The SEC has begun reviewing a proposal from NYSE Arca to allow staking activities within the Grayscale Ethereum Trust ETF and Grayscale Ethereum Mini Trust ETF. The ruling is expected by May 26, 2025.

On February 14, 2025, NYSE Arca filed a request to modify rules to allow Grayscale Ethereum funds to stake ETH through trusted providers and earn rewards.

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Both ETFs are already trading in the market. The Grayscale Ethereum Trust ETF was approved by the SEC in May 2024, and the Grayscale Ethereum Mini Trust ETF was approved in July 2024.

Staking Process and Regulatory Framework

The proposed changes include that staking will only be carried out by Grayscale. ETH will not be combined with other institutions and third-party staking services will not be marketed.

There will be no changes to the current custody regulations, with Coinbase Custody continuing to safeguard the ETH assets in the ETFs.

The SEC will subject the proposal to a public review process. The initial decision deadline is 45 days but can be extended up to 90 days from the publication date.

In March 2024, Grayscale Investments proposed adding staking features to its spot Ethereum ETF but faced regulatory hurdles. Fidelity also made a similar attempt during the same period.

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Fee Plans and Competitive Pricing

On Friday afternoon, well-known brands like BlackRock, VanEck, Franklin Templeton, Grayscale Investments, Invesco Galaxy, and 21Shares turned in their revised filings. Franklin Templeton and VanEck especially revealed their fees: 0.19% and 0.20%, respectively. Senior Bloomberg ETF analyst Eric Balchunas pointed out that these costs are competitive and said, “VanEck is in and so is their charge, which will be 0.20%, which is pretty darn cheap, right around Franklin’s 0.19%.” This competitive pricing strains other companies, like BlackRock, to maintain low prices.

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Seed Funding and Market Forecast

The filings also included seed investments; the sponsor of the 21Shares Core Ethereum ETF, 21Shares US LLC, made a sizeable $340,739 seed investment. Franklin Templeton and Invesco Galaxy both revealed $100,000 starter investments each. These purchases highlight the companies’ dedication and faith in the Ethereum ETF space.

Last month the SEC authorized 19b-4 forms for eight Ethereum ETFs; issuers still need to get their S-1s, often known as S-3s, effective before trading can begin. The SEC earlier in the year authorized five spot bitcoin ETFs with fees ranging between 0.21% and 0.39%.

Balchunas sees a major turning point in the crypto investing scene when these Ethereum ETFs open by July 2.

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SEC has granted a Futures Ether ETF approval to a company for the first time. Thus, Valkyrie Investments became the first company to offer a Futures Ethereum ETF. The SEC had granted approval to Valkyrie Investments for a Futures Bitcoin ETF in October 2021. Valkyrie plans to modify the investment strategy of the existing Bitcoin Futures ETF to also include Ethereum Futures contracts.

Currently, there are 8 companies waiting for approval for their Futures Ethereum ETF applications. Among these companies are VanEck, Grayscale Investments, and Bitwise. With Valkyrie receiving approval, there is a possibility that approvals for other ETFs could come shortly.

US Republican presidential candidate and billionaire entrepreneur Vivek Ramaswamy announced that, if elected, he would implement his cryptocurrency policy framework and plans to publish a version of it before Thanksgiving.

This week, the SEC has delayed the decisions on the Ethereum Spot ETFs of ARK 21Shares and VanEck. It also announced the delay of the spot Bitcoin ETF application by ARK Invest and Global X. Due to the strict stance of SEC Chairman Gary Gensler against cryptocurrencies, companies are struggling to get ETF approvals. Gensler stated in court this week that Bitcoin is not a security.

Valkyrie’s Chief Investment Officer Steven McClurg said, “We are excited to be the first to offer our investors Ethereum futures as interest in the asset has increased exponentially over the past year.”

Valkyrie had planned to launch the Futures Ethereum ETF on October 3rd, but due to a possible government shutdown on Friday, they will release the ETF tomorrow. The first Futures Ethereum ETF will be listed tomorrow. Currently, the price of Ethereum is hovering around $1656.
SEC has given approval for the Futures Ethereum ETF for the first time.

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