BlackRock's ETH Staking ETF vs. Collapsing Equity Treasury Plays
Ethereum's (ETH) sharp price decline has decimated equity treasury plays, but institutional investment in regulated yield products and blockchain infrastructure is accelerating.
The divergence between ETH's value and corporate treasury holdings is stark. Equity wrappers built around raw cryptocurrency accumulation have collapsed, while venture infrastructure funds continue to attract capital through the drawdown.
ETHZilla Corp's stock has plummeted 97% from its August 2025 peak above $107, as ETH's decline eroded the company's equity multiple. Peter Thiel's Founders Fund fully exited its 7.5% stake by year-end.
Meanwhile, BlackRock is filing with the SEC for its iShares Staked Ethereum Trust (ETHB), which would allow investors to stake 70-95% of holdings via Coinbase and distribute approximately 3% annual yield to shareholders.