Bitwise Avalanche ETF

The following terms may be used throughout this Quarterly Report, including the financial statement and related notes.

1933 Act: The Securities Act of 1933, as amended.

Administrator: BNY Mellon.

Advisers Act: The Investment Advisers Act of 1940.

Authorized Participant: One that purchases or redeems Baskets from or to the Trust.

Avalanche: The native digital asset of the Avalanche network, also referred to as AVAX.

Avalanche Network: The software protocol and peer-to-peer network used for the creation, transfer and possession of Avalanche, as recorded on the Avalanche blockchain.

Avalanche Custodian: Coinbase Custody Trust Company, LLC, a New York State limited liability trust company.

Avalanche Custody Agreement: The custody agreement between the Avalanche Custodian and the Trust pursuant to which the Trust Avalanche Account is established.

Avalanche Staking Custody Agreement: The Exchange-Traded Product Staking Addendum to the Avalanche Custody Agreement, pursuant to which the Trust stakes Avalanche held in the Trust Avalanche Accounts.

Avalanche Trading Counterparties: Cumberland DRW LLC, FalconX (d/b/a Solios, Inc.), Nonco LLC, Virtu Financial Singapore Pte. Ltd., Flowdesk and Wintermute Trading Ltd.

BAM: Bitwise Asset Management, Inc., the parent company of the Sponsor.

Basket: A block of 10,000 Shares used by the Trust to issue or redeem Shares.

Benchmark Provider: CF Benchmarks Ltd.

BNY Mellon: The Bank of New York Mellon, a national association bank in New York.

Business Day: Any day other than a day when the Exchange or the New York Stock Exchange is closed for regular trading.

Cash Custodian: BNY Mellon, as custodian of the Trust’s cash and cash equivalents pursuant to the Cash Custody Agreement.

Cash Custody Agreement: The agreement between BNY Mellon and the Trust under which BNY Mellon acts as custodian of the Trust’s cash and cash equivalents.

CME: The Chicago Mercantile Exchange.

Constituent Platform: The major Avalanche trading platforms that serve as the pricing sources for the calculation of the CME CF Avalanche–Dollar Reference Rate - New York Variant and CME CF Avalanche Real Time Index.

Cryptocurrency: A token such as Avalanche that is the native asset of a crypto asset network.

Digital Asset: A token, such as a cryptocurrency, that is the native asset of or issued on a digital asset network and secured using public and private key cryptography or similar cryptographic credentials.

ET: Eastern Time.

Exchange: NYSE Arca, Inc.

Exchange Act: The Securities Exchange Act of 1934, as amended.

FDIC: Federal Deposit Insurance Corporation.

FinCEN: The Financial Crimes Enforcement Network, a bureau of the U.S. Department of the Treasury with the mandate to regulate financial institutions such as money services businesses in the U.S.

Forked Asset: The crypto asset resulting from a “hard fork” that is not Avalanche, as determined by the Sponsor in its discretion as set forth in the Trust Agreement. The holder of Avalanche at the time of a Network Fork may use its Avalanche network private key to access the Forked Asset on the new network, typically through the use of the modified version of the Avalanche network software that created the Network Fork (or the legacy version of the Avalanche network software if the new version is determined to be Avalanche).

GAAP: The generally accepted accounting principles of the United States.

Incidental Right: A right to receive a benefit of a fork or airdrop.

Investment Company Act: Investment Company Act of 1940.

IR Asset: Any crypto asset acquired through an Incidental Right.

IRS: U.S. Internal Revenue Service.

ITV: Indicative Trust Value.

JOBS Act: The Jumpstart Our Business Startups Act.

Marketing Agent: Foreside Fund Services, LLC.

NAV: Net asset value of the Trust, which is a Non-GAAP metric and is determined each business day by valuing the Trust’s Avalanche using the Pricing Benchmark, less the Trust’s accrued but unpaid expenses.

Prime Execution Agent: Coinbase Inc., an affiliate of the Avalanche Custodian.

Prime Execution Agreement: The agreement with the Prime Execution Agent, including the Avalanche Custody Agreement and Trade Financing Agreement, pursuant to which the Trust may execute Avalanche trades through the Prime Execution Agent.

Pricing Benchmark: CME CF Avalanche–Dollar Reference Rate - New York Variant, a standardized reference rate published by the CME Group that calculates the U.S. dollar price of Avalanche as of 4:00 p.m. ET on each calendar day on constituent crypto asset trading platforms to reflect the performance of Avalanche in U.S. dollars.

Redemption Order: An order to redeem one or more Baskets.

SEC: The U.S. Securities and Exchange Commission, an independent agency with the mandate to regulate securities offerings and markets in the U.S.

Seed Shares: The eight (8) Shares used to seed the Trust.

Seed Capital Investor: Bitwise Asset Management, Inc.

Shares: Common shares representing units of undivided beneficial ownership of the Trust.

Shareholders: Holders of Shares.

Sponsor: Bitwise Investment Advisers, LLC, a Delaware limited liability company, which controls the investments and other decisions of the Trust.

Sponsor Agreement: The agreement between the Sponsor and the Trust.

Sponsor Fee: The unitary management fee of 0.34% per annum of the Trust’s Avalanche holdings that the Trust agreed to pay to the Sponsor.

Sponsor Avalanche Account: The custody account in the name of the Sponsor held with the Avalanche Custodian, in which the Sponsor receives payment in Avalanche of its management fee from the Trust Avalanche Account.

Staking Agent: The entity operating validators for the Trust’s staking activities.

Staking Expenses: Fees shared among the Staking Agent(s) and the Sponsor, collectively equal to 12% of the additional Avalanche generated by the staking of the Trust’s Avalanche.

Trade Credit: The Trust may borrow Avalanche or cash as a credit on a short-term basis from the Trade Credit Lender pursuant to the Trade Financing Agreement.

Trade Credit Lender: Coinbase Credit, Inc.

Trade Financing Agreement: The Coinbase Credit Committed Trade Financing Agreement.

Transfer Agent: The Bank of New York Mellon.

Trust: The Bitwise Avalanche ETF.

Trust Agreement: The First Amended and Restated Declaration of Trust and Trust Agreement of Bitwise Avalanche ETF, dated as of November 25, 2025, entered into by the Sponsor and the Trustee.

Trust Avalanche Account: The custody account in the name of the Trust held with the Avalanche Custodian, in which Trust Avalanche Account the Trust’s Avalanche assets are held.

Trustee: Delaware Trust Company, a Delaware trust company.