Core Insights - Wall Street is enhancing the appeal of crypto ETFs by introducing yield opportunities for investors through the launch of BlackRock's Staked Ethereum Trust ETF (ETHB) [1] - The ETF allows investors to earn income by staking a portion of the fund's holdings, which is a new feature compared to previous crypto ETFs that primarily tracked asset prices [2] Group 1: ETF Features and Yield - The Staked Ethereum Trust ETF aims to generate an annual yield of approximately 2.5% to 3% from fully staked Ethereum, which is higher than the S&P 500's dividend yield of about 1.1% but lower than the 10-year US Treasury yield of roughly 4.2% [3] - BlackRock plans to stake between 70% and 95% of the fund's holdings and distribute rewards on a monthly basis [3] Group 2: Market Demand and Regulatory Environment - There is a growing demand from clients for investment options in Ethereum that also provide staking rewards, reflecting a shift in how digital assets can generate returns [4] - The regulatory environment has improved, facilitating greater adoption of cryptocurrencies and blockchain technologies, as noted by industry experts [5] Group 3: Emerging Trends in Crypto ETFs - The launch of BlackRock's ETF is part of a broader trend, with other firms like Grayscale also introducing ETFs that offer staking opportunities, such as the Avalanche Staking ETF (GAVA) [6] - Grayscale's Ethereum Staking ETF (ETHE) has already begun distributing staking rewards to shareholders, marking a significant development in the US-listed crypto ETF market [7]

Table of Contents As filed with the Securities and Exchange Commission on January 29, 2026 Registration No. 333-291492 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Amendment No. 1 to FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Grayscale Investments, Inc. (Exact Name of Registrant as Specified in Its Charter) (State or Other Jurisdiction of Incorporation or Organization) Delaware 6221 39-2149041 (Primary Standard Industrial Classification Code Number) 290 Harbo ...

Core Viewpoint - Grayscale Ethereum Staking ETF has made a significant distribution of staking rewards to shareholders, marking a historic moment for both Grayscale and the Ethereum community as the first U.S. spot crypto ETP to do so [1][4]. Distribution Details - Shareholders of Grayscale Ethereum Staking ETF (Ticker: ETHE) will receive a distribution of $0.083178 per share, based on staking rewards earned from October 6, 2025, to December 31, 2025 [2]. - The payout will be made on January 6, 2026, to investors who held shares as of the Record Date, January 5, 2026 [2]. Company Innovations - Grayscale has positioned itself as a leader in the digital asset space by enabling staking for its Ethereum products, with ETHE being the first Ethereum ETP to facilitate staking in the U.S. [4]. - The company aims to expand staking capabilities to additional products while focusing on education and transparent reporting for investors [5]. Company Background - Grayscale, founded in 2013, is the largest digital asset-focused investment platform with approximately $31 billion in assets under management (AUM) as of September 30, 2025 [6][7]. - The company provides various investment products, including single asset, diversified, and thematic exposure to the digital economy [6].