Gray scale Milestone: US-listed ETF's first distribution of Ethereum staking rewards, what does it mean for the market?

January 6, 2026, the US financial markets迎来 another key milestone—Grayscale Investment officially announced the distribution of staking rewards dividends to its Ethereum Trust ETF shareholders, approximately $0.08 per share. This marks the first time that a spot cryptocurrency exchange-traded product listed in the US has linked its收益分配 to on-chain staking activities.

Grayscale confirmed in its official press release that this dividend distribution stems from its Ethereum staking feature activated on October 6, 2025, operated through institutional custodians and third-party validator providers.

Industry Milestone

Grayscale Investment’s dividend distribution undoubtedly holds symbolic significance. As the leading digital asset management firm in the US, Grayscale has been at the forefront of crypto financial innovation since its founding in 2013, managing approximately $31 billion in assets.

The dividend payout for the first Ethereum ETF in the US represents the first deep integration of traditional financial products with the native收益机制 of cryptocurrencies. This innovation allows institutional investors to indirectly participate in Ethereum network staking through familiar product structures and earn cash收益. Unlike directly holding and staking Ethereum themselves, ETF investors do not need to handle private key management or node operation, lowering the participation threshold.

Dividend Mechanism Analysis

The dividend mechanism of Grayscale Ethereum Trust ETF reflects the integration of traditional financial products with crypto economy. In the announcement, Grayscale explicitly states that staking rewards will first be converted into cash and then distributed to investors in USD, rather than directly issuing Ethereum tokens. This mechanism reflects current practical considerations under the US regulatory framework. Grayscale’s fund products operate outside the scope of the Investment Company Act of 1940, allowing them to engage in staking activities, but this also means they are subject to different regulatory protections compared to traditional ETFs.

This arrangement satisfies compliance requirements while providing investors with an opportunity to participate in Ethereum staking收益, representing a balanced compromise at this stage. The dividend distribution is scheduled based on the record date, with the收益分配 planned for January 7, 2026.

Ethereum Staking and ETF Market

Ethereum staking is a core mechanism of proof-of-stake blockchains, where participants lock up cryptocurrencies to help validate transactions, secure the network, and earn periodic rewards.

According to Cointelegraph, Grayscale’s dividend action has already elicited positive market reactions, with its ETF rising about 2% after the announcement. This indicates investor recognition of this innovative product feature. As of January 7, 2026, Gate行情数据显示, Ethereum price is $3,246. Although Ethereum prices have experienced volatility since 2025, staking收益 provides holders with an additional income source, potentially altering investors’ risk-return expectations for Ethereum ETFs.

Currently, the US spot Ethereum ETF market size is approximately $18 billion, with BlackRock’s iShares Ethereum Trust ETF leading at about $11.1 billion, Grayscale’s ETHE following with around $4.1 billion, and Grayscale Ethereum Mini Trust ETF managing about $1.5 billion in assets.

Competitive Landscape Evolution

While Grayscale’s dividend distribution is pioneering, it is by no means an isolated case. The entire US Ethereum ETF market is moving toward supporting staking功能. In March 2025, Cboe BZX submitted a rule change proposal to US regulators seeking approval to add staking功能 to the Fidelity Ethereum Fund. Subsequently, in February, 21Shares also submitted a similar application. In November 2025, BlackRock registered an Ethereum ETF supporting staking in Delaware, following its launch of a spot Ethereum ETF in July 2024.

The US spot Ethereum ETF market began trading in July 2024, and 2025 was the first full year for investors to invest in these funds, with net inflows reaching $9.6 billion. As more funds add staking功能, competition among Ethereum ETFs will enter a new dimension.

Market Impact and Outlook

Grayscale’s dividend distribution may have multiple market impacts. It provides institutional investors with a new channel to participate in Ethereum staking收益, potentially attracting more traditional capital into the crypto market. In the short term, this innovation could enhance the market appeal of Grayscale and similar products, driving capital inflows. In the medium to long term, as more ETFs incorporate staking功能, Ethereum staking participation rates may further increase, strengthening network security.

It is important to note that ETF staking activities differ from direct staking by ordinary users. Institutional-level staking is usually conducted through professional validator service providers, which may alter the distribution of Ethereum validators on the network. According to Gate data, as of January 7, 2026, Ethereum’s 24-hour trading volume on the Gate platform reached $1.23 billion, indicating ongoing market activity. The increase in staking收益 could further boost Ethereum’s attractiveness among institutional investors.

Investor Diversification Options

For ordinary investors, Grayscale’s ETF dividend distribution opens a new way to participate in Ethereum staking收益, but it is not the only option. Traditional Ethereum holders can still directly stake via supported wallets or platforms to earn native token rewards. Unlike ETF dividends, direct staking rewards are usually paid in ETH, requiring investors to manage private keys and bear certain technical risks, but they retain full autonomy and control over their tokens.

As of January 7, 2026, the annualized yield for Ethereum staking services on the Gate platform remains between 3.5% and 5.2%, offering diverse options for investors with different risk preferences. Investors should choose the most suitable Ethereum investment method based on their risk tolerance, technical familiarity, and tax considerations. Cash dividends from ETFs are more suitable for investors seeking simplified operations and avoiding direct crypto asset risks.

As of January 7, 2026, Ethereum’s price remains above $3,200, and the ripple effects of Grayscale ETF dividend events are ongoing. On the Gate platform, Ethereum’s 24-hour trading volume stays high at $1.23 billion, reflecting strong market interest in the Ethereum ecosystem. The US Ethereum ETF market is evolving from simple spot holdings to complex收益产品, and this staking revolution led by Grayscale is redefining the boundaries and possibilities of institutional crypto investment.