Grayscale Opens ETF Staking, U.S. Spot Crypto ETFs Enter the Staking Era

2025-10-07 10:36

Grayscale, an asset management company, has announced the introduction of staking for its Ethereum Trust ETF (ETHE), Ethereum Mini Trust ETF (ETH), and the Solana Trust (GSOL), which is in the process of transitioning to an ETF. These products become the first spot crypto ETFs in the United States to support staking.

This initiative is facilitated by the recently launched Generic Listing Standards (GLSS) by the U.S. Securities and Exchange Commission (SEC). Under the new regulations, spot crypto ETFs that meet these standards no longer need separate SEC approval and only require shareholder authorization to conduct staking operations. Meanwhile, the SEC's policy proposal, previously soliciting public comment on staking, was withdrawn on September 26th.

Grayscale disclosed its differentiated profit distribution model in the announcement:

• Ethereum Trust ETF (ETHE): The issuer, custodian, and staking service provider share a combined 23% of the staking income, with investors receiving 77%;

• Ethereum Mini Trust ETF (ETH): The share of the issuer, custodian and staking service provider is reduced to 6%, and investors can obtain 94% of the returns.

This institutional breakthrough is positive for Ethereum. The addition of staking functionality will bring ETF returns closer to those of directly holding and staking the token, significantly increasing institutional investment appetite. Furthermore, other ETF issuers are expected to quickly follow suit, triggering a price war among ETF issuers over staking returns, further benefiting ETF investors.

Solana is also expected to benefit. As the next asset expected to have staking functionality available from the outset, the Solana ETF is expected to significantly enhance its appeal.

The industry generally believes that with the implementation of universal standards, all future crypto spot ETFs listed based on this mechanism will simultaneously introduce staking functionality. This development not only expands the product form and functional boundaries of crypto ETFs but is also seen as a significant step in accelerating the entry of crypto assets into mainstream capital markets.