Bitwise Avalanche ETF
Bitwise Avalanche ETF is a U.S.-listed exchange-traded trust that issues shares backed by Avalanche, a decentralized digital asset. The trust is designed to give investors exposure to Avalanche through a traditional brokerage account, with shares listed on NYSE Arca under the ticker BAVA.
Business
Share of revenueListed trust shares that provide investment exposure to Avalanche's market value.
Customers
The trust is bought by investors who want Avalanche exposure without directly holding the token in a self-custody wallet. Its shares are intended for brokerage-account investors, including tactical allocators and institutions that prefer exchange-traded access and standardized valuation.
Buy listed shares to gain Avalanche exposure through a familiar brokerage account.
Use the trust as a listed vehicle for portfolio exposure to Avalanche.
Use the product for short- or medium-term allocation to Avalanche price movements.
Strategy
The trust's core strategy is to track Avalanche's value as closely as possible through a regulated exchange-traded structure. A secondary objective is to derive additional Avalanche through staking, while maintaining a simple product design that avoids derivatives and direct custody complexity for investors.
The product's value proposition depends on tracking the underlying token closely.
Staking can increase Avalanche holdings and enhance the product's economics.
A plain-vanilla structure can appeal to investors who want crypto exposure without direct custody.
Geography
The trust is organized in the United States and its shares are listed on NYSE Arca. Its economic exposure is global because Avalanche trades on digital asset markets worldwide, while custody, administration, and sponsor functions are U.S.-based.
Risks
The trust is exposed to Avalanche price volatility, which directly affects the value of its holdings and shares. It also depends on benchmark pricing, custody, and staking-related operational processes, all of which can create valuation, security, and execution risk in a digital-asset product.
The trust holds Avalanche directly, so share value moves with the token price.
Exposure: NAV and share price
NAV depends on the CME CF Avalanche–Dollar Reference Rate and principal-market pricing.
Exposure: Daily fair value measurement
Avalanche is held with a third-party custodian in segregated accounts.
Exposure: Asset safekeeping
The trust seeks additional Avalanche through staking, which depends on network and validator processes.
Exposure: Additional token generation
Accounting
Judgemental itemsThe trust values its holdings at quoted market prices under ASC 820, so price changes directly affect reported asset values.
Impact: Primary driver of NAV and period-to-period volatility
The trust follows ASC 946 for investment companies, which shapes how holdings are measured and presented.
Impact: Affects balance sheet and income statement presentation
Fees are calculated at 0.34% of Avalanche holdings, so accruals vary with token value and holdings.
Impact: Impacts expense recognition and net asset value
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Last updated: 11/08/2026