#GrayscaleEyesAVESpotETFConversion Grayscale’s move toward converting its Aave Trust into a spot Exchange‑Traded Fund (ETF) marks a pivotal moment in the evolution of digital asset investment products, signaling that institutional interest and market infrastructure are extending beyond Bitcoin and Ethereum into broader decentralized finance (DeFi) ecosystems. This development reflects not only Grayscale’s strategic ambition but also the maturation of digital assets as investable, regulated instruments. Historically, Grayscale has played a key role in bridging traditional financial markets and