The Structural Signal
Proof-of-stake networks generate continuous yield through validator participation. Until 2025, that yield was exclusively accessible through self-custody wallets, exchange staking products, or DeFi protocols, none of which clear institutional compliance requirements. Two regulatory decisions closed that gap. The IRS issued Revenue Procedure 2025-31, providing a safe harbor allowing investment trusts and ETPs to stake digital assets while preserving pass-through tax status. The SEC separately clarified that liquid staking activities do not constitute securities transactions. Combined, those two decisions authorized the entire U.S. ETF industry to build yield-generating structures around proof-of-stake assets for the first time.
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The market responded immediately. Grayscale's Ethereum Staking ETF went live in October 2025 and distributed $9.4 million in staking rewards to shareholders in January 2026 for its first partial quarter. BlackRock launched ETHB, the iShares Staked Ethereum Trust, on Nasdaq in March 2026 with $107 million in seed assets, staking 70 to 95% of holdings through Coinbase Prime and distributing monthly yield. Staking-enabled structures now account for 36% of active ETF inflows in 2026 globally.
