Asset manager Bitwise has listed a spot Avalanche (AVAX) exchange-traded fund (ETF), the Bitwise Avalanche ETF, on the New York Stock Exchange (NYSE).

CoinPost, a blockchain media outlet, reported on Wednesday that the product’s ticker is BAVA and that it is structured to provide staking rewards using the AVAX held by the fund.

The product is designed to let institutional investors gain investment exposure directly linked to the price of Avalanche while also participating in staking income. Bitwise is a crypto asset manager with $11 billion in assets under management. It plans to stake the fund’s AVAX holdings through Bitwise Onchain Solutions, the group’s staking organisation.

Bitwise put the average Avalanche staking reward at 5.4 percent a year. On the management side, it is a strategy aimed at maximising participation in rewards while maintaining liquidity. Combining a staking element with a spot ETF is cited as a point of difference from simple price-tracking products.

Matt Hougan (맷 호건), Bitwise chief investment officer, said Avalanche is emerging as a major platform for enterprises, governments and real-world use cases. He said Avalanche has a unique structure that allows users to maintain flexibility and control while leveraging the security and scalability of a large network. He added that through BAVA, investors can gain exposure to assets that are leading the next wave of blockchain adoption in global finance and the corporate sector.

Avalanche was introduced as a high-performance blockchain platform that allows enterprises and developers to build interoperable, custom blockchains. It has a market capitalisation of $4.1 billion. Use cases cited include the world soccer governing body’s official blockchain, ticket sales and digital collectibles for the 2026 World Cup, the U.S. state of Wyoming’s government-issued stablecoin Frontier (FRNT), a pilot project in New Jersey to put corporate certification on-chain, Toyota’s blockchain for supply chain and mobility, Japan’s regulatory-compliant stablecoin JPYC and South Korea’s first won-denominated stablecoin KRW1.

The expansion of the altcoin ETF market is also continuing. Grayscale and VanEck have already listed AVAX-related ETFs, and last week Canary Capital moved to apply to list an ETF related to the memecoin Pepe.

The BAVA listing is therefore seen as a signal that competition is getting under way in exchange-traded products (ETPs) based on Avalanche as an underlying asset. In particular, attention is on whether a structure that combines staking rewards beyond simply holding spot assets will become a new channel for institutional inflows.

The shape of the future is Introducing the Bitwise Avalanche ETF, $BAVA, the only $AVAX ETP with in-house staking to maximize AVAX’s current ~5.4% staking rewards. Why Avalanche? - It’s the leading customizable blockchain for enterprises, with over 100 custom L1s launched in… pic.twitter.com/Ry4btZKf3x