iShares Staked Ethereum Trust ETF (ETHB) is a Delaware statutory trust that holds ether and stakes a portion of those holdings to reflect the performance of ether's price plus staking rewards. The Trust is a passive investment vehicle organized under a Trust Agreement dated February 5, 2026, and administered by iShares Delaware Trust Sponsor LLC as Sponsor and BlackRock Fund Advisors as Trustee. Coinbase serves as custodian under a Prime Broker Agreement, with Anchorage Digital Bank N.A. as an additional custodian and Bank of New York Mellon as cash custodian and trust administrator. Shares represent fractional undivided beneficial interests in the Trust's net assets and are issued and redeemed only in 40,000-Share Baskets through registered broker-dealers acting as authorized participants. The Trust was seeded on January 14, 2026, and filed its first 10-Q for the period ended March 31, 2026. It does not engage in activities designed to generate profit independent of ether price and staking reward performance.

Revenue model

The Trust does not generate operating revenue in a traditional sense. Its net asset value changes with the fair value of ether held and staking rewards earned, net of the Sponsor's fee payable to iShares Delaware Trust Sponsor LLC. Shares are created and redeemed in 40,000-Share Baskets through authorized participants, with 40,000 shares redeemed at an average price of $25.9670 during the period from January 14, 2026 to March 31, 2026.

Products and services

The Trust offers a single product: exchange-traded shares (ticker ETHB) that represent fractional undivided beneficial interests in ether held and staked on behalf of the Trust. A portion of the Trust's ether is staked through staking arrangements to earn staking rewards, which are reflected in the Trust's net asset value.

Customers and end markets

Shares are issued and redeemed exclusively through registered broker-dealers that have entered into authorized participant agreements with the Sponsor. End investors access exposure to ether price performance and staking rewards through these exchange-traded shares.

Value-chain role

The Trust acts as a passive holding vehicle in the digital asset value chain, sitting between ether markets and exchange-traded fund investors. Coinbase (under a Third Amended and Restated Coinbase Prime Broker Agreement) provides custody and staking services. Anchorage Digital Bank N.A. serves as an additional custodian. Bank of New York Mellon serves as cash custodian and trust administrator. BRIL provides ETF services.

Source: SEC 10-Q, filed 2026-05-07

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