So, picture this: it’s Thursday, and the New York Stock Exchange (NYSE) decides to throw a little surprise party for the U.S. Securities and Exchange Commission (SEC). 🎉 They’ve filed a proposal to add staking to the Bitwise Ethereum ETF (ETHW). Because, you know, who doesn’t love a good game of financial Twister?
According to the NYSE, this rule change is supposed to “remove impediments to an open market and protect investors.” I mean, sure, let’s just toss around terms like “open market” and “protect investors” like they’re confetti at a New Year’s Eve bash. The filing claims that the real winners here are not just the validators or the folks staking ether on their behalf, but also the Ethereum blockchain itself. Because nothing says “I love you” like a blockchain getting a little extra love. 💖
And let’s not forget last month when the NYSE decided to play matchmaker and filed a proposal to introduce staking for Grayscale’s Ethereum ETF. It’s like they’re trying to set up all the cool kids at the crypto prom.
Now, Ethereum staking has been around for over four years, ever since the Beacon Chain decided to make locking up ETH tokens the hottest trend. It’s like the crypto version of putting your money in a piggy bank, but with a lot more anxiety and fewer cute cartoon characters.
At a recent Digital Asset Summit, BlackRock’s Robert Mitchnick, who I can only assume is the life of the party, mentioned that Ethereum ETFs have been underperforming because they’ve been missing the magic ingredient: staking. He called it the “next step” in the evolution of these products. I guess the first step was just figuring out how to spell “ETF.”
But hold your horses! Mitchnick also pointed out that enabling ETF staking is a “sophisticated process” filled with “complex challenges.” So, don’t expect this to happen overnight, even with the SEC’s newfound crypto-friendliness. It’s not like they can just wave a magic wand and—poof!—everything’s perfect. 🪄
Oh, and let’s not forget that in December, Bitwise launched a Solana exchange-traded product (ETP) with staking in Germany. Because if there’s one thing we need, it’s more acronyms to keep track of while we pretend to understand what’s happening in the crypto world.
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2025-03-20 22:05