Bitwise Avalanche ETF (BAVA) is a digital asset investment trust that holds Avalanche (AVAX) cryptocurrency on behalf of shareholders. The Trust generates revenue through a Sponsor Fee of 0.34% per annum of the Trust's Avalanche holdings, paid to the Sponsor, Bitwise Investment Advisers, LLC. An additional staking fee structure allocates 12% of Avalanche generated through staking activities among the Staking Agent and the Sponsor. The Trust was seeded on October 22, 2025, with eight Shares held by the Seed Capital Investor, Bitwise Asset Management, Inc. As of March 31, 2026, the Trust held net assets of $200 (unaudited), reflecting its early-stage status. Authorized Participants transact in Baskets to create and redeem Shares. The Trust operates under a Delaware trust structure, with Coinbase Credit, Inc. serving as Trade Credit Lender and Attestant, Ltd. anticipated as Staking Agent as of March 26, 2026. The filing is a 10-Q for the period ended March 31, 2026, filed May 8, 2026.

Revenue model

The Trust charges a unitary Sponsor Fee of 0.34% per annum of Avalanche holdings. Staking income is generated from validator activities, with 12% of additional Avalanche produced by staking shared between the Staking Agent and the Sponsor.

Products and services

Bitwise Avalanche ETF: an exchange-traded trust holding Avalanche (AVAX) cryptocurrency. Shares represent undivided beneficial ownership of the Trust's Avalanche holdings. Staking of Trust-held Avalanche is conducted via validators operated by the Staking Agent.

Customers and end markets

Shareholders holding Shares of the Trust. Authorized Participants who create and redeem Baskets. End market is investors seeking regulated exposure to Avalanche (AVAX) cryptocurrency.

Value-chain role

Product issuer and passive holder of Avalanche cryptocurrency. The Sponsor (Bitwise Investment Advisers, LLC) controls investment and operational decisions. Service providers include a Staking Agent (Attestant, Ltd.), Trade Credit Lender (Coinbase Credit, Inc.), fund administrator, transfer agent, and custody providers.

Geographic exposure

U.S.-registered trust, regulated by the SEC. No geographic revenue breakdown disclosed in the filing.

Source: SEC 10-Q, filed 2026-05-08

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