ETF Filing - BlackRock filed an application with the SEC to launch a staked Ethereum ETF [1] - The proposed ETF is named the iShares Staked Ethereum Trust and would trade under the ticker ETHB [1] - The filing initiates the SEC review process [1] Ethereum Staking - Staking is now central to Ethereum [1] - High network participation makes yield a core part of Ethereum [1]

Group 1 - BlackRock has filed for a staked Ethereum (ETH) exchange-traded fund (ETF), initiating the review process with the U.S. SEC [1] - The proposed fund, named iShares Ethereum Staking Trust (ETHB), was first indicated in November when BlackRock registered the name in Delaware [2] - This is not BlackRock's first Ethereum ETF; the firm launched the iShares Ethereum Trust (ETHA) in July 2024, but had to remove staking components from earlier filings due to SEC guidance [3] Group 2 - Under new SEC Chair Paul Atkins, the stance on staking appears to be softening, allowing BlackRock and others to amend ETF filings to include staking [4] - The iShares Ethereum Trust (ETHA), which holds approximately $11 billion in ETH, will remain separate from the proposed staked fund [4] - If approved, the staked fund would provide investors with exposure to Ethereum's yield-generating mechanism without the need to stake assets themselves [4]

ETF Filing & Yield - BlackRock filed for a staked Ethereum ETF [1] - The ETF aims to generate a 3-4% native yield [1] Market Timing & Sentiment - The filing occurred when the fear index was at 13 [1] - Ethereum is down 53% from its all-time high (ATH) [1] Infrastructure Development - Infrastructure is being built at market bottoms [1] TradFi Integration - BlackRock is building infrastructure to turn ETH into an income asset for traditional finance (TradFi) [1]