Grayscale, a cryptocurrency asset management company, staked $150 million worth of Ether on Monday after introducing staking features for its exchange-traded products (ETP).
According to blockchain data platform Lookonchain, the asset management company staked 32,000 Ether (ETH) valued at $150 million.
This transfer occurred a day after Grayscale introduced staking features for its Ether ETP, making it the first U.S. cryptocurrency fund issuer to offer staking-based passive income for its funds.
This move allows Grayscale's ETP and its shareholders to start earning passive income through $150 million in staking rewards. According to Grayscale's ETP staking policy, these staking rewards will be considered "fund assets."
After deducting sponsor and custody fees, based on the fee structure disclosed in SEC filings, fund shareholders will receive 77% of the total staking rewards through the Grayscale Ethereum Trust and approximately 94% through the Ethereum Mini Trust.
The Grayscale Ethereum Trust ETF (ETHE) and the Grayscale Ethereum Mini Trust ETF (ETH) are both registered exchange-traded products under the Securities Act of 1933, rather than the Investment Company Act of 1940, which is the regulatory framework used by traditional mutual funds.
This makes the ETP structurally different from ETFs governed by the 1940 Act.
At least two more funds supporting Ether staking are expected to receive responses from the U.S. Securities and Exchange Commission (SEC) in October.
October is becoming a hopeful month for cryptocurrencies, with 16 cryptocurrency ETP applications on the SEC's agenda this month.
Among these 16 applications, at least two cryptocurrency staking funds are awaiting decisions this month, including 21Shares' core Ethereum ETF (TETH) staking application scheduled for October 23, and BlackRock's iShares Ethereum Trust (ETHA) ETP amendment seeking to add staking rewards, expected on October 30.
21Shares' Ether fund is registered under the Securities Act of 1933, making it an ETP, similar to Grayscale's ETH and ETHE ETPs.
Meanwhile, the REX-Osprey Solana Staking ETF launched in July as the first Solana (SOL) staking ETF under the Investment Company Act of 1940, which allows cryptocurrency ETFs to directly hold most of their spot assets and distribute staking rewards where applicable.
Grayscale's Solana fund—the Grayscale Solana Trust (GSOL)—has also enabled staking and is awaiting regulatory approval to upgrade to an ETP.
However, the ongoing government shutdown may slow regulatory responses to cryptocurrency ETP applications, as the SEC has stated it will operate under "modified conditions" with "extremely limited" staff until a funding bill is passed.
With no clear resolution, the Senate is scheduled to reconvene later on Tuesday regarding the funding bill, after Republicans and Democrats failed to reach an agreement for the fifth time on Monday.
The government shutdown has also increased investor interest in cryptocurrency funds and decentralized assets, driven by growing uncertainty.
According to Cointelegraph, cryptocurrency ETPs recorded the highest inflow in history last week after the government shutdown, with total investments reaching $5.95 billion.
Related: Record inflow of $5.95 billion into crypto funds amid U.S. government shutdown concerns
Original article: “Grayscale Stakes $150 Million in Ether (ETH), Industry Focuses on Altcoin ETP Approval Wave”
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