BlackRock Stakes Its Claim Amidst Ethereum Price Crash

The decline in Ethereum's price has had a significant impact on corporate treasury plays. ETHZilla Corp, for example, saw its stock fall to $3.40 - down 97% from its August 2025 peak of over $107 - as ETH's value eroded the equity multiple built on leveraged token accumulation.

Peter Thiel's Founders Fund fully exited its 7.5% stake by year-end, according to a February 17 SEC filing. ETHZilla has since sold over $114 million in ETH to service convertible debt and has pivoted towards tokenizing leased jet engines.

However, institutional infrastructure investment is accelerating in parallel. 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.