Grayscale ETHE becomes the first U.S. spot ETP to distribute staking rewards, with $0.08 per share to be paid tomorrow.

Grayscale Ethereum Staking ETF（ETHE） has just reached a milestone in the US spot crypto ETP market—distributing staking rewards to shareholders. This is not only an innovation in the product itself but also marks a shift in the role of crypto assets within traditional finance—from mere holding tools to cash flow-generating assets. According to the latest news, ETHE shareholders will receive $0.083178 per share, with a payment date of January 6, 2026. This reward comes from staking yields earned between October 6, 2025, and December 31, 2025.

Why This Matters

Breaks the Traditional Model of Spot ETPs

Traditional spot ETFs (whether gold or Bitcoin) only offer price exposure and do not generate cash flow. But ETHE’s move changes the game. By directly distributing staking rewards to shareholders, Grayscale demonstrates that spot ETPs can also become income-generating assets. This is especially attractive for long-term holders—you can participate in Ethereum’s price appreciation and earn additional income.

Reflects Institutional Appetite for Crypto Yields

The logic behind this is clear: traditional financial institutions are accustomed to earning from assets (interest, dividends, yields). Crypto assets have long been criticized for “not generating cash flow.” ETHE’s dividend model directly addresses this criticism, showing institutional investors that crypto assets can also produce regular income like bonds or stocks.

Grayscale’s Strategic Deployment

This is not an isolated event. According to relevant information, Grayscale is innovating across multiple products:

• ETHE (Ethereum Staking): now includes staking reward dividends
• GTAO (Bittensor Trust): the first publicly listed TAO product
• ZCSH (Zcash Trust): exposure to privacy coins
• AVAX Trust (Avalanche Trust): has amended its S-1 filing to include staking reward clauses

This indicates that Grayscale is systematically pushing a “staking + cash flow” product line, rather than a one-off move.

Market Reaction and Data Details

ETHE Inflows Signal Recovery

Although ETHE’s total net outflows have reached $5.0 billion historically, recent data shows positive signals. According to the latest news, on January 2nd, ETHE saw a net inflow of $53.6861 million in a single day of trading. This suggests that the promise of staking rewards is attracting new capital.

Yield Level

A dividend of $0.083178 per share corresponds to approximately 3.5 months of staking income. While this number may seem modest, considering Ethereum’s typical staking yield of 3-4% annualized, this distribution level is reasonable. More importantly, it establishes a predictable cash flow pattern.

Will Other Issuers Follow Suit?

Based on relevant information, the answer is very likely yes. According to the latest news, Grayscale has amended the S-1 filing for AVAX Trust to include staking reward clauses, meaning at least two Grayscale products are advancing this model. Given competitive pressure from major issuers like BlackRock (IBIT), Fidelity, and others, it is expected that more issuers will follow with similar staking reward schemes in 2026. This could become a new standard for spot ETPs.

Summary

Grayscale ETHE’s distribution of staking rewards marks an upgrade in the role of crypto assets within traditional finance. From being “speculative tools only for price swings,” to “income-generating assets,” this is a qualitative shift. It is especially significant for institutional investors, as it addresses a core long-standing pain point of crypto assets.

The key takeaway is: staking reward dividends not only enhance ETHE’s attractiveness but also set a new standard for the entire crypto ETP industry. Expect more issuers to launch similar products in 2026, further increasing the allocation of crypto assets in institutional portfolios. For long-term Ethereum bulls, this new model provides an additional income dimension.