PANews reported on September 16th that crypto asset management company Bitwise is seeking to launch an ETF tracking AVAX, the native token of the Avalanche blockchain. If the product is approved by the U.S. Securities and Exchange Commission (SEC), Coinbase will be designated as the custodian. In its S-1 filing on Monday, Bitwise stated: "The trust provides investors with access to the Avalanche market through a traditional brokerage account, avoiding the barriers to entry or risks associated with directly purchasing and holding Avalanche." The fund will use the CME CF Avalanche-USD Reference Rate to determine its net asset value (NAV). The fund will hold AVAX tokens and will not use derivatives.