Chiara Bianchi
VanEck has taken a major step toward mainstreaming Ethereum staking by filing the first-ever exchange-traded fund (ETF) tied to Lido’s staked Ether (stETH). The proposed fund, named the VanEck Lido Staked Ethereum ETF, aims to track the performance of stETH — Ethereum staked through the Lido protocol.
If approved by the U.S. Securities and Exchange Commission (SEC), the ETF would allow institutional investors to gain regulated and tax-efficient exposure to Ethereum staking without directly managing on-chain assets, according to a statement from the Lido Ecosystem Foundation on Monday.
Growing Recognition of Liquid Staking’s Role in Ethereum
“The filing signals a growing acknowledgment that liquid staking is now a core pillar of Ethereum’s infrastructure,” said Kean Gilbert, Head of Institutional Relations at Lido Ecosystem Foundation. “Lido’s stETH has proven that decentralization and institutional-grade compliance can work hand in hand, creating a reliable foundation for the broader digital asset market.”
The move reflects a wider institutional shift toward staking-based yield strategies and follows increased demand for Ethereum-related investment products after the approval of spot ETH ETFs earlier this year.
A Friendlier Regulatory Climate Under the SEC’s “Project Crypto”
VanEck’s filing arrives at a time when the SEC, under Chair Paul Atkins, has launched “Project Crypto” — an initiative designed to modernize crypto regulations around custody, trading, and tokenized distributions.
The SEC has also softened its stance on proof-of-stake (PoS) mechanisms, declaring in May that staking activities do not constitute securities transactions. Later, in August, the agency clarified that liquid staking tokens like stETH do not fall under securities classification because they merely represent ownership of non-security underlying assets.
These updates provide what Lido described as a “clearer foundation for regulated financial products” based on liquid staking tokens, paving the way for innovations like the proposed VanEck ETF.
SEC Still Reviewing Dozens of Crypto ETF Proposals
The filing comes as the SEC continues to review a backlog of crypto ETF proposals — including those tied to Dogecoin (DOGE) and Solana (SOL). While many were expected to receive approval earlier this month, progress stalled after the U.S. government shutdown temporarily paused agency operations.
VanEck’s move signals renewed optimism that liquid staking exposure could soon join the growing list of regulated digital asset products in the United States.
