<div id="readability-page-1" class="page"><div><div><p>Holding an Ethereum ETF now allows you to receive regular interest payments, much like holding bonds? Earlier this month, Grayscale announced that its Grayscale Ethereum Staking ETF (ETHE) had distributed staking rewards earned between October 6, 2025, and December 31, 2025, to existing shareholders. This marks the first time a U.S. spot crypto asset trading product has distributed staking rewards to its holders. While this may seem like a routine on-chain practice to Web3 Native users, in the context of crypto finance history, it signifies that Ethereum's native rewards have been packaged within the standard framework of traditional finance for the first time, undoubtedly a milestone. More importantly, this is not an isolated event. At the on-chain data level, the Ethereum staking rate continues to climb, validators leaving the queue are gradually being absorbed, and those entering the queue are accumulating again—a series of changes are happening simultaneously. These seemingly scattered signals are collectively pointing to a deeper question: Is Ethereum gradually evolving from an asset primarily driven by price fluctuations into an &#34;interest-bearing asset&#34; accepted by long-term capital and possessing stable return attributes?</p><p><img src="https://imageproxy.pbkrs.com/https://img.foresightnews.pro/202601/12752-1768973362933.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="1613" height="792" original-src="https://imageproxy.pbkrs.com/https://img.foresightnews.pro/202601/12752-1768973362933.png"/></p><h2><strong>I. ETF Profit Distribution: Traditional Investors' &#34;First Experience&#34; with Staking</strong></h2><p>Objectively speaking, for a long time, Ethereum staking was more like a technical experiment with a geeky vibe, limited to the &#34;on-chain world.&#34;</p><p>Because it not only requires users to have basic cryptographic knowledge such as wallets and private keys, but also to understand the validator mechanism, consensus rules, lock-up period, and penalty logic. Although Liquidity Staking (LSD) protocols, represented by Lido Finance, have lowered the barrier to entry to a considerable extent, the staking rewards themselves still mainly remain in the native crypto context (stETH and other wrapped tokens).</p><p><img src="https://imageproxy.pbkrs.com/https://img.foresightnews.pro/202601/12752-1768973362933.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="1613" height="792" original-src="https://imageproxy.pbkrs.com/https://img.foresightnews.pro/202601/12752-1768973362933.png"/></p><h2> Ultimately, for most Web2 investors, this system is neither intuitive nor easily accessible, representing a significant hurdle. Now, this hurdle is being bridged by ETFs. According to Grayscale's distribution plan, ETHE holders will receive $0.083178 for each share they hold. This amount reflects the proceeds from staking and selling of shares during the corresponding period, and the distribution will take place on January 6, 2026 (the distribution date), targeting investors who held ETHE shares as of January 5, 2026 (the record date). In short, the returns don't come from business operations, but from network security and consensus participation itself. Previously, such returns existed almost exclusively within the crypto industry, but now they're being packaged in the familiar financial shell of ETFs. Through US stock accounts, traditional 401(k) or mutual fund investors can obtain native returns (in USD) generated by Ethereum network consensus without accessing their private keys. It's important to emphasize that this doesn't mean Ethereum staking has achieved full compliance, nor does it mean regulators have given a unified interpretation of ETF staking services. However, in economic terms, a key change has occurred: **non-crypto native users, for the first time, indirectly obtain native returns generated by Ethereum network consensus without needing to understand nodes, private keys, or on-chain operations.** From this perspective, ETF returns are not an isolated event, but rather the first step for Ethereum staking to enter the broader capital market's view. </h2><p><img src="https://imageproxy.pbkrs.com/https://img.foresightnews.pro/202601/12752-1768973404176.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="1434" height="711" original-src="https://imageproxy.pbkrs.com/https://img.foresightnews.pro/202601/12752-1768973404176.png"/></p><p>Grayscale is not an isolated case either. 21Shares' Ethereum ETF also announced that it will distribute the proceeds earned from staking ETH to existing shareholders. The distribution amount is $0.010378 per share, and the relevant ex-dividend and payment process has been disclosed simultaneously.</p><p>This is undoubtedly a great start, especially for institutions like Grayscale and 21Shares, which have influence in both TradFi and Web3. Its demonstration effect goes far beyond a single dividend payout; it will undoubtedly drive the effective and widespread adoption of Ethereum staking and yield distribution at the institutional level. It also signifies that the Ethereum ETF is no longer just a shadow asset following price fluctuations, but a truly cash-generating financial product. Looking at the longer term, as this model is validated, it's possible that traditional asset management giants like BlackRock and Fidelity will follow suit, potentially injecting hundreds of billions of dollars of long-term allocation funds into Ethereum. II. Record-High Staking Ratios and the Disappearance of the &#34;Exit Queue&#34; If ETF returns are more of a narrative breakthrough, then changes in the total staking ratio and the staking queue more directly reflect the behavior of funds themselves. First, the Ethereum staking ratio has reached a new all-time high. According to data from The Block, more than 36 million ETH are currently staked on the Ethereum Beacon Chain, accounting for nearly 30% of the network's circulating supply, with a staked market value exceeding $118 billion, setting a new record. The previous record for the highest percentage of circulating supply was 29.54%, which occurred in July 2025. From a supply and demand perspective, the large amount of ETH being staked means that it has temporarily withdrawn from the free market, indicating that a significant portion of the circulating ETH is shifting from a high-frequency trading asset to a long-term allocation asset playing a functional role. In other words, ETH is no longer just gas, a medium of exchange, or a speculative tool, but is assuming the role of a &#34;means of production&#34;—it participates in the network's operation through staking and continuously generates returns. Meanwhile, intriguing changes have also occurred in the validator queue. As of this writing, the Ethereum PoS staking exit queue is nearly empty, while the staking queue continues to grow (over 2.73 million ETH). In short, a large amount of ETH is currently being locked up in the system for the long term. Unlike trading, staking is a low-liquidity, long-term allocation method that emphasizes stable returns. The fact that funds are willing to re-enter the staking queue indicates at least one thing: at this stage, more and more participants are willing to accept the opportunity cost of this long-term lock-up. If we consider the distribution of institutional ETF returns, record-high staking ratios, and changes in the staking structure together, a relatively clear trend emerges: Ethereum staking is evolving from an early-stage on-chain participant incentive into a TradFi structured yield layer that is gradually being accepted by the traditional financial system and re-evaluated by long-term capital. Individually, none of these factors alone are sufficient to constitute a trend judgment, but together, they are outlining the gradual maturation of the Ethereum staking economy. III. The Future of Accelerated Maturation of the Staking Market However, this does not mean that staking has made ETH a &#34;risk-free asset.&#34; On the contrary, with changes in the participant structure, the types of risks faced by staking are shifting. Technological risks are gradually being absorbed, while structural risks, liquidity risks, and the cost of understanding the mechanism are becoming more important. As is well known, in the last regulatory cycle, the U.S. Securities and Exchange Commission (SEC) frequently wielded its big stick, taking enforcement action against several liquidity staking-related projects, including filing unregistered securities charges against MetaMask/Consensys, Lido/stETH, and Rocket Pool/rETH. This also brought uncertainty to the long-term development of Ethereum ETFs. From a practical perspective, whether and how ETFs participate in staking is essentially more of a product process and compliance structure design issue than a denial of the Ethereum network itself. As more institutions explore the boundaries in practice, the market is voting with real funds. For example, BitMine has staked over 1 million ETH in Ethereum PoS, reaching 1.032 million ETH, worth approximately $3.215 billion, representing a quarter of its total ETH holdings (4.143 million ETH). In short, Ethereum staking has evolved beyond a niche activity within the geek community. When ETFs begin to distribute stable returns, when long-term funds are willing to wait 45 days to enter the consensus layer, and when 30% of ETH is used as a security barrier, we are witnessing Ethereum officially building a native yield system accepted by global capital markets. Understanding this change itself is perhaps just as important as participating.</p></div></div></div>

<p>Grayscale's Ethereum Staking ETF (ETHE) has begun distributing staking rewards to shareholders, marking a significant milestone in crypto finance. This allows traditional investors to receive returns from Ethereum staking without needing to understand complex crypto mechanisms. The Ethereum staking ratio has reached a record high, with over 36 million ETH staked, indicating a shift towards Ethereum as an interest-bearing asset. This development could lead to broader adoption of Ethereum staking in traditional finance, potentially attracting significant long-term investments from major asset management firms.</p>

CoinLive

Grayscale Ethereum Mini Staking ETF

IShares Ethereum Trust ETF

Grayscale Ethereum Covered Call ETF

Franklin Ethereum ETF

Bitwise Ethereum ETF

Direxion Daily Crypto Industry Bull2XETF

Roundhill Ether Covered Cll Strat ETF

Proshares Ether Strategy ETF

Grayscale Ethereum Staking ETF

Fidelity Ethereum Fund

NEOS Ethereum High Income ETF

21Shares Ethereum ETF

Valkyrie Bitcoin and Ether Strategy ETF

VanEck Ethereum ETF

Amplify Transform Data Sharing ETF

GraniteShares 2x Long COIN Daily ETF

Roundhill COIN WeeklyPay ETF

Invesco Galaxy Ethereum ETF

When Ethereum pays interest to TradFi: Is ETH reaching a structural inflection point?