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The financial giant BlackRock wants to launch a new staked Ethereum (ETH) exchange-traded fund.
The world’s largest asset manager has filed an S-1 registration statement with the U.S. Securities and Exchange Commission (SEC) for the new “iShares Staked Ethereum Trust ETF,” which, if approved, would trade under the ticker “ETHB.”
BlackRock says in the filing that it plans to stake 70-90% of the trust’s available Ethereum under normal market circumstances.
“The trust’s staking program seeks to maximize the portion of the Trust’s ether available for staking while controlling for liquidity and redemption risks. To manage the liquidity and redemption risks associated with staking, the sponsor intends to maintain a reserve of unstaked ether (the ‘Liquidity Sleeve’) designed to accommodate anticipated redemption activity.”
The filing indicates Coinbase Custody Trust Company would act as the ETF’s Ethereum custodian, with Anchorage Digital Bank tapped to serve as an “available alternative custodian.” The financial services giant BNY Mellon would custody the trust’s cash holdings.
BlackRock already offers a spot Bitcoin (BTC) ETF (IBIT) and a spot Ethereum ETF (ETHA). With $11.15 billion worth of assets under management (AUM), ETHA is currently the largest available spot ETH ETF by a wide margin, according to data from CoinMarketCap.
