Grayscale Investments has chosen institutional staking provider Figment to support staking services for its newly enabled Ethereum and Solana spot exchange-traded products (ETPs) in the United States, the firms said on Thursday. The move accompanies Grayscale’s rollout of staking for its U.S.-listed Ethereum and Solana investment products, allowing investors in those funds to earn staking rewards while maintaining spot exposure.
What happened
Grayscale announced it will enable staking for certain U.S.-listed Ethereum and Solana products and selected Figment as a staking partner to help manage validator operations and staking infrastructure. The company framed the change as the first time a U.S. issuer of spot crypto ETPs is offering staking through its products.
Which products are affected
The staking feature applies to Grayscale’s major Ether and Solana vehicles available to U.S. investors — including its Ethereum and Solana trusts/ETPs — enabling those product holders to receive a portion of on-chain staking rewards generated by validating network activity. Grayscale said the capability is being added to its existing spot crypto products rather than launching a separate new fund.
Why Figment
Figment is an institutional staking-services provider that operates validator infrastructure and staking orchestration for proof-of-stake networks. Grayscale tapped Figment for its experience running large-scale validator operations and for compliance and security capabilities the firm says are necessary to integrate staking into regulated, brokerage-accessible products. Figment issued a statement expressing pride in partnering with Grayscale to scale staking for institutional investors.
Industry context and importance
Adding staking to spot ETPs represents a notable step for mainstream investor access to on-chain yield: it brings the technical process of participating in proof-of-stake networks into regulated products that trade through traditional brokerages and custodians. Market outlets noted Grayscale’s launch is a first for U.S.-listed spot products and may accelerate competition as other issuers consider integrating staking into fund wrappers.
What investors should know
- Mechanics: Grayscale will work with institutional custodians and staking service providers (including Figment) and a diversified validator set to operate staking for the funds; investors holding fund shares via brokerages will be eligible to receive staking rewards as distributed by the fund.
- Timing & disclosures: Investors should consult Grayscale’s product notices and regulatory filings for specific timelines, fee structures, reward distribution mechanics, and any potential limitations on redemptions or reward accrual.
- Risk: Staking rewards can vary over time based on network conditions, delegation strategies, validator performance and fees. Holding a fund that stakes introduces operational and smart-contract-level considerations that differ from purely passive spot exposure.
Responses from the market
Industry press and market observers have broadly characterized the announcement as a milestone in bringing on-chain yield to mainstream U.S. investment products, while also flagging the operational complexity of safely running validator infrastructure at institutional scale. Figment and Grayscale both emphasized security, compliance and institutional readiness in their statements.
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