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

Asset management company Grayscale 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, qualifying spot crypto ETFs no longer require separate SEC approval and only require shareholder authorization to implement staking. Meanwhile, the SEC's official website withdrew its previous policy proposal on staking, which was open for public comment on September 26. Grayscale's announcement outlined differentiated profit distribution models: • Ethereum Trust ETF (ETHE): The issuer, custodian, and staking service providers share a combined 23% of staking returns, with investors receiving 77%; • Ethereum Mini Trust ETF (ETH): The issuer, custodian, and staking service providers receive a reduced share of 6%, with investors receiving 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 cryptocurrencies, and is expected to significantly increase institutional investment incentives. 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 feature staking functionality from the outset, the Solana ETF's appeal is expected to increase significantly. It is widely believed in the industry that, with the implementation of universal standards, all future crypto spot ETFs listed using this mechanism will also incorporate staking functionality. This development not only expands the product form and functionality of crypto ETFs but is also seen as a significant step in accelerating the entry of crypto assets into mainstream capital markets.