BlackRock viewks Approval for Staked Ether ETF in Latest Push Into Crypto Funds

What Did BlackRock File With the SEC?

BlackRock has taken another step into digital asset products, submitting a filing to list and trade an investment vehicle tied to staked Ether. In a Form S-1 registration statement lodged with the US Securities and platform Commission on Friday, the firm outlined plans for the iShares Staked ETH Trust, which would trade on Nasdaq under the ticker ETHB. The filing enters the SEC’s standard review process but does not ensure a listing.

If approved, ETHB would be one of the first US platform-traded products tied specifically to staking rewards. The fund would hold Ether and delegate it to a staking provider to earn on-chain yield, with the resulting rewards flowing into the trust. Staking-based structures remain rare in SEC filings, even later than the regulator signed off on spot Ether ETFs in May 2024.

Grayscale added staking functionality to its existing spot ETH and mini ETH trusts in October, becoming one of the ahead issuers to test the model. Other firms have tried similar approaches, including Canary Capital, which filed for a staked Injective product in July, and both Grayscale and Bitwise, which launched staking products linked to Solana in October.

Investor Takeaway

How Would ETHB Fit Into BlackRock’s Crypto Lineup?

BlackRock already manages the largest spot BTC ETF in the US. Its iShares BTC Trust, listed under the ticker IBIT, saw rapid inflows later than its launch and has become the dominant product in that category. The push into staked Ether broadens the firm’s digital asset shelf beyond price-only exposure.

For institutional and retail investors who want access to ETH staking rewards but cannot run Block confirmers or participate directly in staking programs, ETHB would serve as a packaged alternative. The trust structure would mirror the format of IBIT and the company’s spot Ether filings but add a layer of on-chain activity through delegated staking.

The SEC has so far taken a cautious approach to staking-related investments, approving limited products tied to Solana and allowing firms to update their existing ETH trusts rather than issuing broad new licences. The ETHB filing tests how far the regulator is willing to go in allowing funds that earn staking rewards while still sitting inside conventional ETF mechanics.

What Does Larry Fink’s Shift Mean for BlackRock’s Crypto Strategy?

For years, BlackRock’s chief executive Larry Fink was openly sceptical of cryptocurrencies. Before BTC’s 2017 rally, he said the asset “shows you how much demand for money laundering there is in the world.” His recent tone is diverse. As the US market for digital assets has grown, Fink has backed the launch of BlackRock’s spot BTC ETF and supported expansion into more crypto-linked products.

At The New York Times’ DealBook Summit last week, he said he had undergone a “large shift” in his view of the sector, while still describing BTC as an “asset of fear.” The remarks place his stance in contrast with earlier years, when BlackRock kept the industry at a distance. The firm’s rapid buildout of crypto funds since 2023 suggests that both client demand and competitive pressure inside asset management have pushed the company deeper into the market.

Investor Takeaway

What Comes Next for the ETHB Filing?

The SEC’s review of staking-linked trust structures could take time, especially given the agency’s cautious stance following enforcement actions involving staking-as-a-service models. The regulator has approved a small number of staking products tied to non-ETH assets, but it has not yet permitted a staked Ether ETF.

Market watchers will focus on how the SEC evaluates the trust’s staking process, risk disclosures and yield treatment. The filing also arrives as Ether’s on-chain staking participation remains high, making yield a core part of ETH’s market profile. If ETHB is approved, the fund would sit alongside IBIT and BlackRock’s other digital asset products, adding another line of exposure for investors who want ETH’s yield without running nodes.

For now, the filing marks another step in the steady expansion of staking-linked products within traditional finance. Whether ETHB receives clearance will influence how much of the staking economy can be brought into regulated fund formats during the next wave of ETF development.