of additional Avalanche earned.
Outlook
The filing provides no forward guidance beyond the Trust's stated objectives and operations. It notes that forward-looking statements are based on assumptions the Trust believes reasonable and that actual results could differ materially. The Trust and Sponsor undertake no obligation to publicly update or revise forward-looking statements except as required by Federal securities laws.