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BlackRock has registered a new fund in Delaware called the “iShares Staked Ethereum Trust ETF,” according to state Division of Corporations records.
When launching a cryptocurrency-related product, such registration is often a step before a formal application is filed with the U.S. Securities and Exchange Commission (SEC).
Previously, Nasdaq filed Form 19b-4 to allow the iShares Ethereum Trust (ETHA) to stake Ethereum through approved providers and classify rewards as income.
But the SEC recently eliminated this form of qualifying cryptocurrency products, allowing exchanges to list them directly under general listing standards without amending Rule 19b-4 each time.
As such, BlackRock joins the likes of 21Shares, Fidelity, Franklin Templeton and Grayscale in seeking to incorporate storage functionality into ethereum exchange-traded funds, having previously removed storage functionality from its application to avoid any regulatory risks associated with treating the storage service as an unregistered security.
It is worth noting that the “REX-Osprey ETH + Stake” fund is the first ETF in the United States to provide direct staking of Ethereum and distribute rewards to investors.
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