BlackRock (NYSE:BLK) has filed an amended S-1 for its iShares Staked Ethereum (CRYPTO: ETH) Trust ETF, revealing an 18% cut of staking rewards split between the sponsor and prime execution agent.
The 18% Staking Fee Structure
The amended filing disclosed that the trust will pay an aggregate 18% of gross staking consideration as a “Staking Fee,” with the trust retaining the remainder.
This 18% represents the combined total of two pieces: BlackRock’s staking-related portion and the prime execution agent’s share.
The prime execution agent can then pay portions onward to staking service providers.
Coinbase (NASDAQ:COIN) serves as both the custodian through Coinbase Custody Trust Company and the prime execution agent, giving it a significant role in the staking infrastructure.
Separately, BlackRock charges a 0.25% annual sponsor fee calculated on net asset value and payable quarterly.
The firm will temporarily waive this to 0.12% for the first $2.5 billion in assets for 12 months after listing. This sponsor fee is distinct from the staking fee—it’s based on NAV rather than staking consideration.
What Shareholders Actually Get
The structure means shareholders receive approximately 82% of staking rewards after BlackRock and Coinbase take their combined 18% cut. On top of that, shareholders pay the 0.12%-0.25% annual sponsor fee on their investment value.
For context on what this means financially: If Ethereum staking yields roughly 3% annually and the ETF holds $2.5 billion in assets, gross staking rewards would be $75 million.
After the 18% cut ($13.5 million), shareholders receive $61.5 million—an effective yield of approximately 2.46% before the sponsor fee.
The ETF will list on Nasdaq under ticker ETHB once the registration becomes effective. The filing emphasizes that shares cannot be sold until the SEC approves the registration statement.
BLK Technical Setup
BLK is trading right at the 200 EMA—a critical level.
All EMAs are tightly compressed between $1,061-$1,090: 20 EMA at $1,086, 50 EMA at $1,089, 100 EMA at $1,086, and 200 EMA at $1,061.
An ascending trendline from the lows converges with the 200 EMA at $1,060-$1,066, making this zone critical support.
The Supertrend at $1,153 remains bearish, confirming near-term momentum favors sellers.
A wedge pattern is forming between the descending trendline from $1,220 peaks and the ascending support. Breaking below $1,060 targets $1,000-$1,020. Breaking above $1,090 reopens the path to $1,120-$1,150.
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