Grayscale shifts 40,000 ETH as it eyes staking, potentially making it the first US Ethereum ETF sponsor to test SEC clarity on staking rules.
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Cryptocurrency asset manager Grayscale is preparing to stake part of its massive Ether holdings, a move that could signal confidence that US regulators will soon permit staking within exchange-traded products.
Onchain data from Arkham Intelligence showed Grayscale transferred more than 40,000 Ether () on Thursday, activity consistent with positioning for staking rewards. Arkham noted that if confirmed, Grayscale would be the first US Ethereum ETF sponsor to stake its holdings.
Grayscale’s manages more than 1.06 million ETH, valued at over $4.8 billion. The firm launched ETHE in 2017 as a private placement vehicle, and in 2024 rolled out the lower-cost Ethereum Mini Trust () through a partial spin-off of ETHE’s assets.
The development follows the US Securities and Exchange Commission’s (SEC) decision this year to on whether Grayscale funds could incorporate ETH staking. Since then, the regualtor has provided additional clarity, indicating that may not fall under its jurisdiction — opening the door to potential adoption by regulated funds.
Although Grayscale has filed proposals to enable staking, the SEC has yet to approve them — indicating the company may be positioning ahead of a ruling. No existing spot Ether ETFs include staking features.
The Arkham-tracked transfer came a day after the SEC — a multi-asset crypto ETP offering exposure to Bitcoin (), Ether, XRP (), Solana () and Cardano (). The product allows investors to gain diversified crypto exposure without directly purchasing individual tokens.
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Analysts have long argued that approval of staking within US spot Ether ETFs could spark a new wave of institutional demand, allowing investors to earn rewards rather than simply hold the asset passively.
10x Research head Markus Thielen that staking for Ethereum ETFs could “dramatically reshape the market.”
The discussion comes as demand for Ether accelerates. Spot ETF inflows have surged this year, while the amount of ETH held on exchanges — a decline attributed to corporate treasuries and ETFs absorbing supply.
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