Bitwise Avalanche ETF (BAVA) — Quarterly Report

Key Insights

• Bitwise Avalanche ETF (BAVA) is classified as both a smaller reporting company and emerging growth company, allowing it to comply with reduced reporting requirements and avoid certain Sarbanes-Oxley mandates, which may limit transparency for investors.
• The ETF had 930,000 outstanding shares as of May 4, 2026, indicating a relatively small asset base; the filing includes multiple subsequent events dated in April 2026 suggesting recent operational changes or material developments that require monitoring.
• As a digital asset-focused ETF tracking Avalanche, the fund is exposed to significant cryptocurrency market volatility and regulatory risks, with the filing explicitly noting that changes in laws, technology developments, and market conditions could materially adversely affect operations.