Grayscale seeks SEC approval to convert Aave Trust into spot AAVE ETF in February 2026

At the start of February 2026, Grayscale filed with the SEC to transform its Grayscale Aave Trust into a spot AAVE ETF that would list on NYSE Arca and directly track the token's price. Following this move, AAVE rebounded sharply as Open Interest jumped from $153M to about $237M, price climbed over 22% from $106 to around $128, and weekly active addresses returned to levels last seen in late 2024 and early Q1 2025.