Key Notes
- VanEck has applied with the US SEC to list a Lido Staked Ethereum ETF.
- It already filed a statutory trust registration for the Lido Staked Ethereum ETF in Delaware last week.
- stETH price has dropped by over 5% since the announcement.
Rather than waiting for the United States Securities and Exchange Commission (SEC) to decide on its other applications, VanEck has filed for a Lido Staked Ethereum ETF.
Notably, the asset management firm is the first to pursue this type of Lido Staked Ethereum offering.
VanEck to List First Lido Staked Ethereum ETF
Spot crypto ETF issuer VanEck has submitted an S-1 registration application for a Lido Staked Ethereum ETF.
In the filing lodged with the US SEC, which was dated October 16, the asset manager noted that the fund will track spot Lido Staked ETH (stETH) prices based on MarketVector’s LDO Staked Ethereum Benchmark Rate index.
Investors who plunge their funds into the ETF will receive regulated exposure to both Ethereum
ETH
$3 730
24h volatility:
6.8%
Market cap:
$451.03 B
Vol. 24h:
$54.58 B
and staking rewards earned through the Lido liquid staking protocol.
The $133 billion AuM issuer hinted at this move last week when it filed a statutory trust registration for the Lido Staked Ethereum ETF in Delaware. CSC Delaware Trust Company was the registered agent.
Meanwhile, VanEck’s first attempt to introduce a liquid-staking token within a regulated ETF came about two months ago. It proposed the integration of JitoSOL, a liquid staking token on the Solana
SOL
$177.1
24h volatility:
8.4%
Market cap:
$96.89 B
Vol. 24h:
$11.34 B
blockchain.
The Lido staking protocol is known for allowing users to stake their ETH without running validator nodes. It issues the stETH liquid staking token, which becomes a representation of the deposited ETH and staking yield.
DeFiLlama data revealed that there are 8.49 million ETH worth over $33.37 billion staked on Lido. This is a huge bag as it represents 59.88% of the entire market.
SEC Updates the Generic Listing Standards for Crypto ETFs
Seeing that the Generic Listing Standards took effect earlier, the SEC will decide on the first Lido Staked Ethereum ETF under this grade.
Among the many perks of this new listing rule, VanEck stands to benefit from the reduced crypto ETF approval timeline from 240 days to 75 days under the Securities Act of 1933.
Hashdex Crypto Index ETF is one of those funds that have benefited from the updated generic listing rules, enabling crypto ETFs to bypass lengthy reviews.
Following the announcement of VanEck’s Lido Staked Ethereum ETF filing, stETH has recorded a significant price dip. The digital asset has lost up to 5.73% within the last 24 hours and is currently trading at $3,775.13.
Although its 24-hour trading volume is 17.24% higher, and is now at $84.46 million.
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Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.
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Source: https://www.coinspeaker.com/vaneck-lido-staked-ethereum-etf/
