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Grayscale Ethereum Staking ETF
Grayscale Ethereum Staking ETF is a US-listed fund staking ether with institutional validators, launched via conversion of the Grayscale Ethereum Trust in...
Grayscale Ethereum Staking ETF
Grayscale Investments launched the Grayscale Ethereum Staking ETF as part of its push to bring crypto products into traditional ETF wrappers. The firm converted its existing Ethereum Trust (ETHE) into the staking ETF in 2025 after SEC rule changes permitted commodity-based ETFs to engage in proof-of-stake validation. Grayscale had already converted its flagship Bitcoin Trust (GBTC) into an ETF in early 2024. The ETF stakes ether held in custody with third-party validators, collecting protocol rewards from the Ethereum network. Staking yields are passed to investors as additional shares, net of Grayscale's management fee. The fund competes with other staking ETFs like the Fidelity Ethereum Fund and the Bitwise Ethereum Staking ETF. Grayscale manages over $20 billion in various crypto funds as of early 2025, including single-asset trusts and diversified vehicles. The firm operates from Stamford, Connecticut, with additional offices in New York and London. Grayscale converted its Ethereum Trust to a staking ETF in July 2025 (per SEC filings). Grayscale's structural differentiator is its conversion from a closed-end trust to an ETF, reducing the historically large discounts to NAV that plagued ETHE. This shift aligns share price with net asset value, making the product more accessible for retail and institutional investors.
General information
Firm type
other
Year founded
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AUM
Undisclosed
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Frequently asked questions
Who manages the Grayscale Ethereum Staking ETF?
Grayscale Investments manages the fund. Michael Sonnenshein served as CEO through 2024; Peter Mintzberg became CEO in August 2023 and left in early 2025. The fund's day-to-day operations fall under Grayscale's product team.
How does the ETF generate staking yield?
The fund stakes ether with institutional validators who run Ethereum nodes. Validators earn protocol rewards for validating transactions, which the fund collects and passes to shareholders as additional ETF shares. The staking yield variable depends on total ether staked and network issuance.
Does the Grayscale Ethereum Staking ETF trade at a discount or premium?
Since its conversion to an ETF structure in July 2025, the fund trades at or near its net asset value (NAV). This contrasts with the prior closed-end trust structure, which often traded at a significant discount to NAV.
What fees does the Grayscale Ethereum Staking ETF charge?
Grayscale charges a management fee of 2.5% annually on the Ethereum Staking ETF, which is higher than most crypto ETFs. The fee is deducted from fund assets and covered by staking rewards where possible.
Who is the custodian of the ether in the ETF?
Coinbase Custody Trust Company acts as custodian for the ether held by the fund. Grayscale also uses Coinbase Prime as its primary broker for executing trades and managing liquidity.
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