As just became known, BlackRock, which reported $14 trillion in assets under management in March 2026, is officially launching its new exchange-traded fund, the iShares Staked Ethereum Trust, under the ticker ETHB. This is the first crypto ETF in the United States that will not only track the price of Ethereum but also generate passive income through the staking of ETH.
Key details include a Sponsor Fee of 0.25% per year. However, during the first year, it will be reduced to 0.12%, or until ETHB reaches $2.5 billion in assets. BlackRock plans to stake between 70% and 95% of the ETF’s total holdings. The remaining reserve will stay liquid to ensure fast investor redemptions. In addition, investors will receive 82% to 90% of staking rewards as monthly dividend payments.
BlackRock tactics with ETHB: Why do they have to pay Bitwise?
Interestingly, BlackRock has hired professional validator services to operate the nodes. The currently approved list includes Figment, Galaxy Blockchain Infrastructure and Attest Unlimited, according to James Seyffart. There is a nuance with the latter, as the company was recently acquired by Bitwise, a direct competitor of BlackRock on the ETF market.
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This creates a situation where BlackRock will effectively be paying competitor fees for staking infrastructure. This highlights how critical technical infrastructure, particularly in Ethereum staking, has become.
Total Ethereum Spot ETF Net Inflow, Source: SoSoValue
It is reasonable to expect that part of the investor base will rotate from the standard Ethereum fund, ETHA, which does not offer yield, into ETHB. According to SoSoValue, ETHA currently holds around $66 billion in net assets, accounting for more than 50% of the entire Ethereum ETF market in the United States.
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Finally, the aggressive competition for market share is evident. The fee reduction to 0.12%, along with the recent adjustment of staking taxation from 18% to 20% of rewards, indicates that BlackRock aims to secure a dominant market position as quickly as possible.
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