Overview
- Bitwise announced BAVA, a New York Stock Exchange–listed spot Avalanche product that will hold AVAX directly and pass through staking income to shareholders.
- BAVA targets an average staking yield of about 5.4%, with rewards generated by locking tokens to help validate the Avalanche network and then paid out to investors.
- Staking will run through Bitwise Onchain Solutions, with a design reported to keep roughly 70% of assets staked and 30% liquid to support normal daily trading.
- Bitwise set a 0.34% annual management fee after a promotion that waives all fees on the first $500 million of assets during the opening month, lowering costs for early buyers.
- The prospectus highlights significant risks from price swings, liquidity, regulation, and staking operations, as Bitwise extends its carry-plus-beta approach from bitcoin and ether to AVAX alongside rivals like VanEck and Grayscale and its own AVAX ETP in Europe.