BlackRock Registers Staked Ethereum Trust, Prepares for SEC Approval

• BlackRock registers iShares Staked Ethereum Trust, signaling its intent to enter the staked ether ETF market.
• The SEC’s regulatory uncertainty around staking has kept firms from launching yield-bearing ether ETFs.
• VanEck also registered a staked ether trust, highlighting growing competition as firms await SEC guidance.

BlackRock has officially taken its first step towards launching a Staked Ethereum ETF. On November 19, the firm filed to register the iShares Staked Ethereum Trust in Delaware, marking the beginning of its efforts to enter the staked ether market. While this registration is not a formal application, it signals BlackRock’s intent to develop a yield-bearing product based on Ethereum’s staking model.

A Preliminary Move for BlackRock and VanEck’s Similar Filing

Confirmed by Eric Balchunas, the registration of the iShares Staked Ethereum Trust ETF is a preliminary move, not yet an official application under the Securities Act of 1933. However, it places BlackRock in a position to pursue approval for this type of exchange-traded fund. This filing follows a similar registration made by VanEck for a trust tied to staked ether through Lido.

Both asset managers are preparing to capitalize on the growing interest in Ethereum staking once the U.S. Securities and Exchange Commission (SEC) provides regulatory clarity on the inclusion of staking in ETFs. BlackRock’s filing is a clear indication that it plans to enter the market when conditions allow.

BlackRock’s filing comes just weeks after VanEck, another prominent asset manager, registered its own trust linked to staked ether via Lido. VanEck’s move also reflects a broader industry trend as firms position themselves to offer staking-based ETFs. The SEC has not yet given guidance on whether staked ether can be included in U.S. ETFs. This regulatory uncertainty has kept issuers from fully launching their products, despite growing demand for yield-bearing digital assets like staked Ethereum.

SEC’s Stance on Staking and ETFs

The SEC has previously stated that certain staking services may be considered unregistered securities offerings. This has led issuers to remove staking features from their initial spot ETH ETF filings in 2024. As a result, many companies have been cautious, waiting for regulatory clarity before pursuing yield-bearing ether products.

This regulatory waiting game means that even though BlackRock and other firms are actively preparing, they cannot launch staked ether ETFs until the SEC provides more specific guidance on staking within the framework of U.S. ETFs.

With its Delaware filing, BlackRock is positioning itself to move forward when the regulatory landscape evolves. As more asset managers, like VanEck, show interest in staked ether products, the industry awaits clear SEC rules to allow the next phase of competition.