BlackRock Files for Listing Staked Ether ETF

• BlackRock submits Form S-1 to the SEC for its iShares Staked Ethereum Trust (ETHB)
• ETF would give investors indirect exposure to staked ETH — among the first of its kind
• Comes after spot ETH ETFs were approved in 2024, expanding institutional staking options
• SEC has approved very few staking-based crypto products to date
• BlackRock already manages the world’s largest spot BTC ETF (IBIT)
• CEO Larry Fink continues shifting toward a more pro-crypto stance

BlackRock — the world’s largest asset manager — has taken another significant step deeper into crypto by filing to list an exchange-traded fund tied directly to staked Ether. The application, submitted to the U.S. Securities and Exchange Commission (SEC) on Friday, seeks approval for the iShares Staked Ethereum Trust, which would trade on Nasdaq under the ticker ETHB.

The filing represents a major expansion of institutional staking access. While spot Ether ETFs were approved in May 2024, products that offer exposure to staked ETH remain extremely rare in the U.S. regulatory landscape. If approved, ETHB would give BlackRock clients a way to benefit from ETH staking rewards without handling the underlying infrastructure themselves.

A potential first in U.S. markets

Staking-based ETFs are still largely unexplored territory. Grayscale added staking functionality to its spot ETH and mini ETH trusts in October, but the SEC has historically been cautious with staking-related products.

Other attempts include:

• Canary Capital, which filed for a staked Injective (INJ) product in July
• Grayscale and Bitwise, which launched staking products for Solana (SOL) in October

BlackRock entering the arena puts institutional weight behind the idea that staking yields can be packaged and regulated in traditional investment wrappers.

Expanding BlackRock’s crypto footprint

BlackRock already manages the largest spot Bitcoin ETF, the iShares Bitcoin Trust (IBIT), which has rapidly grown into the dominant institutional Bitcoin product. Adding a staked Ether ETF would broaden its crypto suite and position the firm as the leader in both BTC and ETH investment vehicles.

For institutions that cannot participate in onchain staking due to custody, technical, or regulatory constraints, ETHB could serve as a compliant, low-friction alternative.

Larry Fink’s evolving stance on crypto

BlackRock CEO Larry Fink has undergone a dramatic public shift regarding digital assets. In 2017, he criticized Bitcoin by saying it “shows you how much demand for money laundering there is in the world.”

Years later, with crypto volumes soaring and institutional interest rising, Fink has become increasingly supportive. He backed BlackRock’s Bitcoin ETF and has spoken more positively about crypto as an emerging asset class.
At last week’s New York Times DealBook Summit, he acknowledged a “big shift” in his views — even while calling BTC an “asset of fear.”

His warming stance has enabled BlackRock to push deeper into digital assets, culminating in filings like ETHB.