DeutschThe crypto industry loves superlatives – this time, Grayscale delivers. The US asset manager is the first provider to launch Exchange Traded Funds that not only track digital assets but also enable investors to earn returns through staking. The company announced this on Monday. It is based on two Ether funds: the Grayscale Ethereum Mini Trust (ETH) and the larger Ethereum Trust (ETHE). Both will be equipped with a staking function effective immediately, as stated in a press release.
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With this, Grayscale enters a market that is regulatory sensitive and technologically complex – but promises returns. In the USA, staking within regulated funds is new territory. That is precisely part of the message: As an institutional giant, Grayscale wants to show strength and position itself against the competition. CEO Peter Mintzberg stated that the firm is “uniquely positioned to translate new features like staking into concrete added value for investors”. The message is clear: While others wait and see, Grayscale does not conceal its offensive.
Grayscale Launches Next Crypto Phase: First ETFs with Staking
Many investors have long known the principle from platforms like Lido, Coinbase, or Kraken: Whoever stakes their Ether for the Ethereum network receives ongoing rewards for it – currently between three and five percent annually. The fact that this mechanism is now being integrated into regulated financial products could particularly attract institutional clients who previously had no way to use staking without their own custody or technical infrastructure.
A third product is also noteworthy: The company is equipping its Solana fund GSOL with the same function – although this fund is (yet) not an ETF. Grayscale is trying to maintain its leadership in innovation in a market that is increasingly being entered by BlackRock, Fidelity & Co. Historically, Grayscale has experience with pioneering moments: Before the introduction of spot crypto ETFs in the USA, the company was considered for years to be almost the only bridge between institutional capital and digital assets. Its trusts allowed investors access to cryptocurrencies without having to deal with wallets or keys – often at high premiums.
Historic Step in the Crypto World
With the ETF wave at the beginning of 2024, Grayscale lost some ground. Competitors entered the market with cheaper fees and broader marketing. The introduction of staking within existing trust structures now looks like a counter-offensive: high-yield, regulatory challenging – but generating media attention. For the US market, the step is more than just an upgrade. The integration of staking could reignite the debate about securities law and custody regulations. Critics might ask whether a fund can simultaneously be a passive tracker and an active network operator. Regulators might look more closely at who takes on which role here and who bears the responsibility if validators make mistakes or protocols change.
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For investors, however, another reflex comes into play: Where returns beckon, skepticism gladly takes a back seat. It is logical that Ether products, of all things, are launching with staking. Ethereum is the world’s largest Proof-of-Stake network, highly liquid, and institutionally accepted. Whether a trend emerges from this depends not only on demand but also on the regulatory climate. Should the US Securities and Exchange Commission (SEC) tolerate the model, pressure on other providers is likely to increase. Staking within an ETF structure could turn out to be the next race in the industry. Grayscale has thus entered the playing field – and forced the competition to rethink. Investors, in turn, can prepare for the practical test of a concept that seemed unthinkable until yesterday. (mck)
