BAVA vs XRP

BAVABBitwise Avalanche ETF

XRPABitwise XRP ETF

In short

BAVA One of the few US funds holding Avalanche outright, and it doesn't just park the coins: a secondary goal is staking them to gather more AVAX. It also undercuts the other US Avalanche fund on fee.

XRP Bitwise won the naming fight: its spot fund trades under the coin's own ticker. Underneath it is plain plumbing, XRP in cold storage at Coinbase, priced off a CME CF reference rate, one all-in 0.34% fee.

Stated mandate

BAVA The Trust seeks exposure to the value of Avalanche it holds, net of operating expenses, and has a secondary objective of obtaining additional Avalanche through staking.

XRP The Fund holds spot XRP to give investors indirect exposure to XRP through exchange-traded shares.

Why people hold it

• BAVA Direct AVAX exposure in a normal brokerage account: the trust seeks the value of the Avalanche it holds, net of expenses. No futures roll, no basket of other tokens.
• The staking twist: a stated secondary objective is obtaining additional Avalanche by staking the coins, a mechanism plain coin-holding trusts skip.
• 0.34% a year, a shade under the spot-crypto median and below GAVA, the other US Avalanche fund, at 0.35%.
• Passively run, with no manager timing the token, and it sits in the upper half of its spot-crypto peer group overall.

• XRP One unitary 0.34% sponsor fee, with the sponsor covering most routine operating expenses. That undercuts Canary's XRPC (0.50%) for the same spot XRP exposure.sec.gov
• Boring by design: spot XRP only, no derivatives or leverage, held in segregated cold storage at Coinbase Custody with BNY Mellon handling administration and transfer agency.sec.gov
• NAV is struck against the CME CF XRP-Dollar Reference Rate (New York Variant), which aggregates executed trade flow from major XRP platforms instead of leaning on one venue's print.sec.gov
• Actively traded since day one, and it sits in the upper tier of US spot crypto funds on trading quality.

Worth knowing

• BAVA Small and thinly traded next to the big crypto funds, so spreads at the screen can be wider than the headline fee suggests.
• It's a commodity-style trust, not a registered fund, so the usual fund-law protections don't apply. Single-token crypto also swings hard both ways.
• Any staking rewards go toward adding Avalanche to the trust, not cash in your pocket, and the 2026 launch means a thin track record.

• XRP One coin, one risk. Shares follow XRP and nothing else, and single-asset crypto moves are large in both directions.
• Not the cheapest ticket on the shelf: 21Shares' TOXR carries the same spot XRP exposure at 0.30%.
• Launched in November 2025, so the trading and tracking record is short, and the fund makes no distributions.

Full BAVA profile⁠

Full XRP profile⁠