Bitwise, VanEck, and Grayscale stake millions of AVAX through new spot funds

Spot crypto ETFs with staking built in are no longer a Bitcoin-only conversation. Bitwise, VanEck, and Grayscale have each launched US-listed Avalanche funds that put a meaningful chunk of their AVAX holdings to work earning yield, a structural feature that sets these products apart from the first generation of spot crypto ETFs. The three funds, trading under the tickers BAVA, VAVX, and GAVA respectively, have staked a portion of their holdings. Each fund targets staking up to approximately 70% of its holdings, keeping the remainder liquid to handle redemptions. The gross annualized staking yield on Avalanche has been running around 5.4%, based on mid-2026 network metrics. After custodians and staking providers take their cut, the net reward flows back to investors and gets reflected in the fund’s net asset value. Grayscale’s GAVA had approximately 81% of its AVAX staked by late August 2026, running slightly above the stated 70% target. Bitwise’s BAVA reported holdings of around 2.54 million AVAX as of June 30, 2026. Grayscale’s GAVA held approximately 650,000 AVAX in its own disclosures. VanEck’s VAVX was the earliest to market and has been accumulating since January 2026. Custody...