In a move that could only be described as audacious, the New York Stock Exchange has lobbed a proposal at the U.S. Securities and Exchange Commission, suggesting that staking be allowed for the Bitwise Ethereum exchange-traded funds. One can only imagine the SEC’s collective eyebrow raise. 🧐
According to a filing dated Mar. 20, the NYSE is seeking regulatory approval to integrate staking into the ETF’s structure. The proposed method, charmingly dubbed “point-and-click” staking, would allow the fund to stake a portion of its Ethereum while keeping the assets firmly in its wallet. Because, you know, security risks are so last season. 🕶️
Ethereum ETFs, which made their grand debut in July 2024, have been languishing in the shadow of their Bitcoin counterparts. Data from SoSoValue reveals that as of Mar. 20, Ethereum ETFs had a modest $6.79 billion in total net assets, with $84 million in outflows over the previous week. Meanwhile, spot Bitcoin ETFs are sitting pretty with $94.47 billion. It’s like comparing a garden gnome to a skyscraper. 🏙️
At the Digital Asset Summit on Mar. 20, Robbie Mitchnick, BlackRock’s head of digital assets, opined that Ethereum ETFs are about as attractive as a soggy sandwich without staking rewards. He emphasized that staking is not just a feature of Ethereum but a veritable goldmine for investors. According to Mitchnick, enabling staking could be the shot in the arm Ethereum ETFs desperately need. 💉
Staking, introduced when Ethereum switched to proof-of-stake in 2022, allows ETH holders to lock up their tokens in exchange for rewards. With yields ranging from 2% to 7% annually, it’s a veritable treasure chest. Coinbase data shows that ETH staking deposits have surpassed 33 million ETH, accounting for 27% of the total ETH supply. That’s a lot of locked-up digital gold. 🏴☠️
Beyond ETFs, staking could potentially bolster Ethereum’s market performance. ETH has taken a nosedive, dropping 47% from its December high of $4,105 to $1,990, making it one of the weakest-performing major cryptocurrencies. If ETFs are permitted to stake, demand for ETH might just skyrocket as institutional investors jump on the bandwagon. 🚀
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2025-03-21 09:56