Bitwise、Avalanche推出现货ETP……瞄准质押收益

Bitwise Asset Management Launches Avalanche (AVAX) Spot Exchange-Traded Product (ETP), Offering Investors Exposure to AVAX Price Movements and “Staking” Yield Opportunities.

The product stakes approximately 70% of its holdings through its own infrastructure, while the remaining 30% is kept for redemption and operational funds to ensure liquidity.

According to CoinTelegraph on the 13th, the product has begun trading on the New York Stock Exchange (NYSE) under the ticker “BAVA,” with a closing price of $25.50 per share on its first trading day, up about 1.5% from the previous day. During the same period, Avalanche (AVAX) increased by 1.8%, reaching $9.52.

Bitwise set the management fee for this product at 0.34%. However, during the first month, management fees are waived for the initial $5 billion in assets. Additionally, the product is designed to periodically distribute net investment returns, including staking rewards, to investors.

Its core is not simply exposure to spot prices but involves earning additional rewards by using held assets for network validation. Bitwise operates this through its proprietary staking division, “Bitwise Onchain Solutions,” and the annualized staking yield for Avalanche is reportedly around 5.4%.

Avalanche is a Layer 1 blockchain focused on fast processing speeds and low latency. Its applications in tokenization and enterprise validation projects are expanding, with ongoing trials related to FIFA projects, Wyoming’s stablecoin initiatives, and collaborations with large corporations like Toyota and BlackRock.

The launch of the Avalanche product can be seen as an extension of the recent trend of expanding asset management products related to cryptocurrencies. Previously, Nasdaq submitted a listing application for the VanEck Avalanche Trust to the U.S. Securities and Exchange Commission (SEC) last week. Institutional demand for Avalanche is being actively confirmed.

Growing Bitcoin Holdings Trend

Meanwhile, holdings of spot virtual assets ETFs and listed companies are rapidly absorbing Bitcoin (BTC) circulating supply, drawing market attention. According to BitBO.io data, Bitcoin ETFs hold over 1.29 million BTC, slightly more than 6% of the total circulating supply. When combined with the 1.17 million BTC held by listed companies, ETF and corporate holdings account for about 12%.

The competition for Bitcoin holdings is also spreading to asset management firms and banks. BlackRock’s iShares Bitcoin Trust holds the most Bitcoin, approximately 791k BTC, maintaining its lead, followed by Grayscale Bitcoin Trust. Among listed companies, MicroStrategy led by Michael Saylor holds about 780.9k BTC, maintaining its position as a flagship Bitcoin corporate finance company.

Government holdings are also significant. Statistics show that governments of various countries, including the U.S., China, and the U.K., hold a total of 649.87k BTC. However, Bitcoin’s price has fallen from the October high of around $126k to about $75.1k now.

The emergence of Avalanche spot ETPs indicates that institutional products based on altcoins are evolving beyond simple price tracking toward “income-generating” structures. Meanwhile, the trend of Bitcoin (BTC) spot ETFs and corporate absorption of supply also suggests that the crypto market is gradually integrating into traditional financial asset allocation logic.

Article summary by TokenPost.ai 🔎 Market Insights Bitwise’s launch of the AVAX spot ETP indicates that altcoin investment products are evolving beyond simple price tracking toward “income-generating” structures. Institutional funds are not only flowing into Bitcoin but also expanding into Layer 1 ecosystems.

💡 Strategic Highlights The structure with additional staking yields (around 5.4%) is attractive to long-term investors. However, short-term capital inflows are also expected, leveraging the 30% liquidity structure and initial fee waivers. Whether institutional demand can expand is a key variable for AVAX’s medium- to long-term price.

📘 Terminology Explanation ETP: An investment product traded on exchanges like stocks Staking: Participating in blockchain network validation to earn rewards Layer 1: An independent blockchain network with its own main chain

💡 FAQ (FAQ)

Q. How does the AVAX spot ETP differ from existing ETFs? It is structurally similar, but the key feature is that it goes beyond simple asset holding by generating additional income through staking. Investors can target both price appreciation and network rewards.
Q. Are staking yields stable? Staking yields fluctuate based on network conditions and participation rates. Currently around 5%, but not fixed; they may change with market environment or validation participation.
Q. Why are institutions expanding into altcoins like AVAX? This is due to growing demand to go beyond Bitcoin and diversify blockchain ecosystem investments. Especially networks with increasing tokenization and enterprise collaborations are seen as new growth assets by institutions.

TP AI Notes Using language models based on TokenPost.ai, the article has been summarized. The main content of the original text may be omitted or may not fully align with facts.