BlackRock has officially applied to pledge Ethereum Exchange-traded funds mark a critical step in bringing staking risk to the masses.
The world’s largest asset management company submitted an S-1 registration statement to the U.S. SEC on Friday. The filing kicks off the review process, but in order to trigger a formal deadline for SEC approval or rejection, the fund’s listing exchange must still file a separate Form 19b-4.
The proposed fund, called iShares Ethereum Staking Trust Fund (ETHB), was first hinted at in November when BlackRock registered the name in Delaware. The move signaled intent but did not count as a formal filing with the SEC.
This isn’t BlackRock’s first Ethereum ETF. The company launched iShares Ethereum Trust (ETHA) in July 2024 along with other issuers. But the SEC, then led by Chairman Gary Gensler, reportedly directed the company to remove the pledge section from its filings. The agency has previously argued that staking services offered by platforms such as Kraken and Coinbase could constitute unregistered securities offerings.
That stance appears to be softening under new chairman Paul Atkins. Currently, several issuers, including BlackRock and VanEck, are resubmitting or amending ETF documents to include staking. While other firms are revamping existing products, BlackRock has chosen to launch an entirely new fund.
ETHA holds approximately $11 billion in ETH and will remain separate from the pledged version. The staking fund, if approved, would allow investors to gain exposure to Ethereum’s revenue generation mechanisms without having to stake their assets themselves.