Grayscale Investments has launched the first spot staking exchange-traded products (ETPs) for Ethereum and Solana in the United States.
The debut of the Grayscale Ethereum Trust ETF (ETHE), the Ethereum Mini Trust ETF (ETH), and the activation of staking for the Grayscale Solana Trust (GSOL) enable U.S. investors to gain exposure to both the spot prices and staking yields of these leading proof-of-stake blockchains through traditional brokerage accounts.
Grayscale Enables First Crypto Staking ETPs
ETHE and ETH, both listed on regulated exchanges, are now the first spot crypto ETPs in the U.S. to feature native staking, following recent regulatory clarifications by the SEC on liquid staking receipts. GSOL, previously quoted on OTC markets, has also introduced staking for Solana, pending its full transition to an exchange-traded product.
Institutional custodians and a network of validators manage the staking process, while Grayscale maintains fund transparency by publishing regular reports that detail staking operations and validator partnerships.
Before staking’s approval, most crypto ETPs in the U.S. did not pass through protocol-based rewards to investors, resulting in forgone yield on significant reserves. Grayscale’s move addresses this gap and positions its ETPs as new yield-generating instruments for both individual and institutional clients.
Grayscale has staked over 40,000 ETH out of the approximately $1.06 million it manages, which is currently valued at around $4.8 billion. Its Ethereum ETPs now represent about half of all U.S. ETP-held Ethereum. Estimated staking yields for Ethereum currently stand at around 2.06% per annum, while Solana’s staking integration could draw further attention from yield-seeking investors.
Regulatory Framework and Liquidity Innovations
The ETPs operate under the regulatory frameworks for commodity-based and crypto-asset ETPs, but are exempt from certain requirements of the Investment Company Act, reflecting the SEC’s evolving approach to crypto oversight.
Grayscale’s adoption of a “Liquidity Sleeve,” a pool of unstaked tokens and short-term financing, counters the risk posed by Ethereum’s 45-day unstaking period, ensuring redemption requests can be met without disrupting staking activities.
The Securities and Exchange Commission’s recent guidance on liquid staking receipts and the approval of multi-asset crypto ETPs have paved the way for further product launches and streamlined the listing process, particularly on exchanges such as Nasdaq and NYSE Arca.
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