Grayscale seeks SEC approval to convert AAVE trust into NYSE Arca-listed US ETF

On February 13, 2026, Grayscale filed a proposal with the US SEC to convert its AAVE trust into an ETF that would trade on NYSE Arca, following a similar AAVE ETF filing by Bitwise in December of the previous year. AAVE, the governance token of the Aave protocol, has a market cap of about $1.8 billion and was trading at $119.02, up 4.87% in 24 hours, while Grayscale also moves to reshape its NEAR trust as an ETF and plans a 2.5% sponsor fee for the proposed AAVE product.