Bitwise Launches BAVA AVAX ETF with Staking

Bitwise Asset Management launched the BAVA exchange-traded fund on April 15, 2026, listing it on NYSE Arca to provide investors with direct exposure to Avalanche's native token, AVAX, along with integrated staking rewards. The spot product, which opened with $2.5 million in net assets and a net asset value of $25 per share, aims to combine price tracking with yield generation from the Avalanche network.

The BAVA ETF holds physical AVAX tokens custodied by Coinbase Custody Trust Company, with valuations based on the CME CF Avalanche-Dollar Reference Rate, New York Variant. Bitwise intends to stake a portion of these holdings through its in-house division, Bitwise Onchain Solutions, targeting an average gross staking yield of 5.4 percent. At launch, the fund reported a net staking reward rate of 3.33 percent after operational costs, with an initial staked percentage of 100 percent, though it plans to maintain around 70 percent in staking and 30 percent in liquid reserves to ensure share liquidity. The sponsor fee is set at 0.34 percent annually, but Bitwise has waived it entirely for the first month on the initial $500 million in assets to encourage early adoption.