Grayscale Files to Convert Aave Trust Into GAVE ETF Listed on NYSE Arca

Grayscale has submitted a Form S-1 to the United States Securities and Exchange Commission seeking to transform its existing Aave trust into an exchange-traded fund called the Grayscale Aave Trust ETF. The proposed fund, which would trade on NYSE Arca under the ticker GAVE with a 2.5% fee and Coinbase as custodian and prime broker, would hold AAVE tokens directly and follows a similar Aave-focused ETF filing from Bitwise in December. The move comes as Aave remains the largest decentralized finance protocol by total value locked and as AAVE trades around $126, far below its prior peak near $662.