BlackRock officially filed with the SEC a request to launch an Ethereum ETF integrating staking, strengthening its presence in ETH ecosystem-related products as the US regulator eases its stance.
The asset, named iShares Ethereum Staking Trust (ETHB), is the subject of an S-1 form filed this weekend. However, for the SEC to start the regulatory countdown, a stock exchange must submit a dedicated 19b-4 form. This filing marks the giant asset manager’s first formal step to offer regulated exposure to Ethereum staking returns, a segment not yet included in its products.
BlackRock Wants Its Ethereum Staking ETF
BlackRock had already registered the trust’s name in Delaware in November, but it was not an official request. The group already operates an Ethereum spot ETF, the iShares Ethereum Trust (ETHA), launched in July 2024. At that time, the SEC led by Gary Gensler explicitly asked issuers to remove all staking features from their filings. The regulator believed that some staking offerings involved unregistered security issuances.
Since Donald Trump’s tenure and Paul Atkins’ appointment to the regulator’s presidency, the approach seems to be changing. BlackRock and VanEck are now reintroducing staking into their proposals, a sign of a doctrinal shift. Unlike VanEck, which modifies an existing product, BlackRock chooses to launch a separate ETF rather than integrating staking into ETHA.
A Notable Evolution of the SEC under Atkins’ Presidency
ETHA, holding about $11 billion in ETH, remains unchanged. If approved by the regulator, ETHB would provide direct exposure to returns from Ethereum’s proof-of-stake mechanism, without investors having to manage delegation or on-chain validation operations themselves.
The launch of ETHB would position BlackRock in a rapidly developing niche, as the US regulator, after a highly restrictive period, begins to accept the idea that products incorporating staking flows can exist within an ETF framework.
