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Grayscale Breaks New Ground With First Ethereum Staking Payout to U.S. ETF Investors
Source: DefiPlanet Original Title: Grayscale Breaks New Ground With First Ethereum Staking Payout to U.S. ETF Investors Original Link:
Quick Breakdown
Grayscale has crossed a major regulatory and structural milestone that could redefine how U.S. investors gain yield from Ethereum.
The asset manager announced on January 5 that it has successfully distributed Ethereum staking rewards to investors in its Grayscale Ethereum Staking ETF (ETHE), making it the first U.S.-listed spot crypto exchange-traded product to pass on-chain staking income directly to shareholders.
The payout marks a significant step in blending Ethereum’s proof-of-stake economics with traditional investment vehicles.
First-of-its-kind staking distribution
Grayscale said ETHE paid out $0.083178 per share, representing staking rewards earned between October 6 and December 31, 2025. The cash distribution, paid on January 6, totalled approximately $9.4 million across the fund.
Rather than issuing ETH to investors, Grayscale sold the accumulated staking rewards and distributed the proceeds in cash. The ETF’s underlying Ether holdings remained unchanged. ETHE began trading ex-dividend on January 5, following a record date set the same day.
This marks the first successful instance of staking income being passed through a U.S.-listed spot Ethereum ETP, effectively introducing yield to products that previously only tracked price movements.
Why the move matters for institutional investors
Grayscale enabled staking for its Ethereum products in October 2025, making ETHE and its Ethereum Staking Mini ETF (ETH) the first U.S. ETPs approved to do so. Both products were officially rebranded earlier this month to reflect their staking functionality.
Because ETHE is not registered under the Investment Company Act of 1940, it has greater flexibility than traditional ETFs, though that also introduces additional risks. Factors such as validator performance, lock-up periods, network disruptions, and smart contract vulnerabilities can impact staking returns.
Despite those risks, analysts see the development as a key step toward integrating blockchain-native yield into regulated financial products. Other major issuers, including certain head institutional asset managers, have submitted filings related to Ethereum staking, but none have yet distributed rewards.
Grayscale says future payouts will depend on staking performance and market conditions, with no fixed schedule announced.