Grayscale distributes Ethereum ETF staking rewards, with ETHE dividends of approximately $0.08 per share.

Grayscale Investments( recently announced that its Ethereum ETF will begin distributing cash earnings from on-chain staking to investors for the first time. This marks the first time a U.S.-listed spot crypto ETF has directly linked its dividend distribution to on-chain staking activities.

Staking Mechanism Launch in 2025 to Pave the Way for Future Distributions

On October 6, 2025, Grayscale officially activated the Ethereum staking mechanism for its Ethereum-related investment products. Through institutional-grade custodians and third-party validation node service providers, the fund’s holdings of Ether are now being staked.

This adjustment makes Grayscale’s Ethereum ETF “ETHE” and Ethereum “Mini Trust ETF” among the first crypto spot ETFs in the U.S. to participate indirectly in Ethereum staking.

First Announcement of Staking Earnings, Approximately $0.08 per Share

On January 5, this year, Grayscale officially announced that ETHE would distribute its first staking earnings, approximately $0.08 per share. The earnings are derived from selling staking rewards and converting them into USD cash, rather than directly distributing Ether. The distribution is scheduled for January 6, based on the shareholding record at the close of trading on January 5.

This also makes ETHE the first listed product in the U.S. to convert on-chain staking returns into cash and return them to investors.

Pioneers in Staking Appear, Industry Awaiting Regulatory Approval

Currently, Grayscale remains the only listed fund in the U.S. that has actually distributed Ethereum staking rewards to investors. The following are institutions that are gradually initiating procedures to incorporate staking mechanisms into spot Ethereum ETFs:

February 2025: 21Shares submits an application to add staking to the 21Shares Core Ethereum ETF.

March 2025: Cboe BZX applies to the SEC to add staking functionality to the Fidelity Ethereum Fund, allowing some or all Ether to be staked through third parties.

November 2025: BlackRock registers a “Stakable Ethereum ETF” in Delaware as a procedural step before launch.

Continued Capital Inflows, Rapid Market Growth

Since the listing of the U.S. spot Ethereum ETF in July 2024, 2025 has become the first full year of operation for this type of product.

According to statistics, the U.S. spot Ethereum ETF attracted approximately $9.6 billion in capital inflows throughout 2025. The total assets under management for U.S. spot Ethereum ETFs currently amount to about $18 billion. Among them, BlackRock’s ETHA is the largest with approximately $11.1 billion, followed by Grayscale’s ETHE with about $4.1 billion, and Grayscale’s Ethereum Mini Trust ETF with roughly $1.5 billion.

Grayscale’s approach has officially integrated Ethereum staking earnings into the practical operations of U.S.-listed ETFs, serving as an important reference for whether other Ethereum ETFs can incorporate staking mechanisms in the future.

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