BlackRock’s iShares Staked Ethereum Trust ETF sees Solid Debut, with ETH priced by CF Benchmarks

The CME CF Ether-Dollar Reference Rate - New York Variant (ETHUSD_NY) is the benchmark for BlackRock’s first staking ETF.

BlackRock Enters Crypto Staking

CF Benchmarks congratulates BlackRock on the successful listing of its iShares Staked Ethereum Trust ETF (ETHB) a further step forward for the crypto asset class, as the largest investment manager in the world launches its first product providing exposure to staking rewards.

Solid Debut

With reported first-day trading volume (on March 12th, 2026) above $15 million, ETHB exhibited a solid opening for a newly listed crypto ETF in current market conditions, indicating firm demand.

ETHUSD_NY Again

BlackRock has notably opted to use the regulated CME CF Ether-Dollar Reference Rate - New York Variant (ETHUSD_NY) – published and administered by CF Benchmarks – for valuation of ETHB’s underlying Ether exposure, a continuation of the partnership between the world’s largest asset manager, in terms of assets under management (AuM), and the largest provider of crypto indices, as measured by assets under reference (AuR).

Utilization of ETHUSD_NY extends an established relationship between BlackRock and CF Benchmarks across digital asset investment products, including iShares Bitcoin Trust ETF (IBIT), iShares Ethereum Trust ETF (ETHA) and iShares Bitcoin ETP (IB1T) all of which deploy regulated CF Benchmarks indices for their reference prices.

By embedding ETHUSD_NY within ETHB, BlackRock is expanding its Ether ETF format to include staking, while retaining a benchmark architecture already embedded throughout its digital asset product suite. Separation of the Ether price valuation and Ether staking rewards functions affords the clearest possible discrete visibility and accuracy into the valuation of ETHB’s underlying asset.

Staking Inside the ETHB Wrapper

As the first BlackRock ETF to encompass staking, ETHB adds staking rewards from a portion of the Ether held by the trust, broadening the economic profile of the product while keeping exposure inside a familiar fund structure.

The ETHB staking program is designed with liquidity in mind. Under normal market conditions, ETHB is expected to stake a substantial majority of its Ether holdings, generally in the 70% to 90% range, while keeping the remainder unstaked to meet liquidity needs such as redemptions, fees and distributions. Staking activity is carried out through custody and third-party staking provider arrangements, allowing the product to seek staking rewards without requiring the trust itself to operate validator infrastructure directly.

The proportion of Ether staked is expected to vary over time in line with liquidity requirements and market conditions. Ether committed to staking moves through activation, exit and withdrawal processes, so a portion of the portfolio needs to remain readily available for fund operations. That flexibility supports the practical demands of running a listed product alongside a live staking program.

More Choices

The launch of iShares Ethereum Staking ETF (ETHB) widens choices for investors with or without existing exposure to Ether – and in the former case, whether through BlackRock products, or those of another provider. These new choices are centered on a set of uses outlined below.

• ETHB can be deployed as a standalone core Ether allocation for investors who want listed ETH exposure and also want the economics of staking reflected in the same vehicle. In that role, ETHB will function as a more complete Ether expression than a spot-only fund, because it packages directional ETH exposure and protocol yield together in one listed instrument.
• The other key utilization of ETHB is alongside a straight spot vehicle such as ETHA. That would suit institutions that want to separate pure beta exposure from staking-enabled exposure for mandate, risk, operational or accounting reasons. The fact that BlackRock launched ETHB as a distinct product, rather than simply converting ETHA into a staking vehicle, strongly suggests room for both use cases inside institutional portfolios: one fund for plain Ether exposure, another for investors willing to add staking rewards and the additional mechanics that come with them.

Conclusion

ETHB marks a meaningful extension of the Ether ETF format for both BlackRock and the broader institutional crypto landscape. By combining listed ETH exposure with staking rewards, ETHB offers institutions a broader way to access Ethereum within a familiar investment wrapper. At the same time, ETHB’s use of the CME CF Ether-Dollar Reference Rate - New York Variant (ETHUSD_NY) keeps benchmark integrity at the centre of the structure. The combination of functional innovation and valuation continuity is what makes this launch another notable one for BlackRock and CF Benchmarks.

Find out more

• iShares Ethereum Staking ETF (ETHB)
• CME CF Ether-Dollar Reference Rate - New York Variant (ETHUSD_NY)