Common Shares of Beneficial Interest of Bitwise Avalanche ETF (BAVA)

The Bitwise Avalanche ETF is an exchange-traded product from Bitwise Asset Management that holds Avalanche (AVAX), the native cryptocurrency of the Avalanche blockchain network. It is structured as a trust that issues common shares of beneficial interest, and its objective is to reflect the price of AVAX, less fees and expenses.

Avalanche is a smart-contract platform designed for fast transaction finality and supports custom blockchains, or subnets, built for specific applications. The trust holds AVAX with a third-party custodian, giving investors exposure to the token through a brokerage account without managing digital wallets or private keys. The trust may also stake a portion of its holdings, as permitted in its prospectus.

Unlike a traditional fund registered under the Investment Company Act of 1940, the trust holds a single digital asset and does not offer the same regulatory protections.