Cryptocurrency asset management company Grayscale is preparing to stake a portion of its large Ethereum holdings, a move that may indicate its belief that U.S. regulators will soon allow staking in exchange-traded products.
On-chain data from Arkham Intelligence shows that Grayscale transferred over 40,000 Ethereum (ETH) on Thursday, an activity consistent with preparations for staking rewards. Arkham noted that if confirmed, Grayscale would become the first U.S. Ethereum ETF sponsor to stake its holdings.
Grayscale's Ethereum Trust (ETHE) manages over 1.06 million ETH, worth more than $4.8 billion. The company launched ETHE as a private investment vehicle in 2017 and introduced a lower-cost Ethereum mini trust (ETH) in 2024 through a partial spinoff of ETHE assets.
This development follows the U.S. Securities and Exchange Commission (SEC) deciding this year to delay its ruling on whether Grayscale's fund can include ETH staking. Subsequently, the regulator provided more clarity, indicating that certain forms of liquid staking may not fall under its jurisdiction—opening the door for potential adoption by regulated funds.
Although Grayscale has submitted a proposal to enable staking, the SEC has yet to approve it—suggesting that the company may be preparing for the ruling. Existing spot Ethereum ETFs do not include staking functionality.
The transfer tracked by Arkham occurred a day after the SEC approved Grayscale's Digital Large Cap Fund—a multi-asset cryptocurrency ETP that provides exposure to Bitcoin (BTC), Ethereum, Ripple (XRP), Solana (SOL), and Cardano (ADA). This product allows investors to gain diversified cryptocurrency exposure without directly purchasing individual tokens.
Analysts have long believed that approving staking in U.S. spot Ethereum ETFs could trigger a new wave of institutional demand, allowing investors to earn rewards rather than simply holding assets passively.
Markus Thielen, head of 10x Research, told Cointelegraph in July that staking in Ethereum ETFs could "completely reshape the market."
This discussion comes at a time of accelerating demand for Ethereum. Inflows into spot ETFs surged this year, while the amount of ETH held on exchanges fell to a three-year low in early September—attributed to corporate treasuries and ETFs absorbing the supply.
Related: U.S. Securities and Exchange Commission (SEC) approves Grayscale's first U.S. multi-asset crypto ETP
Original article: “Arkham: As SEC's stance shifts, Grayscale prepares to stake Ethereum (ETH) holdings”
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