BlackRock revises SEC filing for Ethereum ETF with 0.25% fee

BlackRock recently made adjustments to a U.S. filing that outlines the details of a proposed staked Ethereum ETF. The updated document, submitted to the SEC, provides information on fees, custody, and distributions for potential investors. This filing sheds light on the structure, timing, and operational aspects of a product that is expected to be listed in the United States.

The amended filing discusses the iShares Staked Ethereum Trust ETF, set to trade on the Nasdaq Stock Market LLC under the symbol ETHB. It specifies an expense ratio of 0.25% and a share of 18% of total staking rewards. The ETF plans to stake between 70% and 90% of its Ethereum holdings under normal circumstances, while maintaining some ETH in liquid form for purposes such as redemptions, fees, and risk management. It is worth noting that BlackRock’s spot product, ETHA, does not involve staking.

Furthermore, the filing mentions a 12-month sponsor fee waiver, following which the sponsor fee will stand at 0.12% for the first $2.5 billion in assets. It is important to distinguish this sponsor fee from the staking fee, which applies to staking considerations.

Regarding custody, tax treatment, and operations, the filing aligns with recent SEC guidance that considers staking rewards as taxable earned income. This treatment simplifies tax procedures for institutions, although staking rewards are still subject to taxation according to current IRS regulations. As for custody and execution services, Coinbase Custody and Anchorage Digital are named as potential providers, with Coinbase acting as the prime execution agent. The sponsor reserves the right to pause staking in case of security, regulatory, or operational concerns.

Staking rewards acquired in ETH would contribute to the fund’s Net Asset Value (NAV), with shareholders receiving distributions at least quarterly after deducting fees. Service providers may impose additional charges on top of the fees mentioned. BlackRock has initiated the trust with a $100,000 seed capital, equivalent to 4,000 shares priced at $25 each. Reports indicate that the average annual Ethereum staking yield was approximately 3% based on early 2026 data. Adjustments to holdings have been made by Harvard, such as selling IBIT shares and purchasing ETHA, as disclosed in reports. Moreover, in the same timeframe, concerns were raised by Vitalik Buterin about potential risks of centralization associated with increased involvement of Wall Street in the Ethereum ecosystem.