Grayscale seeks to convert closed-ended AAVE trust into ETF for listing on NYSE Arca

On Friday, Grayscale submitted a filing to the U.S. Securities and Exchange Commission to transform its closed-end AAVE trust into an exchange-traded fund that would trade on NYSE Arca. The planned product would charge a 2.5% sponsor fee on NAV, paid in AAVE, and use Coinbase as custodian and prime broker, while AAVE itself holds a market cap of about $1.8 billion at a price of $119.