Vaneck has taken an early step towards launching the Ethereum Exchange-Traded Fund (ETF) of Pile by registering a statutory trust for Delaware products, a public submission dated October 2.
The proposed product, named Vaneck Lido Staked Ethereum ETF, will be exposed to Ether by investors ETH$4,538.84 It is wagered through Lido, a decentralized protocol that allows users to earn staking rewards without locking the asset itself.
Registering a trust is the first procedural move and does not yet represent the official Securities and Exchange Commission (SEC) ETF application.
Lido Dominadtes Ethereum stakes have around $38 billion worth of ETH (about a third of all the stake ether) currently trapped in the protocol. This is an important player in Ethereum’s Proof-of-Stake system, allowing users to earn harvests with tokens while maintaining liquids via a derived token called Steth.
Under traditional financial terms, ETFs operate like funds that hold interest-holding assets, but instead of bonds or cash, they hold ridiculous ETH. Its structure opens a crypto that has been smeared with institutional investors who prefer ETF wrappers, removing the technical barriers of direct staking.
Lido’s governance token, LDO, has increased by more than 3% over the past 24 hours.
If approved, Vaneck’s products could become the first bet ETF in the US, adding a new layer to the growth competition between issuer races to launch a crypto-based fund.
