VanEck Files to Launch First stETH ETF in the U.S.

Investment firm VanEck has submitted a Form S-1 to the U.S. Securities and Exchange Commission (SEC), requesting approval to launch the VanEck Lido Staked ETH ETF — a product designed to give institutional investors direct exposure to stETH, the liquid-staking token representing Ethereum staked through the Lido protocol

The proposed ETF would hold stETH and rely on verified smart contracts, deep secondary-market liquidity, and integration with custodians and exchanges. Since launch, Lido users have earned more than $2 billion in staking rewards, and the protocol’s total value locked now exceeds $33 billion.

According to Kian Gilbert, Head of Institutional Relations at the Lido Ecosystem Foundation, the filing reflects growing recognition of liquid staking as a core pillar of the Ethereum ecosystem. He emphasized that Lido aims to merge decentralization with institutional-grade standards.

SEC Position on Liquid Staking

The press release also notes that the SEC has previously clarified that issuance, redemption, and trading of liquid-staking tokens are not treated as regulated securities activities when performed under established technical and administrative processes.

If approved, VanEck’s product would become the first U.S. ETF backed by stETH, potentially opening the door to broader institutional use. Recently, we also reported the appearance of Canary Capital’s TRUMP ETF on the DTCC list — further evidence of accelerating ETF activity across emerging digital-asset categories.

Globally, regulators and institutions are rapidly embracing crypto-based financial products. Canada and Europe already offer spot Bitcoin and Ethereum ETFs, which have attracted steady inflows from traditional asset managers.

Hong Kong is also positioning itself as a digital-asset hub with new ETF approvals aimed at competing with U.S. markets. As adoption grows, more jurisdictions are shaping clearer frameworks to bring crypto exposure into mainstream portfolios.