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Grayscale stakes $150M ETH as SEC altcoin ETF deadlines approach

Grayscale, a crypto-focused asset manager, has staked $150 million in Ether (32,000 ETH) for its exchange-traded products (ETPs), marking the first instance of a US-based crypto fund offering staking-based passive income. This significant move comes as Grayscale aims to enable its ETP and shareholders to earn rewards from staking. The staking rewards, treated as assets of the fund, allow shareholders to earn up to 77% of total generated rewards from Grayscale's Ethereum Trust and about 94% from the Ethereum Mini Trust, after deducting fees. This launch occurs alongside the anticipated SEC decisions on other Ether staking funds in October, including 21Shares' Core Ethereum staking filing and BlackRock's iShares Ethereum amendment. However, the SEC's ongoing budget constraints may delay responses, creating uncertainty amidst increased investor interest in cryptocurrency funds due to broader economic concerns. As the market evolves, Grayscale's ETP sets a new precedential standard for crypto asset management in the US.

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