BlackRock has formally submitted an application for a staked Ethereum exchange-traded fund, representing a significant advancement in providing staking opportunities to a broader audience.
The largest asset management firm worldwide submitted an S-1 registration statement to the U.S. SEC on Friday. This filing initiates the review process; however, to set off a formal deadline for SEC approval or denial, the fund’s listing exchange still needs to file a separate 19b-4 form.
The proposed fund, named the iShares Ethereum Staking Trust (ETHB), was initially suggested in November when BlackRock registered the name in Delaware. This action indicated their intentions but did not serve as a formal application to the SEC.
This is not BlackRock’s first Ethereum ETF. The company introduced the iShares Ethereum Trust (ETHA) in July 2024 along with other issuers. At that time, the SEC, under Chair Gary Gensler, reportedly advised firms to exclude staking components from their applications. The agency previously claimed that staking services offered by platforms like Kraken and Coinbase could be categorized as unregistered securities offerings.
With the new Chair Paul Atkins, this stance seems to be shifting. BlackRock and VanEck, among others, are now resubmitting or adjusting ETF filings to incorporate staking. While others are modifying existing funds, BlackRock chose to create a completely new fund.
ETHA, which holds approximately $11 billion in ETH, will continue to operate separately from the staked fund. If approved, the staked fund would provide investors with access to Ethereum’s yield-generating mechanism without the need to stake their assets directly.
