Lead
BlackRock has filed a Form S-1 with the U.S. Securities and Exchange Commission (SEC) to launch the iShares Staked Ethereum Trust ETF, with a proposed ticker ETHB. The product aims to let investors access Ethereum staking rewards through a regulated vehicle, marking BlackRock’s second Ethereum-focused fund after its 2024 iShares Ethereum Trust (ETHA), which does not include staking.
Key Developments
- Filing date: December 5, 2025
- Form: S-1 Registration Statement under the Securities Act of 1933
- Product name: iShares Staked Ethereum Trust (ETF)
- Sponsor: iShares Delaware Trust Sponsor LLC
- Ticker: Proposed as ETHB
The new trust is designed to provide investors with exposure to staking income on Ethereum (ETH) while holding the asset within an exchange-traded structure. Rather than modifying its existing Ethereum fund (ETHA, launched in 2024), BlackRock is introducing a separate product to incorporate staking.
The filing expands BlackRock’s crypto lineup, which already includes spot Bitcoin and spot Ethereum funds, as well as a Bitcoin income product, making this the firm’s fourth crypto-focused initiative.
Regulatory Context
U.S. regulatory attitudes toward staking have been evolving. Under former SEC Chair Gary Gensler, the agency took a hard line on staking, treating related returns as potential income from unregistered securities. In early 2023, crypto exchange Kraken was fined $30 million in a high-profile enforcement action linked to staking services.
With Paul Atkins stepping in as SEC chair in 2025, the regulator’s approach has begun to shift. In October, Grayscale became the first to receive the ability to place ETH and SOL held by its funds into staking, allowing investors to earn additional income through those vehicles.
Market Impact and Outlook
If approved, the iShares Staked Ethereum Trust would offer traditional investors a regulated path to Ethereum staking yields, potentially broadening institutional access to ETH’s core yield-generating mechanism. The filing does not guarantee approval, and the timing of any launch remains subject to SEC review.
Conclusion
BlackRock’s ETHB proposal underscores a growing institutional push to integrate staking into mainstream investment products. As the SEC’s stance evolves, staking-enabled ETFs could further bridge the gap between traditional finance and on-chain yield opportunities on Ethereum.