Grayscale seeks to convert its Aave trust into an ETF, filing with the SEC to launch the Grayscale Aave Trust ETF on NYSE Arca under the ticker “GAVE” with a 2.5% fee and Coinbase as custodian. Aave is the largest DeFi protocol with $27B locked, allowing users to lend and borrow crypto.

Grayscale’s filing for an Aave ETF follows Bitwise’s similar filing, making them the only two seeking US regulatory approval for AAVE ETFs. Bitwise plans to hold up to 60% of assets in AAVE tokens, while Grayscale’s ETF would directly hold AAVE tokens. Both aim to offer US exposure to Aave.

In Europe, 21Shares launched an Aave ETP on Nasdaq Stockholm, following Global X’s Aave product launch in Germany. AAVE token is down 1.6% to $126, over 80% from its all-time high of $662 in May 2021. Both ETFs seek to provide exposure to Aave in the US, joining a limited list of overseas products.

Read more at Cointelegraph: Grayscale Files With SEC to Convert Aave Trust Into ETF