Adding DeFi to your 401k: How BlackRock’s staked Ethereum ETF rewires access to ETH rewards

BlackRock has registered the iShares Staked Ethereum Trust in Delaware, signaling its intent to launch a yield-bearing Ethereum ETF that incorporates staking rewards, a feature stripped from the initial spot ETH ETFs by the SEC. This move runs parallel to a Nasdaq proposal to retrofit BlackRock's existing spot ETH ETF with staking capabilities via Coinbase Custody. The push is driven by the yield gap, as current spot ETH ETFs charge fees (0.15% to 0.25%) without passing on the nearly 3% annualized on-chain staking yield to investors. A dedicated staked ETH ETF would convert this on-chain yield into a total-return line item compatible with retirement accounts like 401(k)s, potentially netting investors 2% to 3% annually after fees, even if the ETH price is flat. BlackRock appears poised to use Coinbase Custody for both storage and staking, a single-counterparty model regulators might favor over structures involving DeFi protocols. Regulatory approval remains uncertain, hinging on whether the SEC permits native staking in commodity trusts, how it treats liquid staking tokens, and the level of fee extraction allowed.

(Source：CryptoSlate)