Quick Takeaways:
- Grayscale wants in on staking — it’s ready to stake 40,000 ETH, and it could become the first U.S. Ethereum ETF to do so.
- The SEC hasn’t said yes (yet) — but its recent tone suggests it might be softening on staking inside ETFs.
- Why it matters — staking could bring millions in passive income to ETF investors and attract more institutional money into Ethereum.
Grayscale Is Ready to Stake, Even If the SEC Isn’t (Yet)
Grayscale is getting serious about staking. Last week, the company quietly moved over 40,000 ETH worth around $184 million out of its cold wallet.
While Grayscale hasn’t officially confirmed the purpose, on-chain analysts from Arkham Intelligence say this kind of activity lines up with staking prep.
Now, if you’re wondering why that’s a big deal, here’s the scoop: No U.S.-listed spot Ethereum ETF offers staking. Not yet, anyway. But Grayscale wants to be the first.
They’re not waiting around idly. The company has already filed proposals with the U.S. Securities and Exchange Commission (SEC) to allow staking as part of its Ethereum Trust (ETHE) and Ethereum Mini Trust products.
These are ETFs that give investors exposure to ETH without having to manage wallets or deal with private keys. For now, the SEC hasn’t signed off on staking in ETFs, but the regulatory winds seem to be shifting.
Why Grayscale Is Betting on Staking
Let’s be real: just holding ETH is fine. But staking ETH is better, you help secure the network and, in return, you earn rewards. That’s what Ethereum’s proof-of-stake model is all about.
So here’s the catch: even though Ethereum ETFs hold billions of dollars in ETH, none of them are staking it. That means investors are missing out on what could be millions of dollars in passive income simply because regulators haven’t given the green light.
Grayscale estimates that U.S. Ethereum ETFs have missed out on around $61 million in staking rewards since they launched.
That’s a lot of money left on the table.
By staking, Grayscale could start capturing some of those returns for investors — and give its products a competitive edge. Of course, that all depends on whether the SEC plays ball.
But Wait, What’s the SEC Actually Saying?
Until recently, the SEC was mostly silent (or skeptical) about staking in ETFs. But things are starting to change.
Back in May 2025, the SEC delayed its decision on Grayscale’s staking proposal. The agency now has until October to make a final call.
But here’s where it gets interesting: in recent months, the SEC has signaled that some forms of liquid staking might fall outside of its direct oversight.
That’s legalese for: “We’re maybe not going to block this.” Grayscale is leaning into that ambiguity. The company has proposed some clever solutions to make staking work within the ETF framework, like setting aside a reserve of unstaked ETH (called a “liquidity sleeve”) to cover redemptions. That way, investors wouldn’t get stuck if they want to cash out.
If the SEC Says Yes, Everything Could Change
Let’s imagine the SEC gives Grayscale the go-ahead. What would that actually mean?
For starters, it could open the floodgates for other ETH ETFs to add staking too.
That’s a big win for investors who want crypto exposure and passive income all through traditional investment accounts. It would also bring Ethereum ETFs more in line with how ETH works in the real world.
Right now, if you hold ETH in your own wallet, you can stake it and earn. But if you hold ETH through an ETF? You’re just watching others earn. Approving staking would fix that imbalance.
Plus, it might attract even more institutional money into Ethereum. Analysts like Markus Thielen of 10x Research believe staking could “dramatically reshape the market” by making ETH more appealing as a long-term investment.
And there’s demand. Spot ETH ETF inflows have surged in 2025, while ETH balances on exchanges have dropped to a 3-year low. A lot of that supply is getting absorbed by funds, and if those funds start staking, it could create a powerful new incentive to hold.
So… What Happens Next?
Right now, we’re in a holding pattern. Grayscale has made its move. The ETH has been moved. The proposals are on the SEC’s desk. The next decision could come any week, or it could drag out until the final October deadline.
If the SEC approves staking, Grayscale’s Ethereum funds will likely be first in line to implement it. If not, well, we’ll probably see more back-and-forth filings and delays.
But one thing is clear: Grayscale is betting big on the future of Ethereum staking, and it’s trying to bring ETF investors along for the ride.
