VanEck Files for Lido Staked Ethereum ETF With US SEC

VanEck has filed for a Lido Staked Ethereum ETF with the US SEC. This is the first of its kind, aiming to provide investors with regulated exposure to Ethereum and staking rewards through Lido Finance.

The ETF will track spot Lido Staked ETH (stETH) prices based on MarketVector’s index.
This move follows VanEck's statutory trust registration for the ETF in Delaware.
Lido allows users to stake ETH without running validator nodes, issuing stETH as a representation of deposited ETH and staking yield.
Currently, 8.49 million ETH worth over $33.37 billion are staked on Lido, representing 59.88% of the market.

SEC Listing Standards and Approval

The SEC's updated Generic Listing Standards reduce the crypto ETF approval timeline from 240 to 75 days.
Hashdex Crypto Index ETF is an example of funds benefiting from these new rules.

Following the ETF filing, stETH experienced a price dip of 5.73%, trading at $3,775.13, while its trading volume increased by 17.24% to $84.46 million.