BlackRock has launched its iShares Staked Ethereum Trust ETF, trading on Nasdaq under the ticker ETHB. This marks the firm's first crypto product to incorporate Ethereum staking and is the third such offering available to U.S. investors.
The fund holds spot Ethereum and stakes between 70% and 95% of its assets. Investors will receive 82% of staking rewards through monthly distributions, with the remaining portion allocated to the trust, custodians, and service providers. A temporary sponsor fee of 0.12% is in place for the first year on the initial $2.5 billion in assets to encourage adoption.
ETHB joins BlackRock's existing crypto offerings, including the iShares Bitcoin Trust (IBIT), which manages over $55 billion, and the iShares Ethereum Trust (ETHA), holding approximately $6.5 billion.
Coinbase serves as the primary custodian and staking provider. According to an SEC filing, Coinbase will receive 10% of staking rewards as a base fee, potentially decreasing to 6% if assets under management reach $20 billion. Anchorage Digital is another custodian, with validators including Figment Inc., Galaxy Blockchain Infrastructure LLC, and Attestant Limited. The fund prohibits consolidation with assets from other entities.