Grayscale Ethereum Staking ETF — Form 8-K

Grayscale filed a Fourth Amended and Restated Declaration of Trust for its Ethereum Staking ETF (ETHE), effective as of a date designated by the Sponsor in 2026. The amendment formalizes staking operations: the Trust may now stake all Ether (except amounts needed for fees, expenses, redemptions, and liquidity), receive Native Staking Consideration (Ether rewards), and pay the Sponsor a Staking Fee calculated as a percentage of staking rewards. The Sponsor introduced a 2.5% annual management fee on NAV and a discretionary Sponsor's Staking Fee. The amendment references IRS Revenue Procedure 2025-31 establishing a staking safe harbor for grantor trusts listed on national exchanges, though the filing emphasizes uncertainty remains about whether the Trust will qualify.