[DigitalToday reporter Chi-gyu Hwang (황치규)] Crypto asset manager Grayscale has filed an application to convert its Aave (AAVE) trust into an exchange-traded fund, The Block reported on Feb. 13.
The U.S. Securities and Exchange Commission said Grayscale has requested approval to convert the AAVE trust into an ETF.
AAVE is the native token of Aave, the largest DeFi lending protocol, with a market value of about $1.8 billion. It was at $119, up 9 percent on Feb. 13.
Grayscale has converted several closed-end trusts into ETFs. A spot bitcoin ETF was the start. Grayscale also won a lawsuit against the SEC over the conversion of its bitcoin trust, which had a major impact on the emergence of spot bitcoin ETFs in the United States.
The AAVE ETF proposed by Grayscale would charge a 2.5 percent fee based on net asset value. The fee would be paid in AAVE.
Chi-gyu Hwang
delight@d-today.co.kr