BlackRock has officially applied for a staked Ethereum exchange-traded fund, marking a key step in bringing betting exposure to the masses.
The world’s largest asset manager filed an S-1 registration statement with the U.S. SEC on Friday. The filing kicks off the review process, but to trigger a formal deadline for SEC approval or denial, the fund’s listing exchange must still file a separate Form 19b-4.
The proposed fund, called iShares Ethereum Stake Trust (ETHB), was first hinted at in November when BlackRock registered the name in Delaware. That action indicated intent, but did not count as a formal application to the SEC.
This is not BlackRock’s first Ethereum ETF. The company launched iShares Ethereum Trust (ETHA) in July 2024 along with other issuers. But at the time, the SEC, then led by Chairman Gary Gensler, reportedly ordered the companies to remove the participation components from their filings. The agency had previously argued that staking services offered by platforms such as Kraken and Coinbase could constitute unregistered securities offerings.
Under new president Paul Atkins, that position appears to be softening. BlackRock and VanEck are now among several issuers resubmitting or amending ETF filings to include betting. While others are tweaking their existing products, BlackRock opted to launch an entirely new fund.
ETHA, which holds around $11 billion in ETH, will remain separate from the staking version. The staking fund, if approved, would give investors exposure to Ethereum’s yield-generating mechanism without having to stake assets themselves.
