BlackRock Officially Files for iShares Staked ETH ETF

Multinational asset manager BlackRock has officially entered the staked ETH ETF race. The TradFi titian submitted an S-1 initial registration statement for the creation of the "iShares Staked Ethereum Trust ETF" with the SEC on Friday.

BlackRock previously telegraphed its intention to file last month, when it created a trust company for this latest ETF offering in Delaware.

What's the Scoop?

• Swinging for Staking: BlackRock has officially filed with the SEC to list ETHB, a staked Ethereum ETF, on the Nasdaq Exchange. The registration statement follows the October conversion of competitor Grayscale's ETH and ETHB ETFs into partially staked investment vehicles.
• Coinbase Custody: Crypto exchange Coinbase will serve as the custodian for ETHB, the same role it plays for BlackRock's non-staked ETHA ETF. A staking service for ETHB has yet to be announced, but the Trust can select more than one, and Coinbase is likely be selected as a major provider.
• Separate Structure: At this time, BlackRock's new ETHB ETF will remain separate from its existing ETHA ETF, with holds roughly $11B in Ether. ETHB is a standalone fund built intended to deliver staking rewards to public-market investors.
• Unknown Fees: BlackRock has not yet disclosed the fee structure for ETHB, but has indicated that it will charge both management and staking fees. For comparison, BlackRock's ETHA charges a relatively negligible annual management fee of 0.25% per year, which current ETH staking yields more than compensate.