Bitwise，Avalanche ETF和SEC：持有什麼？

深入了解Bitwise的雪崩ETF提案，SEC的立場以及對Avax和Crypto ETF的更廣泛含義。

Bitwise, Avalanche ETF, and the SEC: What's the Holdup?

Bitwise，Avalanche ETF和SEC：持有什麼？

The race for the first Avalanche (AVAX) ETF is heating up! Bitwise, along with VanEck and Grayscale, is vying for SEC approval, signaling a growing institutional interest in AVAX. But will the SEC give the green light?

第一個雪崩（Avax）ETF的比賽正在加熱！與Vaneck和Grayscale一起，Bitwise正在爭奪SEC批准，這表明對Avax的機構興趣不斷增長。但是，SEC會給綠燈嗎？

The Avalanche ETF Rush

雪崩ETF匆忙

Bitwise threw its hat into the ring, joining VanEck and Grayscale in the quest for an Avalanche ETF. This move underscores a significant trend: increased institutional interest in providing regulated access to AVAX. Bitwise proposes a spot ETF, holding actual AVAX tokens with Coinbase Custody handling the custody. The ticker symbol is yet to be revealed, but the net asset value will track the CME CF Avalanche–Dollar Reference Rate.

Bitwise將其帽子扔進了戒指，加入Vaneck和Grayscale，以尋求雪崩ETF。這一舉動強調了一個重大趨勢：在提供受監管的avax訪問方面的機構興趣增加。 Bitwise提出了一個ETF，並用Coinbase Concandododododododododody處理了Coinbase的實際avax令牌。股票符號尚未顯示，但淨資產價值將跟踪CME CF雪崩 - 毛額參考率。

Grayscale, not to be left out, wants to convert its existing Avalanche Trust into a spot AVAX ETF. Their proposal involves listing on Nasdaq, with Coinbase Custody as custodian and BNY Mellon as administrator.

不容忽視的灰度，希望將其現有的雪崩信任轉換為Avax ETF。他們的建議涉及在納斯達克上市，Coinbase監護權作為託管人，而BNY Mellon擔任管理員。

SEC's Stance: A Waiting Game

SEC的立場：等待遊戲

The SEC is taking its time. While Grayscale filed back in August 2025, the SEC initially extended its review period to July 15, 2025, without a final decision. This cautious approach isn't surprising, given the SEC's general hesitancy towards crypto ETFs beyond Bitcoin and Ethereum.

SEC花時間。當Grayscale於2025年8月提起訴訟時，SEC最初將其審核期延長至2025年7月15日，沒有最終決定。考慮到SEC對比特幣和以太坊以外的加密ETF的一般猶豫，這種謹慎的方法並不奇怪。

Why an Avalanche ETF Matters

為什麼雪崩ETF很重要

An approved Avalanche ETF could be a game-changer for AVAX. It would provide easier access for both retail and institutional investors who prefer the safety and convenience of traditional brokerage accounts. No more dealing with wallets and private keys! This increased accessibility could drive liquidity and boost Avalanche's visibility in the market.

批准的雪崩ETF可能是Avax的遊戲規則改變者。對於喜歡傳統經紀帳戶的安全性和便利性的零售和機構投資者，它將更容易獲得。不再處理錢包和私鑰！這種提高的可訪問性可以推動流動性，並提高雪崩在市場上的知名度。

Bitwise's Other ETF Endeavors: Dogecoin in the Spotlight

Bitwise的其他ETF努力：Dogecoin在聚光燈下

Interestingly, Bitwise isn't just focused on Avalanche. They're also in the running for a Dogecoin ETF. The SEC has set a decision date of November 12, 2025, for NYSE Arca’s plan to list the Bitwise Dogecoin ETF. This shows Bitwise's commitment to offering diverse crypto investment options.

有趣的是，Bitwise不僅專注於雪崩。他們也在跑步去狗狗ETF。 SEC已將決定日期設定為2025年11月12日，旨在紐約證券交易所（NYSE ARCA）列出位於Dogecoin ETF的計劃。這表明了Bitwise對提供多樣化的加密投資選擇的承諾。

My Two Satoshis

我的兩個satoshis

While the SEC's approval is never guaranteed, the growing number of applications for AVAX and other crypto ETFs suggests a shift in the regulatory landscape. The SEC may be warming up to the idea of offering investors more regulated pathways to access the crypto market. The key will be demonstrating robust custody solutions and investor protection measures. For example, Coinbase Custody, regulated under New York banking law, will safeguard tokens in segregated accounts with cold storage protection.

儘管SEC的批准從未得到保證，但對Avax和其他加密ETF的申請越來越多，這表明監管景觀發生了變化。 SEC可能會為提供更受監管的途徑進入加密市場的想法而熱身。關鍵將展示強大的監護權解決方案和投資者保護措施。例如，根據紐約銀行法規定的Coinbase監護權將在具有冷藏保護的隔離帳戶中保護令牌。

The Bottom Line

底線

The race for an Avalanche ETF is on, and Bitwise is a key player. Keep an eye on the SEC's decisions in the coming months. Whether it's AVAX, DOGE, or another crypto asset, the ETF landscape is about to get a whole lot more interesting. In the meantime, HODL on tight and enjoy the ride!

雪崩ETF的比賽已經開始，Bitwise是關鍵人物。在接下來的幾個月中，請密切關注SEC的決定。無論是Avax，Doge還是其他加密資產，ETF景觀都將變得更加有趣。同時，霍德（Hodl）緊緊欣賞旅程！