BlackRock has filed to list and trade shares of an investment vehicle tied to staked Ethereum, taking a step toward offering on-chain yield exposure to investors. The firm submitted an S-1 registration statement with the U.S. Securities and Exchange Commission for the iShares Staked Ethereum Trust, marking its formal application to create a staking-focused ETF.
The S-1 is part of the SEC’s registration process and does not guarantee approval; the exchange where the fund would list must also file a separate 19b-4 form. The filing follows a recent name registration in Delaware that signaled BlackRock’s intent to seek SEC authorization.
Unlike BlackRock’s existing iShares Ethereum Trust (ETHA), the new staking trust—intended to trade on Nasdaq under the ticker ETHB—would track Ether’s performance and include rewards earned from staking the fund’s ETH holdings. The S-1 describes the trust as a passive vehicle that aims to track Ethereum’s price while staking some portion of the Ether it holds, with the staked portion subject to change over time.
BlackRock previously sought permission to add a staking component to ETHA, but the SEC delayed a final decision. Meanwhile, Grayscale has added staking functionality to its previously approved spot ETH and mini ETH trusts after the SEC adopted new generic listing standards for commodity trusts, a shift in stance occurring under new Chairman Paul Atkins.
Rather than modifying an existing trust, BlackRock is launching a separate fund. ETHA remains the largest spot Ethereum trust, with roughly $16 billion in assets under management. BlackRock also manages the iShares Bitcoin Trust (IBIT), the largest spot Bitcoin ETF.
