BlackRock has taken its first formal step toward offering a yield-generating ether product, filing the iShares Staked Ethereum Trust in Delaware on Nov. 19, according to a newly surfaced state registration noted by Bloomberg analyst Eric Balchunas.

While the filing is not a full Securities Act of 1933 application, it signals BlackRock’s intent to pursue a staked ether ETF once the U.S. Securities and Exchange Commission clarifies its stance on staking within exchange-traded products. The trust structure mirrors the approach used in earlier pre-ETF registrations, indicating the firm is laying groundwork ahead of a potential submission.

The move positions BlackRock alongside VanEck, which recently registered a similar staked-ETH vehicle tied to Lido’s staking protocol. Issuers are now preparing for an expected new phase of competition in the ETF market, contingent on regulators permitting staking yields — a core feature of Ethereum’s economics — to be packaged into U.S.-listed funds.

The SEC previously barred issuers from including staking in the first batch of spot ether ETFs that launched in 2024, arguing that certain staking services could amount to unregistered securities offerings. As the industry awaits updated regulatory guidance, BlackRock’s early registration underscores rising institutional interest in yield-bearing ETH exposure.