Grayscale Files S-1 to Convert AAVE Trust to ETF, 2.5% Fee Payable in AAVE
Grayscale filed an S-1 with the SEC on Feb 13, 2026, to convert its AAVE Trust into an ETF, competing with Bitwise. The ETF would list on NYSE Arca, with Coinbase as custodian, charging a 2.5% sponsor fee paid in AAVE. AAVE market cap ~$1.8B.








