BlackRock Files for iShares Staked Ethereum Trust ETF to Offer Direct Staking Exposure
BlackRock has filed a preliminary prospectus dated December 5 for the iShares Staked Ethereum Trust ETF (ticker: ETHB), marking its first U.S. product offering direct staking exposure and its fourth crypto-related filing.
The new ETF aims to reflect the price performance of Ethereum (ETH) while capturing staking rewards to enhance the net asset value, although the prospectus notes associated regulatory and operational risks. Custody and administration are layered with Coinbase Custody Trust Company serving as the ETH custodian; The Bank of New York Mellon as cash custodian and administrator; Anchorage Digital Bank also listed as a custodian; BlackRock Fund Advisors as trustee; and iShares Delaware Trust Sponsor LLC as sponsor.
Instead of running validator infrastructure itself, the trust will rely on approved third-party staking service providers. The staking allocation will be determined by the sponsor based on provider performance, with rewards potential and slashing risk identified as material considerations.
Shares of the trust will be issued continuously and listed on NASDAQ under ticker ETHB, with creation and redemption occurring in baskets of 40,000 shares.
This filing signals growing institutional demand for yield-bearing crypto products and indicates a shift toward staking-based exposure as part of the institutional crypto infrastructure.
The filing also comes amid outflows from BlackRock's iShares Bitcoin Trust, which totaled over $2.7 billion over five weeks ending November 28, with an additional $113 million redeemed, suggesting a continued retreat from Bitcoin ETF exposure at that time.
