Overview
- Grayscale filed to convert its Aave trust into a spot ETF that would list on NYSE Arca under the ticker GAVE.
- The proposed fund would hold AAVE directly, charge a 2.5% sponsor fee paid in AAVE, and use Coinbase as custodian and prime broker.
- Bitwise is pursuing a competing Aave product that targets up to 60% in AAVE tokens with the balance in related securities.
- Following the filings, derivatives open interest jumped from about $153 million to roughly $237 million as AAVE rose more than 22% to near $128, according to CoinGlass data cited in reports.
- On-chain activity strengthened, with weekly active addresses returning to late-2024 and early-2025 levels, per Token Terminal figures referenced in coverage.