Staking Ethereum: BlackRock's New Ethereum ETF Causes Controversy

The arrival of BlackRock and Coinbase’s Ethereum ETF marks a historic turning point for crypto. With 82% of staking revenue returned to investors and 18% taken by the two giants, this product raises as much enthusiasm as questions.

BlackRock Launches a New Ethereum ETF

On February 17, 2026, BlackRock officially filed details of its new Ethereum ETF with the SEC featuring staking, a product awaited for months by institutional investors. This fund, named iShares Staked Ethereum Trust ETF (ETHB), promises to democratize access to staking revenues, until now reserved for the most technical players in the crypto market.

This new Ethereum ETF leverages Coinbase’s expertise in custody and staking, as well as BlackRock’s distribution power. According to the documents, between 70% and 95% of the Ethereum held by the fund will be staked, with an estimated annual yield of around 3%. Investors will receive 82% of the generated revenues, while BlackRock and Coinbase will share the remaining 18%.

Institutional Position Abuse in the Ethereum ETF?

The fee structure of BlackRock’s new Ethereum ETF is under debate. Indeed, with 18% of staking revenue taken as commission, some see this as a high price to pay for simplified market access. By comparison, decentralized staking platforms often offer much lower fees, sometimes close to 5%!

For supporters of the Ethereum ETF, these fees are the price for mass adoption and regulatory legitimacy. For critics, they illustrate the growing appetite of financial intermediaries, at the expense of investor returns. In a context where staking rates could decline, this 18% commission could heavily weigh on the product’s net profitability.

Vitalik Buterin in Panic: Does Wall Street Threaten Ethereum’s Decentralization?

While BlackRock and Coinbase celebrate their partnership, Vitalik Buterin voices concerns. He warned that the growing concentration of ETH in the hands of a few financial giants could erode the decentralization of the crypto network. According to him, if institutional investors continue to significantly accumulate Ethereum, they could influence decisions.

The risk? Biased governance, where the interests of big players outweigh those of the community. This debate therefore goes beyond the technical realm as it pits two visions against each other: that of a crypto integrated into the traditional financial system, with its safeguards and intermediaries, and that of a decentralized ecosystem, where power remains in the hands of users.

BlackRock’s new Ethereum ETF opens a new era for crypto, but at what cost? While this product facilitates institutional access to staking revenue, it also raises the crucial question of balancing financial innovation and preserving decentralization. In your opinion, should this compromise be accepted, or should the founding principles of ETH be defended at all costs?