The arrival of the Ethereum ETF from BlackRock and Coinbase marks a historic turning point for crypto. With 82% of staking income returned to investors and 18% taken by the two giants, this product raises as much enthusiasm as questions.
In brief
- BlackRock offers a new Ethereum ETF offering 82% of staking income to investors.
- BlackRock's new Ethereum ETF raises fears of centralization, strongly criticized by Vitalik Buterin.
- Despite the benefits of BlackRock's new Ethereum ETF, fees and structural risks call into question its long-term viability.
BlackRock Launches New Ethereum ETF
On February 17, 2026, BlackRock officially filed details of its new staking Ethereum ETF with the SEC, a product that institutional investors have been waiting for for months. This fund, called iShares Staked Ethereum Trust ETF (ETHB), promises to democratize access to staking income, until now reserved for the most technical players in the crypto market.
This new Ethereum ETF draws on Coinbase's expertise in custody and staking, as well as the distribution power of BlackRock. According to the documents, between 70% and 95% of the Ethereum held by the fund will be staked, with an estimated annual return of around 3%. Investors will receive 82% of the revenue generated, while BlackRock and Coinbase will share the remaining 18%.
Abuse of position by institutional investors in the Ethereum ETF?
The pricing structure of BlackRock's new Ethereum ETF is debated. Indeed, with 18% of staking income taken in commissionsome see this as a high price to pay for simplified market access. For comparison, decentralized staking platforms often offer much lower fees, sometimes close to 5%!
For supporters of the Ethereum ETF, these fees are the price to pay for mass adoption and regulatory legitimacy. For critics, they illustrate the growing appetite of financial intermediaries, to the detriment of investor returns. In a context where staking rates could fall, this 18% commission could weigh heavily on the net profitability of the product.
Vitalik Buterin in panic: Is Wall Street threatening the decentralization of Ethereum?
As BlackRock and Coinbase celebrate their partnership, Vitalik Buterin expresses fears. To this end, 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 major players take precedence over those of the community. This debate therefore goes beyond the technical framework because it opposes two visions: that of a crypto integrated into the traditional financial system, with its safeguards and its intermediaries, and that of a decentralized ecosystem, where the power remains in the hands of the users.
BlackRock's new Ethereum ETF ushers in a new era for crypto, but at what price? If this product facilitates institutional access to staking income, it also raises the crucial question of the balance between financial innovation and preservation of decentralization. In your opinion, should we accept this compromise, or defend the founding principles of ETH at all costs?
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