BlackRock Registers Staked Ethereum Trust
Nearly four months after the Securities and Exchange Commission (SEC) acknowledged BlackRock’s request to allow staking in its Ethereum ETF, the $10 trillion asset manager has filed paperwork for a new staked Ethereum trust.
According to state records, the iShares Staked Ethereum Trust was officially incorporated in Delaware today.
BlackRock’s existing Ethereum ETF, ETHA, remains the largest on the market with more than $13 billion in assets under management. Its closest rival, Fidelity, holds just $2.5 billion in ETH.
ETH rose about 2% following the news, though the jump also coincided with a broader crypto rebound after Nvidia’s quarterly earnings pushed Bitcoin back above $90,000. Despite the brief rally, ETH is still down 4% on the day.
A staked Ethereum ETF would be BlackRock’s first crypto product that offers investors yield, a move that could open the door to more staked crypto ETFs from BlackRock and other issuers.
Featured image from: reddit.com