BlackRock has taken another major step into the digital asset sector with a new filing for its iShares Staked Ethereum Trust ETF, known as ETHB, submitted to the U.S. Securities and Exchange Commission on Friday. The proposed fund would offer investors exposure to Ethereum while incorporating staking rewards, positioning it as a hybrid product that tracks ETH’s market performance and enhances returns through network participation. The move signals continued confidence from the world’s largest asset manager at a time when institutional appetite for Ethereum is rising again.
According to the S-1 registration statement, ETHB will operate as a passive investment vehicle holding Ethereum and staking a portion of its assets to earn rewards. The filing clarifies that the trust is not designed to outperform the market but instead aims to reflect Ethereum’s price alongside the incremental yield generated from staking. BlackRock previously explored adding staking capabilities to its existing spot Ethereum ETF, ETHA, but the SEC repeatedly delayed any decision on that request. The launch of a separate staking-focused product could serve as a workaround to regulatory uncertainty, though BlackRock has not commented on how ETHB may influence ETHA’s future roadmap.
The filing follows BlackRock’s creation of a Delaware statutory trust in November, a step that often precedes ETF launches in both commodity and digital asset markets. The timing is notable, as Ethereum staking ETFs only became possible recently thanks to new generic listing standards for commodity-based trusts. While Grayscale and REX-Osprey were early movers in this space, their products have yet to match BlackRock’s scale. ETHA currently manages more than $11 billion, roughly 3.6 million ETH, a commanding lead over Grayscale’s offerings, which collectively manage under $5 billion.
Momentum in the Ethereum market is also reflected by corporate treasury activity. BitMine Immersion Technologies, the largest institutional holder of Ethereum, disclosed a massive purchase of 138,452 ETH last week worth around $429 million at current prices. This acquisition brings the company’s total holdings to 3.864 million ETH valued at approximately $12 billion. The firm also holds 193 Bitcoin worth $17.3 million and maintains around $1 billion in cash reserves. BitMine’s buying spree, one of its largest in months, underscores the renewed confidence in Ethereum’s medium-term prospects.
Market response to the filing has been measured but positive. Ethereum is trading near $3,122, roughly flat on the day, while BlackRock’s ETHA fund has climbed more than 3 percent. In the broader ETF landscape, BlackRock’s dominance is evident through its iShares Bitcoin Trust ETF, IBIT, which remains the industry’s largest crypto ETF with around $70 billion in assets under management. ETHB, once approved, is expected to trade alongside IBIT and ETHA on Nasdaq, creating a cohesive suite of crypto products for institutional portfolios.
The introduction of a staked Ethereum ETF by BlackRock could reshape how traditional investors access Ethereum yield. Simplifying participation in staking lowers one of the final barriers for large-scale adoption of ETH as a productive asset. If regulatory approval arrives without major roadblocks, ETHB may accelerate inflows into the Ethereum ecosystem and further validate staking as a mainstream investment feature. As institutional demand evolves, BlackRock’s move suggests that the next phase of crypto finance will blend asset exposure with protocol-level incentives, potentially setting a new standard for digital asset ETFs.
