Yesterday something pretty big happened in the crypto world, and if you blinked you probably missed it.
BlackRock, the largest asset manager on the planet with over eleven trillion dollars under management, quietly registered a brand-new entity in Delaware called the iShares Staked Ethereum Trust. For anyone who’s been following the ETF saga, that name alone should make your eyebrows shoot up.
Why? Because this is the strongest signal yet that the world’s most powerful financial giant is seriously gearing up to launch a staking-enabled Ethereum exchange-traded fund – something the industry has been begging for since spot Ethereum ETFs went live last summer.
The Delaware Filing That Changes Everything
Let me set the scene. It’s November 19, 2025. Most headlines are still obsessing over Bitcoin flirting with $93,000. Meanwhile, over in the sleepy corporate registry of Delaware, a managing director at BlackRock signs a one-page document that could end up redirecting billions of dollars into Ethereum staking.
The entity is registered as a statutory trust under the Securities Act of 1933 – exactly the same structure BlackRock used for its spot Bitcoin and spot Ethereum trusts before those ETFs launched. In the ETF world, Delaware filings are the financial equivalent of digging the foundation before you pour concrete. It’s not the house yet, but everyone knows what’s coming next.
And the person who signed it? None other than Daniel Schweiger – the same BlackRock executive who handled the original iShares Ethereum Trust registration back in 2023. When you see the same name popping up, you pay attention.
What “Staked” Actually Means for Regular Investors
Right now, if you own shares of BlackRock’s existing iShares Ethereum ETF (ticker: ETHA), you’re getting pure price exposure to ETH. The fund holds actual Ethereum, tracks the price beautifully, and has already pulled in more than $13 billion since launch. But it currently earns zero staking yield.
That’s like owning a rental property and never collecting rent. Ethereum’s network pays roughly 3-5% annually to anyone who stakes their coins to help secure the chain. For a long time, the SEC made it crystal clear they weren’t comfortable letting regulated funds touch that yield.
But something shifted this fall. Grayscale got approval to turn on staking for its massive Ethereum Trust and Mini Trust products. Other issuers – Fidelity, 21Shares, Franklin Templeton – quickly followed with their own staking amendments. The dam is cracking, and BlackRock just brought the biggest hammer.
“If we get staking live in U.S. ETFs, you’re easily looking at another $10–20 billion of inflows by the middle of next year.”
– Robert Mitchnick, BlackRock Head of Digital Assets (Nov 19 interview)
The Road From Delaware Paperwork to Your Brokerage Account
Here’s the part a lot of people get wrong – the Delaware filing is not the S-1 prospectus. It’s step zero. Think of it as reserving the corporate shell before you actually ask the SEC for permission to sell shares.
What happens next is the real heavyweight fight:
- BlackRock (probably with Nasdaq or NYSE) files a 19b-4 rule-change proposal to allow staking inside the existing ETHA trust or launches an entirely new fund.
- They submit a full S-1 registration statement spelling out exactly how staking will work – validator selection, custody arrangements, how rewards are calculated and distributed, what happens if validators get slashed, liquidity during the 7-14 day unstaking period, etc.
- The SEC spends months (or longer) kicking the tires, negotiating language, and making sure retail investors won’t get hurt.
- Eventually – hopefully – we get an approval order and a ticker that actually pays you yield just for holding.
We’ve seen this movie before with spot Bitcoin ETFs. The Delaware trusts were created months ahead of the actual S-1 filings. History rhymes.
Why Staking Matters More Than You Think
Let’s talk numbers for a second, because this is where it gets juicy.
Ethereum’s current staking yield sits around 3.4% APR after the latest network adjustments. If BlackRock’s existing $13 billion ETH ETF flipped the staking switch tomorrow, that’s roughly $442 million dollars in annual rewards flowing to shareholders – automatically, without lifting a finger.
Scale that up with the extra $10-20 billion Mitchnick mentioned, and you’re talking about locking up another 3-6 million ETH from circulation. That’s real, structural buying pressure on a coin that already has deflationary mechanics baked in when network activity is high.
In my view, the market is severely underpricing what happens when institutions can finally offer “Ethereum with dividends.” It’s not just another product – it’s the moment crypto becomes boring, predictable, and palatable to every financial advisor in America.
The Competition Is Already Moving
BlackRock might be the 800-pound gorilla, but they’re not alone in this race anymore.
- Grayscale already has staking live in its flagship products.
- REX-Osprey launched a staked ETH ETF in September and even has a staked Solana product trading.
- Fidelity, Bitwise, VanEck, and 21Shares all have staking amendments pending.
- Even smaller players like Canary Capital and Volatility Shares are trying to get into the game.
Being first doesn’t matter as much as being the cheapest and most trusted. And on those two metrics, BlackRock is terrifyingly good.
What Could Still Go Wrong
Look, I’m optimistic, but I’ve been around crypto long enough to know nothing is guaranteed.
The SEC still has plenty of landmines they could throw:
- Worries about validator centralization if too much ETH flows to a handful of large staking providers.
- Custody questions – who exactly holds the private keys while coins are staked?
- Slashing risk – what happens if a validator misbehaves and the fund loses principal?
- Liquidity during unstaking delays – Ethereum isn’t instant like a money-market fund.
Every single one of those issues has been solved in the private-fund world for years. The question is whether the SEC will accept the same solutions for retail products.
The Bigger Picture for Ethereum
Step back for a second and think about what this really means.
We’re moving from “crypto is a speculative asset” to “crypto is an income-generating asset class that belongs in every portfolio.” That’s not marketing hype – that’s the quiet revolution happening right now.
When your uncle’s financial advisor can finally say, “Hey, this Ethereum fund pays 4% and it’s from BlackRock,” the conversation changes overnight. Adoption doesn’t come from Lambos and memes anymore. It comes from yield and familiarity.
And honestly? That’s probably healthier for the entire ecosystem in the long run.
What Should You Do Right Now?
Nothing dramatic. This is still early.
If you already hold ETH or one of the spot Ethereum ETFs, you’re perfectly positioned. A staking version will likely be offered as a share-class conversion or a new ticker you can switch into tax-free in most brokerage accounts.
If you’ve been waiting for real yield before jumping in, keep an eye on BlackRock’s SEC filings over the next few months. When that S-1 drops, the countdown really begins.
In the meantime, the fact that BlackRock – the most conservative, process-driven financial behemoth on Earth – is laying this groundwork tells you everything you need to know about where institutional money thinks Ethereum is headed.
The staking ETF wars are just getting started. And when BlackRock decides to fight a war, they usually win.
Disclosure: The author holds Ethereum and shares of various spot crypto ETFs. This is not financial advice – just one observer’s take on a very big development.
