Grayscale has crossed a big line that could change how U.S. investors earn yield from Ethereum.
For the first time ever, a U.S.-listed crypto investment product has paid out Ethereum staking rewards to its investors. Grayscale confirmed on January 5 that its Grayscale Ethereum Staking ETF (ETHE) completed its first payout based on real, on-chain staking activity.
This is a major step forward. Until now, U.S. investors holding spot Ethereum products could track the price, but they couldn’t benefit from staking yield in a direct way.
According to Grayscale, ETHE paid $0.083178 per share to eligible investors. The payout covered staking rewards earned between October 6 and December 31, 2025. It was paid on January 6, with a record date of January 5, and totaled about $9.4 million.
Instead of paying investors in ETH, Grayscale sold the staking rewards and paid cash. This is important because it means the fund did not reduce its Ethereum holdings. ETHE began trading ex-dividend on January 5.
This payout marks the first time a U.S.-listed spot crypto ETP has successfully passed staking income through to investors. In simple terms, it connects traditional exchange-traded products with Ethereum’s proof-of-stake system.
Grayscale first enabled staking for its Ethereum products back in October 2025. That made ETHE and its smaller companion fund, the Ethereum Staking Mini ETF (ticker: ETH), the first U.S. ETPs to support staking. Both products were officially renamed in early January to reflect this new feature.
Why does this matter? Because staking adds yield. That changes how big investors look at Ethereum. Instead of seeing ETH only as a price-based asset, they can now see it as something that can generate income.
That said, there are risks. ETHE is not registered under the Investment Company Act of 1940, which gives it more flexibility but also more exposure to issues like lock-up periods, validator performance, network downtime, and smart contract risks.
Even with those risks, many analysts see this payout as a major milestone. It shows that blockchain-based returns can be built into regulated investment products. Other major players like BlackRock and Fidelity have already filed proposals related to Ethereum staking, but so far, Grayscale is the first to actually pay out rewards.
Grayscale says it plans to expand staking across more of its products going forward. The company also stressed that future payouts will depend on staking performance and market conditions, with no fixed schedule yet.
Overall, this move shows how Ethereum is becoming more than just a price play. It’s turning into a yield-generating asset, and crypto ETFs are evolving fast to reflect that shift.
