One of the largest players in the asset management market, the American company BlackRock, has applied to the American Securities and Exchange Commission (SEC) to register an ETF fund linked to the Staked Ethereum (ETH). This is another step of financial giant towards the integration of cryptocurrency with traditional investment instruments, following the success of his flagship fund Bitcoin ETF.

Details of the proposal

On Friday, BlackRock submitted an S-1 form to the SEC on the iShares Staked Ethereum Trust fund. This fund is to be listed on the Nasdaq stock exchange under the ETHB ticker. Investors could thus obtain an indirect exposure to ETH, which means that the assets will generate income from the Staking Mechanism in the Ethereum network. The proposal is part of the standard SEC procedure for new ETF funds but does not guarantee automatic approval.

If the regulator gives the green light, ETHB could become one of the first ETF funds in the world directly linked to the set cryptocurrency. Ethereum ranking involves blocking ETH tokens on the network to support its security and validation of transactions, in exchange for prizes in the form of additional ETH. It is a mechanism that makes ETH more attractive to institutional investors.

Market context

The SEC approved spot ETF funds based on Ethereum in May 2024, which opened the door for wider access to the second largest cryptocurrency. However, funds with the Staking option remain rare. In October 2024, Grayscale Investments added the positioning functionality to its already approved ETH and mini ETH spot funds. Similar steps were taken by Grayscale and Bitwise, launching solan-based (SOL)-based stocking products in the same month.

W lipcu br. firma Canary Capital złożyła analogiczny wniosek o fundusz ETF z stakowanym Injective (INJ), co pokazuje rosnące zainteresowanie tym segmentem. BlackRock, zarządzający największym spotowym funduszem Bitcoin ETF (iShares Bitcoin Trust pod tickerem IBIT), nie jest nowicjuszem w kryptowalutach. Firma, założona w 1988 roku przez Larry’ego Finka, wcześniej krytykowała Bitcoin, nazywając go w 2017 roku “aktywem strachu” i instrumentem do prania pieniędzy. Jednak w ostatnich latach Fink zmienił zdanie, deklarując “dużą zmianę” w swoim podejściu do kryptowalut, choć nadal określa BTC jako “aktywo strachu”.

Potential market impact

Eksperci sugerują, że zatwierdzenie stakingu w spotowych ETF na Ethereum mogłoby “dramatycznie zmienić kształt rynku”. An increase in institutional demand for ETH could increase network liquidity, raise the token price and strengthen Ethereum's position in the DeFi ecosystem (decentralised finance). BlackRock, with assets under management exceeding a trillion dollars, has the potential to attract billions in new investments.

BlackRock's conclusion is a signal that traditional finances are increasingly entering the world of cryptocurrency. After the success of IBIT, which became the largest BTC fund in the world, ETHB could repeat this scenario for Ethereum. Investors will now follow the SEC decision with tension, which may collapse in the coming months.

Source: Official request Sec.gov