Yesterday, BlackRock launched its iShares Staked Ethereum Trust ETF, trading under the ticker ETHB.
According to Bloomberg ETF analyst James Seyffart, it recorded a trading volume of about $15.5 million on its first day.
A New Structure for Crypto Income
In a series of posts on X, Seyffart explained that the fund opened with just over $100 million in assets and had raked in more than $11 million in trading volume by 2 p.m. Eastern time. However, by day’s end, it had added another $4 million to close at $15.5 million. The analyst described the performance as “very, very solid for a day 1 ETF launch.”
He also looked at the numbers next to BlackRock’s existing spot Ethereum ETF, ETHA. During the same period, ETHA had about $264 million in trading volume, well above ETHB’s numbers. But the gap is largely a reflection of the difference in assets, with ETHA holding nearly $6.6 billion per SoSoValue and the staked Ethereum ETF launching at $100 million.
According to the analyst, ETHB carries a management fee of 0.25%, although in the first year, BlackRock is offering a reduced fee of 0.12% until the fund hits $2.5 billion in assets.
Documents released at the same time as yesterday’s launch show that Coinbase will be the custodian and staking provider. The ETF’s ETH will be delegated to a small number of approved validators, such as Figment, Galaxy Blockchain Infrastructure, and Attestant. Bitwise bought Attestant and is now rebranding it as Bitwise Onchain Solutions.
Rather than add staking rewards to the fund’s net asset value, BlackRock will pay them out as dividends, and according to Seyffart, the distribution will probably be paid out every month. Still, he urged investors to read the prospectus for the final details.
Some Analysts Think This Could Move ETH’s Price
Following ETHB’s announcement, analyst Ash Crypto said on X that the product was more important than it might appear. According to them, the 3% yield gives Ethereum a new reason for institutional capital allocation. They also pointed to how it could affect the basic supply and demand dynamic, which could help push up ETH’s price.
“Every dollar flowing into $ETHB removes ETH from circulation and locks it into staking,” the market watcher posted. “Less supply. Same or growing demand. Price goes up by basic math.”
The new product is part of a bigger change in how institutions are using Ethereum. Per data shared by the network earlier in the year, more than 35 financial and tech companies, including BlackRock, JPMorgan, and Fidelity, have released products that are built directly on the blockchain. These offerings include tokenized funds, on-chain deposits, and stablecoin services.
At the time of writing, ETH was trading around $2,100, which was about 3% more than it was 24 hours ago and about 6% higher than a month ago. The asset has also gone up almost 12% in the last year but is still well below its all-time high of nearly $4,950, which it hit in August 2025.
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