BlackRock Files Staked Ethereum Trust as Equity Treasury Plays Burn
Ethereum's (ETH) sharp price drop has caused significant losses for equity treasury plays that invested in raw cryptocurrency accumulation.
According to Kaiko's data, ETH trading near $2,000 has led to a collapse of equity wrappers built around raw crypto accumulation, while regulated yield products and venture infrastructure funds continue attracting capital despite the drawdown.
ETHZilla Corp's stock fell 97% from its August 2025 peak above $107, as its leveraged token accumulation was eroded by ETH's decline. The company has since sold over $114 million in ETH to service convertible debt and pivoted toward tokenizing leased jet engines.
Meanwhile, BlackRock is filing with the SEC for its iShares Staked Ethereum Trust (ETHB), designed to 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.