The Bitwise Avalanche ETF (BAVA) is a Delaware statutory trust that gives investors exposure to Avalanche (AVAX), the native digital asset of a proof-of-stake blockchain, through a standard brokerage account. The Trust holds AVAX directly and issues shares that trade on NYSE Arca, tracking a daily 4:00 p.m. ET reference rate calculated by CF Benchmarks. The core value proposition is convenience: investors get AVAX price exposure without managing crypto wallets, private keys, or a direct exchange account. The Trust does not use derivatives or leverage. Only Authorized Participants — registered broker-dealers — can create or redeem shares directly with the Trust in blocks of 10,000 shares; retail and institutional investors buy and sell shares on the secondary market through standard brokers. The Trust is sponsored by Bitwise Investment Advisers, which charges a unitary Sponsor Fee of 0.34% per annum of the Trust's AVAX holdings, accrued daily and paid in AVAX. In exchange, Bitwise covers all normal operating expenses including custody, administration, and audit. Beyond simple spot exposure, BAVA stakes most of its AVAX holdings with validator nodes to generate staking rewards, with roughly 88% of rewards retained by the Trust and quarterly cash distributions planned for shareholders. Staking introduces a liquidity constraint, so the Trust maintains an unstaked Liquidity Reserve of roughly 30% of holdings to meet redemptions. Coinbase Custody holds the Trust's AVAX, and Coinbase also serves as Prime Execution Agent, creating significant reliance on the Coinbase ecosystem.