BlackRock Bets on Staked Ethereum as Equity Treasury Plays Collapse

Ethereum's price decline has devastated equity treasury plays that invested in raw cryptocurrency accumulation. ETHZilla Corp, for example, saw its stock plummet to $3.40, down 97% from its August 2025 peak of over $107.

Peter Thiel's Founders Fund fully exited its 7.5% stake by the end of last year, according to a February 17 SEC filing.

Meanwhile, BlackRock is filing with the SEC for its iShares Staked Ethereum Trust (ETHB), which would stake 70-95% of holdings via Coinbase and distribute approximately 3% annual yield to shareholders.

The product remains pending SEC approval but has been seeded with initial capital.