Bitwise updates its Spot Avalanche ETF application documents, planning to add staking functionality.

[Bitwise updates its Spot Avalanche ETF application documents, plans to add staking functionality] Bitwise has updated its Spot Avalanche ETF application documents to the U.S. Securities and Exchange Commission (SEC), with this revision changing the Avalanche ETF code to BAVA and setting the sponsorship fee rate at 0.34%, currently the lowest among similar products. In comparison, VanEck's Avalanche ETF rate is 0.4%, while Grayscale's is 0.5%. The updated S-1 application document also states that the trust will be allowed to stake up to 70% of its held AVAX on Avalanche's proof-of-stake network to earn additional tokens. However, the issuer is considering deducting 12% of the generated profits as fees, with the remainder allocated to shareholders. Since competitors have not yet launched staking services, their fees are currently limited to sponsorship fees. Bitwise also offers a full fee waiver for the first month on the first $500 million in assets, aiming to position BAVA as the lowest-cost way for traditional investors to gain exposure to Avalanche and earn staking income.