• BlackRock, the world’s largest asset manager, appears to be preparing the launch of an Ethereum staking ETF.

  • A new filing in Delaware confirms the creation of the iShares Staked Ethereum Trust ETF — a clear sign that the company intends to expand its existing ETH ETF with a staking component. According to ETF analyst Eric Balchunas, this registration is an early step ahead of an expected SEC submission.

Source: X

For traditional finance, such a product would mark a structural shift. Institutional investors would be able to access staking yields in a fully compliant format — without having to manage validator risks on their own.

The timing is highly sensitive: ETH recently slipped below the psychologically important $3,000 level, wiping out all year-to-date gains.

At the same time, existing Ethereum ETFs are seeing heavy capital outflows. According to SoSoValue, outflows this month alone reached $1.53 billion, including $1.1 billion from BlackRock’s own product, ETHA.

According to SoSoValue, outflows reached $1.53B this month
Data: SoSoValue — outflows reached $1.53 billion this month

Many investors now expect that adding staking to the largest Ethereum ETF could attract fresh inflows and ease the selling pressure. This view is supported by Fundstrat’s Tom Lee, who believes Ethereum may be approaching a cyclical bottom this week.

On-chain indicators also point to heavy undervaluation. According to CryptoQuant, ETH is currently trading below its Realized Price, meaning it is cheaper than the average cost basis of major holders.

ETH trading below the Realized Price
Data: CryptoQuant — ETH is trading below Realized Price

In addition, Ethereum’s market capitalization is now almost equal to its Total Value Locked (TVL) — a historical zone that has often preceded major trend reversals in past cycles.

Adding to the tension is the situation around Tom Lee’s ETH-treasury vehicle, BitMine Immersion (BMNR). The company now holds 3.56 million ETH — roughly 2.9% of the entire supply — with a target of increasing its position to 5%.

However, its average entry price of $4,017 leaves BitMine sitting on an unrealized loss of nearly $3 billion — exceeding even MicroStrategy’s maximum Bitcoin drawdown during the bear market.

Crucially, BlackRock’s staking ETF could introduce a new structural risk for BitMine. Once a regulated, low-cost staking ETF becomes available and offers a similar yield profile, BitMine’s current business model may come under serious pressure.