Grayscale files to convert AAVE token trust into ETF to list on NYSE Arca
The Block
Grayscale has filed with the SEC to convert its AAVE token trust into an exchange-traded fund listing on NYSE Arca.Summary
Grayscale has officially filed with the Securities and Exchange Commission (SEC) to convert its existing AAVE token trust into an exchange-traded fund (ETF) intended to list on the NYSE Arca market. AAVE is the native token of the Aave decentralized lending protocol, currently holding a market capitalization of about $1.8 billion. The proposed Grayscale AAVE ETF would carry a sponsor fee of 2.5% of Net Asset Value (NAV), payable in AAVE, and would utilize Coinbase as both custodian and prime broker. This move follows Grayscale's successful conversion of its Bitcoin Trust into a spot Bitcoin ETF, which followed a legal victory against the SEC. Bitwise has also previously filed for AAVE ETF consideration.
(Source：The Block)