BlackRock has filed an S-1 registration with the U.S. Securities and Exchange Commission to list and trade shares of a new fund, the iShares Staked Ethereum Trust. The filing is a formal step toward offering investors exposure to Ether combined with on-chain staking rewards.
The proposed fund, expected to trade on Nasdaq under the ticker ETHB, would track Ether’s performance while also staking a portion of the trust’s ETH holdings to capture staking rewards. The S-1 describes the vehicle as a passive trust that aims to follow Ethereum’s price; the proportion of Ether that is staked may change over time.
Filing an S-1 starts the SEC registration review but does not guarantee approval. In addition, the exchange that would list the fund must file a separate 19b-4 form for rule changes related to the listing. BlackRock had earlier registered a name in Delaware that signaled its intent to seek SEC authorization for a staking-focused product.
This new trust differs from BlackRock’s existing iShares Ethereum Trust (ETHA), which is a spot Ether vehicle without a staking component. Rather than modifying ETHA, BlackRock is proposing a separate fund dedicated to staking exposure. ETHA remains the largest spot Ethereum trust, with about $16 billion in assets under management. BlackRock also manages the iShares Bitcoin Trust (IBIT), currently the largest spot Bitcoin ETF.
The move follows industry shifts around staking and listings. BlackRock previously requested permission to add a staking element to ETHA, but the SEC delayed a final decision. Meanwhile, Grayscale has enabled staking functionality for its previously approved spot ETH and mini ETH trusts after the SEC adopted new generic listing standards for commodity trusts, a change that took place under new Chairman Paul Atkins.
If approved, the iShares Staked Ethereum Trust would give investors a regulated way to seek both price appreciation of Ether and yield from staking, packaged in an exchange-traded trust structure.
