Galaxy Powers Staking Infrastructure for ETHB, BlackRock’s First Rewards-Generating Crypto ETP
BlackRock selects Galaxy as one of the approved validators to power staking for its new iShares Staked Ethereum Trust ETF (ETHB)1
When BlackRock set out to build the infrastructure behind its latest crypto exchange-traded product, the iShares Staked Ethereum Trust ETF (Nasdaq: ETHB), the selection of validators was a critical part of enabling the staking capability for investors.
ETHB – BlackRock's first rewards-generating crypto ETP – holds spot ether and intends to stake a majority of those holdings through institutional validators, including Galaxy, distributing a portion of the resulting rewards to investors each month. Galaxy is one of three firms selected to support ETHB’s staking.
“Institutions don’t hand their infrastructure decisions to anyone,” said Steve Kurz, Global Co-Head of Digital Assets at Galaxy. “When a firm like BlackRock selects you as a validator, it’s because you’ve demonstrated the systems, the scale, and the accountability they require. That trust is something we’ve earned over years of building.”
“Staking is a core component of the Ethereum ecosystem and we are excited to enable this capability for investors in ETHB, said Robert Mitchnick, Global Head of Digital Assets at BlackRock. “Working with experienced providers helps us deliver that capability within the structure and standards our clients expect.”
Galaxy’s Digital Infrastructure team ended 2025 with $5 billion of staked assets across Ethereum, Solana, and other leading proof-of-stake networks. Each of the four custodial integrations Galaxy completed in 2025, including BitGo, Zodia Custody, Fireblocks, and Coinbase Prime, required those firms to vet Galaxy against the highest institutional standards, because their own clients demanded it. Galaxy also became the Development Company for Liquid Collective, the leading enterprise-grade liquid staking protocol, expanding its capabilities for institutions that need liquidity alongside yield to fully operate in onchain markets.
Galaxy’s Digital Infrastructure team continues to expand its institutional validator and staking platform across assets and custody partners, with a focus on the performance, uptime, and operational standards that institutional-grade products demand.
Speak to our Digital Infrastructure team today.
1 The iShares Staked Ethereum Trust ETF is not an investment company registered under the Investment Company Act of 1940 and therefore is not subject to the same regulatory requirements as mutual funds or ETFs registered under the Investment Company Act of 1940.
This information must be preceded or accompanied by a current iShares Staked Ethereum Trust ETF prospectus, which may be obtained by clicking here. Please read the prospectus carefully before investing. Investing involves risk, including possible loss of principal.
Investing involves a high degree of risk, including possible loss of principal. An investment in the Trust is not suitable for all investors, may be deemed speculative and is not intended as a complete investment program. An investment in Shares should be considered only by persons who can bear the risk of total loss associated with an investment in the Trust.
Investing in digital assets involves significant risks due to their extreme price volatility and the potential for loss, theft, or compromise of private keys. The value of the shares is closely tied to acceptance, industry developments, and governance changes, making them susceptible to market sentiment. Digital assets represent a new and rapidly evolving industry, and the value of the Shares depends on their acceptance. Changes in the governance of a digital asset network may not receive sufficient support from users and miners, which may negatively affect that digital asset network’s ability to grow and respond to challenges Investing in the Trust comes with risks that could impact the Trust's share value, including large-scale sales by major investors, security threats like breaches and hacking, negative sentiment among speculators, and competition from central bank digital currencies and financial initiatives using blockchain technology. A disruption of the internet or a digital asset network would affect the ability to transfer digital assets and, consequently, would impact their value. There can be no assurance that security procedures designed to protect the Trust’s assets will actually work as designed or prove to be successful in safeguarding the Trust’s assets against all possible sources of theft, loss or damage.
Smart contracts, including those relating to decentralized finance applications, are a new technology
and their ongoing development and operation may result in problems, which could reduce the demand for ether or cause a wider loss of confidence in the Ethereum network, either of which could have an adverse impact on the value of ether.
Staking introduces a risk of loss of ether, which could adversely affect the value of the Shares. Staking includes an activation, exit, and withdrawal process. During each stage of the process, the Trust’s staked ether cannot be sold or transferred, thereby making it illiquid for the period it is being staked. The Ethereum protocol limits validator activations and exits per epoch, so only a controlled amount of staked ether can turnover during each period. During periods of elevated validator demand, the activation queue may extend for days, weeks, or months. While queued for activation, the Trust’s ether will not accrue rewards. The staked ether will also not accrue rewards during the withdrawal period. At each step in the staking process, staked ether may also be exposed to risks such as security breaches, smart contract vulnerabilities, and validator or custodian failure or compromise, any of which could result in a complete loss of the staked ether or associated rewards. There is no guarantee that the Trust will receive any rewards with respect to staked ether.
The ether Custodian is Coinbase Custody Trust Company, LLC, which is not affiliated with BlackRock, Inc.
Shares of the iShares Trusts are not deposits or other obligations of or guaranteed by BlackRock, Inc., and its affiliates, and are not insured by the Federal Deposit Insurance Corporation or any other governmental agency. The sponsor of the Trust is iShares Delaware Trust Sponsor LLC (the “Sponsor”). BlackRock Investments, LLC ("BRIL"), assists in the promotion of the Trust. The Sponsor and BRIL are affiliates of BlackRock, Inc.
The Trusts are not sponsored, endorsed, issued, sold or promoted by Stiftung Ethereum (the "Ethereum Foundation"), nor does the Ethereum Foundation make any representation regarding the advisability of investing in the Trusts. BlackRock is not affiliated with the Ethereum Foundation. Ethereum Marks are owned by the Ethereum Foundation, used under license.
BlackRock, Inc. and its affiliates are not affiliated with Galaxy Digital Inc. or its affiliates, or any of the companies listed above.
BLACKROCK and iSHARES are trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.