BlackRock, the world's largest asset manager, has officially launched a new exchange-traded fund (ETF) that aims to broaden access to staking returns on Ethereum (ETH).
The company has submitted an S-1 registration application with the U.S. Securities and Exchange Commission (SEC) for the fund, which is described as a Staked Ethereum ETF.
While the application officially initiates the review process, the exchange on which the fund will be listed must also submit Form 19b-4 so that the SEC can establish a specific timetable for approval or disapproval.
The new product was registered as the iShares Ethereum Staking Trust (ETHB). BlackRock's plans were made public when it registered the name in Delaware in November, but this transaction did not constitute a formal filing with the SEC.
Regulatory Landscape and Staking
BlackRock previously launched its first Ethereum-related ETF in July 2024, alongside other issuers. However, SEC Chairman Gary Gensler at the time asked the companies to remove staking components from their applications. The agency, led by Gensler, argued that staking services on platforms like Kraken and Coinbase could constitute unregistered securities offerings.
With the SEC's new chairman, Paul Atkins, it appears the agency is beginning to relax its approach to staking. Many issuers, including BlackRock and VanEck, have begun adding staking features to their ETF applications. While some companies are updating existing funds, BlackRock is launching an entirely new product.
Product Details and Investor Benefits
BlackRock's existing product, the iShares Ethereum Trust (ETHA), holds approximately $11 billion in ETH and will continue unchanged. If approved, the new staking-focused ETF will allow investors to benefit from Ethereum's yield staking mechanism without requiring them to stake their own assets.