- Bitwise files updated spot Avalanche ETF with 0.34% management fee and fee waiver.
- AVAX price increases 6.7% in 24 hours, surpassing a key resistance level.
- New Bitwise ETF aims to offer exposure to AVAX with staking rewards for investors.
Avalanche (AVAX) saw a 6.7% price increase in the past 24 hours, reaching $14.94, according to CoinMarketCap. This recovery comes as Bitwise Asset Management updates its filing with the U.S.
Securities and Exchange Commission (SEC) for a spot Avalanche Exchange-Traded Fund (ETF). The filing contains important updates, such as the ETF’s ticker symbol “BAVA,” its 0.34% management fee, and a fee waiver for the first month or until the fund reaches $500 million in assets under management (AuM).
Bitwise’s Updated ETF Filing with SEC
Bitwise’s amended filing provides detailed information about its proposed Avalanche ETF. The filing reveals that the ETF will list under the ticker “BAVA” on the New York Stock Exchange Arca.
It will carry a 0.34% management fee, which will be waived for the first month or until the fund’s AuM exceeds $500 million. This adjustment follows the SEC’s guidance and highlights the fund’s intention to provide investors with exposure to AVAX, as well as potential staking rewards.
While Bitwise has yet to remove the delay amendment from its filing, the proposal continues to progress. If approved, this ETF could offer more mainstream access to Avalanche’s ecosystem, allowing both retail and institutional investors to gain exposure to the cryptocurrency and its staking features.
AVAX Price Surge and Market Impact
The recent 6.7% increase in AVAX’s price suggests that investor interest in the token is growing once again. Despite a 26% drop over the last 30 days, the recent price movement indicates a recovery phase for the cryptocurrency.
The AVAX price broke through key resistance levels, with analysts forecasting further upward momentum if this trend continues. Analyst CW8900 highlighted that AVAX’s price breakout, surpassing key resistance levels, indicates strong upward momentum.
The price surge signals that AVAX could continue testing higher levels, with the next target around $15.50. This positive outlook aligns with the broader recovery in the cryptocurrency market, which has likely helped support the price movement.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.
