📅 July 17, 2025 | New York, USA
A bombshell that could redefine the relationship between Wall Street and the crypto ecosystem: Nasdaq has just filed a formal application with the SEC to add staking capacity to ETHA, the Ethereum ETF managed by none other than BlackRock, the largest asset manager on the planet. The news, confirmed today by The Block, rekindles the debate about whether the world's largest financial power will use Ethereum's infrastructure not only for passive exposure, but also to generate active income from staking... and share it with its shareholders.
BlackRock, Nasdaq, and the Bet on a "Productive" Ethereum
BlackRock's ETHA ETF was approved in early 2025, becoming one of the most popular vehicles for institutional investors seeking regulated and hassle-free exposure to ETH. Until now, like any traditional ETF, it was limited to purchasing, holding, and reflecting the spot price of Ethereum.
But with this application, Nasdaq and BlackRock want to go a step further: activating staking with part of the ETH under management, validating transactions on the network, and receiving on-chain rewards. The idea is for these rewards to be distributed proportionally to ETF holders, increasing its attractiveness compared to competing funds and capturing one of the largest value differentials of Proof of Stake blockchains.
What obstacles does the proposal face?
Although it sounds like a logical step, the SEC has not yet commented on whether it will allow ETFs to engage in staking activities directly. Regulators have raised objections in the past, arguing that staking can be considered a form of active business activity, which could change the tax and regulatory status of these products.
On the other hand, experts point out that BlackRock is determined to convince the SEC that staking is comparable to receiving dividends from stocks, interest from bonds, or returns from real estate within REITs. The argument is simple: if the ETF holds ETH, it should be able to take advantage of the network's architecture to maximize the return on the underlying assets.
If approved, the move would open the door for other issuers—such as Fidelity, Grayscale, or Ark Invest—to follow suit, transforming the crypto ETF market into a competition arena for who offers the best passive returns.
Topic opinion:
ETF staking is the final frontier for institutional adoption of Ethereum. If BlackRock manages to convince the SEC, we'll be entering a new era where Wall Street giants not only buy crypto, but actively participate in the validation of decentralized networks. It's the corporate version of "not your keys, not your coins," but with a yield-sharing machine.
Risks? Many. More validation power concentrated in the hands of centralized custodians. More political pressure on Ethereum's governance. And a potential blow to the "pure decentralization" narrative. But let's face it: institutional money isn't going to sit back while staking rewards are on the table.
If this movement succeeds, we'll see a race for staked ETFs for Solana, Polkadot, and any large PoS blockchain. And that, whether you like it or not, will be a game-changer.
💬 Is this a step toward mass adoption or a risk to decentralization?
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