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Digital asset manager Grayscale made the first distribution of Ethereum staking rewards to shareholders of a U.S. spot crypto exchange-traded product on Monday, effectively extending regulated crypto products beyond price tracking to include protocol-level income under the Securities Act of 1933. The distribution covers staking rewards earned from October 6, 2025, through year-end, with ETHE shareholders receiving $0.083178 per share, payable on Tuesday, based on holdings as of January 5. Grayscale’s move could reshape how proof-of-stake assets are packaged for public investors, after staking rewards were previously excluded from U.S. spot crypto ETFs amid regulatory uncertainty, despite being a core source of economic return for networks such as Ethereum. Distributing staking rewards, Grayscale is testing whether protocol-level income can be delivered within a product complying with the 33 Act, without triggering the additional obligations and constraints that apply to registered investment companies. Decrypt has reached out to Grayscale for comment.
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