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The trading volume for the iShares Staked Ethereum Trust (ETHB), a spot exchange-traded fund managed by BlackRock, surpassed $15.5 million on its inaugural trading day. At the time of its launch, the fund’s assets exceeded $100 million.
ETHB marks BlackRock’s first crypto ETF, providing investors with a staking mechanism for purchasing shares. The world’s largest asset management firm initially announced plans to launch staking-supported funds in 2025. To prepare for the ETHB launch, the company began acquiring Ethereum in February, as indicated in the S-1 filing submitted to the U.S. Securities and Exchange Commission (SEC). The fund’s shares are traded on the NASDAQ exchange, with trading commencing on Thursday, March 12.
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BlackRock asserts that “under normal market conditions,” between 70% and 95% of the Ethereum in the fund’s assets will be involved in staking, while the remaining 5-30% will be held in reserve. This portion is necessary for redeeming shares and maintaining operational liquidity, the asset manager clarified. Approximately 82% of the staking rewards will be distributed monthly among the fund’s shareholders, while the remaining 18% will be shared between BlackRock and the staking operator, cryptocurrency exchange Coinbase. BlackRock’s annual fee is set at 0.25%, but for the first year post-launch, it is reduced to 0.12% for the initial $2.5 billion in assets.
Spot ETFs for Bitcoin and Ethereum were introduced for the first time in 2024. In addition to BlackRock’s ETHB, several other funds with Ethereum staking support exist. These include the Grayscale Ethereum Staking ETF (ETHE), where approximately 75.75% of assets are engaged in staking, and the staking reward is 2.95%. Investors can also access shares of the 21Shares Ethereum Staked ETF (TETH) and the Grayscale Avalanche Staking ETF (GAVA).
On Thursday, March 12, American spot exchange-traded funds for Bitcoin and Ethereum recorded a net inflow of funds. Bitcoin ETFs attracted $53.8 million, while Ethereum funds saw an inflow of $72.4 million, and spot ETFs for Solana brought in $4 million. This marks the fourth consecutive day of inflows for Bitcoin funds, according to analytics platform SoSoValue.
However, over the past four months, outflows from spot exchange-traded funds (ETFs) tied to Bitcoin and Ethereum have reached nearly $9.2 billion.
