BlackRock has officially filed to launch a staked Ethereum exchange-traded fund, signaling a major step toward bringing on-chain yield exposure to mainstream investors. The proposed fund, named the iShares Ethereum Staking Trust (ETHB), represents the asset manager’s push into Ethereum staking amid a more accommodating SEC stance under new leadership.

The world’s largest asset manager submitted an S-1 registration statement to the U.S. Securities and Exchange Commission (SEC) on Friday. While this begins the SEC’s review process, a formal approval or denial timeline will only be triggered once the fund’s listing exchange files a separate 19b-4 form.

BlackRock first signaled its intent in November by registering the ETHB name in Delaware, but that step did not constitute a formal SEC filing. This is not BlackRock’s first Ethereum ETF; the firm launched the iShares Ethereum Trust (ETHA) in July 2024 alongside other issuers. At that time, the SEC, then led by Chair Gary Gensler, reportedly instructed issuers to remove staking components from filings, citing concerns that staking services offered by platforms such as Kraken and Coinbase could be considered unregistered securities offerings.

Under new Chair Paul Atkins, the SEC appears to be taking a more permissive approach. Several issuers, including BlackRock and VanEck, are now resubmitting or amending filings to include staking exposure. While some firms are modifying existing products, BlackRock has opted to launch an entirely new fund.

ETHA, which currently holds roughly $11 billion in Ethereum, will remain separate from the new staking-focused product. If approved, the iShares Ethereum Staking Trust would allow investors to gain exposure to Ethereum’s yield-generating mechanism without needing to stake assets themselves.