Crypto asset manager Grayscale Investments has filed with the Securities and Exchange Commission to convert its AAVE Trust into an exchange-traded fund that would list on NYSE Arca.
The proposed ETF would track AAVE, the governance token of Aave, a leading decentralized lending platform.
The filing follows similar efforts by competitors, including Bitwise, which previously submitted applications for multiple crypto-focused ETFs. AAVE currently holds a market capitalization of roughly $1.8 billion and recently traded near $119.
Grayscale has successfully converted several closed-end trusts into ETFs, including its landmark spot Bitcoin ETF, after prevailing in a high-profile legal battle with U.S. regulators.
That victory paved the way for broader approval of spot bitcoin ETFs. The latest filing signals continued institutional demand for regulated investment vehicles tied to major DeFi tokens.
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