TLDR
- VanEck filed for the first ETF tied to Lido’s staked ether token stETH.
- The ETF offers compliant institutional exposure to Ethereum staking.
- The SEC clarified that liquid staking activities are not securities.
- Lido says the filing affirms liquid staking’s role in Ethereum’s future.
VanEck has taken a major step toward expanding institutional access to Ethereum staking by filing for the first-ever Lido Staked Ether ETF. The move comes as the U.S. Securities and Exchange Commission adopts a friendlier approach to liquid staking. If approved, the ETF will allow investors to gain compliant exposure to staked ether through Lido’s stETH, marking a new phase for regulated Ethereum products.
VanEck Proposes First ETF Tracking Lido’s stETH
Investment firm VanEck submitted a filing for the VanEck Lido Staked Ethereum ETF, seeking SEC approval for a fund tied to stETH performance. The ETF aims to offer investors a regulated and tax-efficient way to gain exposure to Ethereum’s staking ecosystem through the Lido protocol.
The proposed fund would track the value of stETH, the token representing ether staked via Lido. According to the filing, this structure enables institutions to participate in Ethereum’s staking yields while maintaining compliance with U.S. securities laws. Lido’s stETH is currently one of the largest liquid staking assets in the crypto market.
SEC’s Evolving Stance on Liquid Staking
VanEck’s filing comes amid a changing regulatory landscape. The SEC, under Chair Paul Atkins, has recently shown a more open stance toward proof-of-stake and liquid staking activities. Earlier this year, the agency introduced “Project Crypto” to modernize its approach to crypto custody, trading, and token distributions.
In May, the SEC clarified that proof-of-stake operations do not classify as securities transactions. By August, the agency further stated that certain liquid staking activities also fall outside the definition of securities. This shift has encouraged asset managers like VanEck to develop products that align with the new regulatory clarity.
Lido Foundation Sees Growing Recognition for Liquid Staking
The Lido Ecosystem Foundation welcomed VanEck’s filing as validation of liquid staking’s growing role in Ethereum’s infrastructure. “The filing signals growing recognition that liquid staking is an essential part of Ethereum’s infrastructure,” said Kean Gilbert, head of institutional relations at the foundation.
Gilbert added that Lido’s stETH shows how decentralization and institutional standards can operate together. He said the model provides a foundation for future regulated products tied to staking tokens. The foundation noted that recent SEC guidance gives a clearer framework for regulated funds referencing assets like stETH, as staking receipt tokens are not considered securities.
Broader ETF Landscape and Market Context
The VanEck proposal arrives as the SEC reviews dozens of other crypto ETF applications, including those linked to Dogecoin and Solana. Many of these decisions have been delayed due to the recent U.S. government shutdown, which paused several agency operations.
VanEck’s timing reflects both growing institutional demand and regulatory readiness. By linking Ethereum staking to traditional finance through an ETF, the company seeks to provide an accessible path for investors interested in earning staking rewards without direct participation in crypto infrastructure. If approved, the VanEck Lido Staked Ethereum ETF could become a benchmark product for future liquid staking-based investment offerings.
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