Bitwise Updates Application for Avalanche ETF, Introducing Up to 70% Staking Capability

On November 26, leading cryptocurrency asset manager Bitwise updated its filing with the U.S. Securities and Exchange Commission for a physical Avalanche (AVAX) ETF. With this update, the ticker symbol has been changed to BAVA, and a mechanism that allows up to 70% of held AVAX to be staked for rewards has been introduced. This application marks one of the first instances in the U.S. where an ETF proposal fully adopts a staking feature. This move follows the Internal Revenue Service's issuance of new guidance, effectively paving the way for yield-generating cryptocurrency ETFs without triggering tax issues.