BlackRock Files for Staked Ethereum ETF as Industry Competition Intensifies

BlackRock registered an iShares Staked Ethereum Trust ETF in Delaware on November 19, signaling its move to capture yield-focused institutional demand.

The filing arrives as regulatory changes and new competitor products reshape the crypto exchange-traded fund (ETF) space. Although BlackRock’s registration is a key milestone, further documents are required for the proposed fund to seek regulatory approval.

BlackRock Enters Staked Ethereum Race Amid Regulatory Shift

The $13.5 trillion asset manager’s registration in Delaware is a typical early step for ETF issuers. This setup comes before formal filings with regulators.

In a post on X, Bloomberg ETF analyst Eric Balchunas highlighted that BlackRock’s staked ETH ETF is registered under the Securities Act of 1933.

Earlier in the year, BlackRock sought to add staking to its iShares Ethereum Trust (ETHA). Nasdaq, the exchange that lists ETHA, submitted an amended 19b-4 filing to the SEC in July 2025.

The SEC has, in the past, shown reluctance toward greenlighting ETFs that involve staking. Nonetheless, the regulatory outlook for crypto ETFs has improved.

In September 2025, the SEC approved generic listing for crypto ETFs. This removed the previous need for individual SEC reviews of each ETF. These changes have made product launches much faster for compliant offerings.

Meanwhile, this step positions BlackRock to compete directly with other asset managers, who are also looking to introduce staked Ethereum products. Notably, some have gained first-mover advantages in the staked Ethereum ETF market.

REX-Osprey launched ESK, offering exposure to Ethereum and staking rewards, on September 25, 2025. The fund distributes monthly staking rewards to investors after fees.

“REX-Osprey, a strategic collaboration between REX Shares and Osprey Funds, today announced the launch of ESK, the REX-Osprey ETH + Staking ETF, the first 1940 Act US-listed ETF to give investors exposure to Ethereum (ETH) plus staking rewards,” the firm wrote.

In October, Grayscale also enabled staking in its Ethereum and Solana ETFs. The company’s products integrate rewards into the fund’s net asset value to enhance tax efficiency.

Unlike its other competitors, BlackRock has limited its crypto ETF lineup to Bitcoin and Ethereum. The firm’s leadership cites market size, liquidity, and institutional demand as key factors in its decision-making process.

This selective strategy has thus far yielded strong results. SoSoValue data shows iShares Ethereum Trust (ETHA) has cumulative net inflows of $13.09 billion and net assets of $11.47 billion. ETHA also reached $1 billion in AUM within its first two months.

BlackRock’s Bitcoin ETF, IBIT, has performed even better. The fund’s cumulative net inflows stand at $63.12 billion, with $72.76 billion in current assets, placing it in the top spot among Bitcoin ETFs.

The coming months will show whether BlackRock’s measured expansion can reclaim market share from early staked Ethereum ETF movers. With regulatory barriers lowered and competitors capturing assets, execution and timing will decide the success of BlackRock’s latest crypto product.