Digital asset manager Grayscale made the first distribution of Ethereum staking rewards to shareholders of a U.S. spot crypto exchange-traded product on Monday, effectively extending regulated crypto products beyond price tracking to include protocol-level income under the Securities Act of 1933.
The distribution covers staking rewards earned from October 6, 2025, through year-end, with ETHE shareholders receiving $0.083178 per share, payable on Tuesday, based on holdings as of January 5.
That design choice reflects how issuers have structured U.S. spot crypto products under existing securities rules.
By distributing staking rewards, Grayscale is testing whether protocol-level income can be delivered within a product complying with the 33 Act, without triggering the additional obligations and constraints that apply to registered investment companies.
Decrypt has reached out to Grayscale for comment.
