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Bitwise files Spot AVAX ETF with the SEC
The post Bitwise files Spot AVAX ETF with the SEC appeared on BitcoinEthereumNews.com. Bitwise, a leading global crypto-asset manager, has submitted an S-1 form to the US Securities and Exchange Commission (SEC), pointing out its intentions to create an exchange-traded fund (ETF) to track the native token from the Avalanche Layer 1 blockchain. The S-1 form indicates the initial registration statement required by the regulatory body for new securities offerings. The filing marks Bitwise’s latest effort to expand its crypto ETF offerings beyond existing products. Coinbase will be the acting custodian of these products if the commission approves this proposal. Bitwise submits a proposal for its Avalanche ETF to the SEC In Bitwise’s S-1 filing dated September 15, the crypto-asset manager mentioned that the Trust allows investors to access the Avalanche market via a regular brokerage account. According to the firm, this enables them to avoid problems and risks associated with purchasing and holding Avalanche directly. Apart from that, the company argued that they believed the Trust’s design could assist certain investors in effectively implementing their strategic and tactical asset allocation strategies with Avalanche. Bitwise highlighted that this can be achieved by investing in Shares instead of purchasing, holding, and trading Avalanche. The SEC filing disclosed that the fund will determine its net asset value (NAV) depending on the CME CF Avalanche–Dollar Reference Rate, adding that it will retain AVAX tokens directly and will not apply any derivatives. In the meantime, it is worth noting that to obtain the NAV of an ETF, one needs to calculate the total value of its assets minus any liabilities, then divide it by the number of available shares, which will indicate the value per share of the fund. Bitwise’s proposal triggers other crypto asset managers to apply for a spot AVAX ETF Bitwise was initially founded in 2017. Since then, it has positioned itself as a…
The post Bitwise files Spot AVAX ETF with the SEC appeared on BitcoinEthereumNews.com.
Bitwise, a leading global crypto-asset manager, has submitted an S-1 form to the US Securities and Exchange Commission (SEC), pointing out its intentions to create an exchange-traded fund (ETF) to track the native token from the Avalanche Layer 1 blockchain. The S-1 form indicates the initial registration statement required by the regulatory body for new securities offerings. The filing marks Bitwise’s latest effort to expand its crypto ETF offerings beyond existing products. Coinbase will be the acting custodian of these products if the commission approves this proposal. Bitwise submits a proposal for its Avalanche ETF to the SEC In Bitwise’s S-1 filing dated September 15, the crypto-asset manager mentioned that the Trust allows investors to access the Avalanche market via a regular brokerage account. According to the firm, this enables them to avoid problems and risks associated with purchasing and holding Avalanche directly. Apart from that, the company argued that they believed the Trust’s design could assist certain investors in effectively implementing their strategic and tactical asset allocation strategies with Avalanche. Bitwise highlighted that this can be achieved by investing in Shares instead of purchasing, holding, and trading Avalanche. The SEC filing disclosed that the fund will determine its net asset value (NAV) depending on the CME CF Avalanche–Dollar Reference Rate, adding that it will retain AVAX tokens directly and will not apply any derivatives. In the meantime, it is worth noting that to obtain the NAV of an ETF, one needs to calculate the total value of its assets minus any liabilities, then divide it by the number of available shares, which will indicate the value per share of the fund. Bitwise’s proposal triggers other crypto asset managers to apply for a spot AVAX ETF Bitwise was initially founded in 2017. Since then, it has positioned itself as a…
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