According to the filing, submitted Feb. 13, 2026, the proposed fund would be named the Grayscale Aave Trust ETF and trade on NYSE Arca under the ticker symbol GAVE. The ETF would provide regulated exposure to AAVE, the native token of the Aave decentralized finance ( DeFi) protocol, without requiring investors to custody the asset themselves.

The registration statement outlines a 2.5% annual sponsor fee based on net asset value, payable in AAVE tokens. Coinbase is listed as both custodian and prime broker, responsible for safeguarding the tokens and facilitating transactions.

Grayscale’s proposal would convert its closed-end Aave trust, launched in late 2025, into an ETF structure featuring a creation and redemption mechanism designed to align market prices more closely with net asset value. The fund would hold AAVE directly rather than relying on derivatives or a blended portfolio approach.

Aave, built primarily on Ethereum, operates as a decentralized lending and borrowing protocol, with AAVE tokens used for governance, staking and fee benefits. As of mid-February 2026, AAVE’s market capitalization stood near $1.8 billion, with the token trading between roughly $120 and $127 this past week.

Grayscale is the second U.S. asset manager to pursue an AAVE-linked ETF, following a similar filing by Bitwise in January 2026. While Bitwise proposed a hybrid structure combining token exposure with related equities, Grayscale’s filing reflects a direct-holding strategy consistent with its previous bitcoin and ethereum products.

Approval of the ETF remains uncertain, as the SEC has taken a cautious stance on altcoin-based exchange-traded products (ETPs) beyond bitcoin and ethereum. If approved, the fund could expand institutional access to DeFi-linked assets through a regulated exchange vehicle.

• What did Grayscale file with the SEC?
  Grayscale filed a Form S-1 to convert its closed-end Aave trust into a spot ETF that would directly hold AAVE tokens.
• What ticker would the ETF use?
  The proposed ETF would trade on NYSE Arca under the ticker symbol GAVE.
• What fee would the fund charge?
  The filing lists a 2.5% annual sponsor fee based on net asset value.
• Who would custody the AAVE tokens?
  Coinbase is designated as both custodian and prime broker for the proposed ETF.

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