Grayscale Makes Historic Move: Stakes 40,000 ETH Ahead of Potential SEC Staking Approval

Grayscale Investments, one of the largest cryptocurrency asset managers in the United States, has taken the unprecedented step of staking over 40,000 Ethereum (ETH) from its holdings, according to on-chain data from Arkham Intelligence. This move positions Grayscale as the first U.S. Ethereum ETF issuer to stake its assets, signaling potential confidence in upcoming regulatory developments from the Securities and Exchange Commission (SEC).

The transferred ETH, valued at approximately $175 million at current prices, represents a portion of Grayscale's massive Ethereum Trust (ETHE) holdings, which total over 1.06 million ETH worth more than $4.8 billion. This activity comes amid ongoing regulatory uncertainty, as the SEC has previously delayed decisions on whether Grayscale funds could incorporate Ethereum staking, despite the firm filing proposals to enable this feature.

The timing is significant as it follows recent SEC developments that suggest a softening stance on staking. On August 5, 2025, the SEC's Division of Corporation Finance issued guidance clarifying that liquid staking services and their receipt tokens (like stETH) typically do not constitute securities under U.S. law, provided certain conditions are met. This guidance, praised by industry leaders including Lido Labs' Chief Legal Officer Sam Kim, removes a major structural barrier to institutional staking adoption.

Additionally, the SEC recently approved generic listing standards for commodity-based ETFs on September 18, which could facilitate more staking exposure within ETF structures. Legal analysts, including Jason Gottlieb of Morrison Cohen, suggest the SEC's softer language on liquid staking may have positive implications for general staking activities. BlackRock has also engaged with the SEC's Crypto Task Force to discuss regulatory treatment of staking in crypto ETPs.

Market analysts believe that approval of staking within U.S. spot Ether ETFs could dramatically reshape the market by allowing investors to earn rewards rather than simply hold the asset passively. Markus Thielen of 10x Research noted in July that such development could spark a new wave of institutional demand. This comes as Ether ETF inflows have surged in 2025, with exchange reserves hitting three-year lows in early September due to increased institutional absorption.