BlockBeats News, November 28th, according to CoinDesk, Bitwise has updated its Bitcoin Spot Avalanche ETF application with the U.S. Securities and Exchange Commission (SEC), bringing it closer to approval and potentially becoming the first exchange-traded fund in the U.S. to implement a yield-generating mechanism.
This significant amendment changes the trading symbol of the AVAX ETF to BAVA and establishes one of the lowest fees in the Avalanche ETF space (0.34%). In comparison, VanEck’s Avalanche ETF has a fee of 0.40%, while Grayscale’s fee is 0.50%.
The world’s largest cryptocurrency index fund manager also stated in the updated S-1 filing that the trust will allow up to 70% of the AVAX holdings to be staked to earn additional tokens on the Avalanche proof-of-stake network.
