Grayscale’s Ethereum Staking Mini ETF Celebrates One Year of Rewards

Grayscale’s Ethereum Staking Mini ETF (ticker: ETH) has completed its first year of distributing staking rewards, marking a significant milestone in the evolution of crypto exchange-traded products. The fund, which initially launched as a simple spot Ether exposure vehicle on July 23, 2024, began offering staking rewards in October 2025. Over the past year, it has distributed over $33.5 million in staking rewards, outperforming other Ether exchange-traded products and averaging $5.5 million in daily trading volume.

As of early October 2026, the fund reported approximately $33.9 million in net staking rewards, reflecting a gross staking yield of about 2.67%. Around 80.4% of the fund’s assets are currently staked, with the remaining portion held unstaked. The fund charges a management fee of 0.15%, which is comfortably exceeded by the gross staking yield. Rewards are distributed monthly, providing shareholders with a recurring income stream.

The fund’s assets under management sit at approximately $2.52 billion, with about 97.45 million shares outstanding. The recent net asset value per share has hovered around $25.80. The product operates as a grantor trust, allowing it to avoid the regulatory constraints of the Investment Company Act of 1940. Investors are treated as owning a slice of the underlying Ether rather than shares in a conventionally regulated investment company.

Staking turns spot Ether exposure into a yield-bearing asset, offering a return that exists independently of Ether’s price movements. The roughly 80% staking ratio means the fund’s effective yield to shareholders depends partly on how much Ether it keeps staked versus held in reserve. The research on the product suggests this could pave the way for similar offerings across the crypto ETP landscape, potentially attracting both institutional and retail participants.