{"id":11736,"date":"2026-08-11T00:35:11","date_gmt":"2026-08-11T00:35:11","guid":{"rendered":"https:\/\/cryptonews.uk.com\/?p=11736"},"modified":"2026-08-11T00:35:11","modified_gmt":"2026-08-11T00:35:11","slug":"grayscale-turned-more-than-1-1-billion-of-staked-crypto-into-a-recurring-reward-sale-machine-for-etf-holders","status":"publish","type":"post","link":"https:\/\/cryptonews.uk.com\/?p=11736","title":{"rendered":"Grayscale turned more than $1.1 billion of staked crypto into a recurring reward-sale machine for ETF holders"},"content":{"rendered":"<p><\/p>\n<div>\n<p>Grayscale has formalized a mandatory minimum cadence for converting staking rewards from three crypto exchange-traded products into cash and paying the net proceeds to shareholders.<\/p>\n<p>Trust amendments executed Aug. 6 for the Grayscale Ethereum Staking ETF (ETHE), Grayscale Solana Staking ETF (GSOL) and Grayscale Avalanche Staking ETF (GAVA) require each product to reduce \u201cStaking Consideration\u201d to cash no less often than quarterly. Net proceeds must then be distributed promptly after applicable fees and trust expenses.<\/p>\n<p>The three trusts currently intend to make distributions monthly, according to Form 8-K filings submitted Aug. 7, but the binding floor is quarterly.<\/p>\n<p>As the trusts receive staking rewards, they must periodically sell that earned consideration and pass the resulting cash to investors. The rule therefore creates a recurring market sell flow for reward tokens.<\/p>\n<div class=\"cs-article-embed\">\n<div class=\"cs-article-embed__media\"> <img loading=\"lazy\" width=\"1024\" height=\"538\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/03\/blackrock-ethereum-staking-1024x538.jpg\" alt=\"BlackRock's new product just made Ethereum income impossible to ignore\" loading=\"lazy\" decoding=\"async\"\/><img loading=\"lazy\" class=\"lazyload\" width=\"1024\" height=\"538\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/03\/blackrock-ethereum-staking-1024x538.jpg\" alt=\"BlackRock's new product just made Ethereum income impossible to ignore\" loading=\"lazy\" decoding=\"async\"\/><\/div>\n<div class=\"cs-article-embed__body\"> <span class=\"cs-article-embed__related-reading\">Related Reading<\/span><\/p>\n<h3 class=\"cs-article-embed__title\">BlackRock&#8217;s new product just made Ethereum income impossible to ignore<\/h3>\n<p>BlackRock may have just reopened the case for earning yield in crypto, reframing ETH as yield plus price exposure.<\/p>\n<p> <span class=\"cs-article-embed__meta-item\">Mar 13, 2026<\/span> <span class=\"cs-article-embed__meta-divider\">\u00b7<\/span> <span class=\"cs-article-embed__meta-item\">Gino Matos<\/span><\/p>\n<\/div><\/div>\n<p>It does not create scheduled liquidation of the trusts\u2019 principal ETH, SOL or AVAX holdings. The distribution clauses apply to staking consideration earned by the products. Other disclosures still permit token sales for separate purposes, including redemptions, fees and expenses.<\/p>\n<p>The amendments establish that reward tokens will be converted, but not how much will be sold in any future period.<\/p>\n<figure id=\"attachment_553699\" aria-describedby=\"caption-attachment-553699\" style=\"width: 720px\" class=\"wp-caption aligncenter\"><img fetchpriority=\"high\" decoding=\"async\" class=\"wp-image-553699\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/08\/exec-cb5f10a6-e925-4c11-bd63-0c2cbdbfbca3.png\" alt=\"Infographic showing the at-least-quarterly cash distribution mandate for Grayscale funds ETHE, GSOL and GAVA, the four-step reward-to-cash flow, and June 30 assets, staked values, sponsor fees and reward deductions.\" width=\"720\" height=\"1080\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/08\/exec-cb5f10a6-e925-4c11-bd63-0c2cbdbfbca3.png 1024w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/08\/exec-cb5f10a6-e925-4c11-bd63-0c2cbdbfbca3-200x300.png 200w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/08\/exec-cb5f10a6-e925-4c11-bd63-0c2cbdbfbca3-683x1024.png 683w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/08\/exec-cb5f10a6-e925-4c11-bd63-0c2cbdbfbca3-768x1152.png 768w\" sizes=\"(max-width: 720px) 100vw, 720px\"\/><img decoding=\"async\" class=\"lazyload wp-image-553699\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/08\/exec-cb5f10a6-e925-4c11-bd63-0c2cbdbfbca3.png\" alt=\"Infographic showing the at-least-quarterly cash distribution mandate for Grayscale funds ETHE, GSOL and GAVA, the four-step reward-to-cash flow, and June 30 assets, staked values, sponsor fees and reward deductions.\" width=\"720\" height=\"1080\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/08\/exec-cb5f10a6-e925-4c11-bd63-0c2cbdbfbca3.png 1024w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/08\/exec-cb5f10a6-e925-4c11-bd63-0c2cbdbfbca3-200x300.png 200w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/08\/exec-cb5f10a6-e925-4c11-bd63-0c2cbdbfbca3-683x1024.png 683w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/08\/exec-cb5f10a6-e925-4c11-bd63-0c2cbdbfbca3-768x1152.png 768w\" data-sizes=\"(max-width: 720px) 100vw, 720px\"\/><figcaption id=\"caption-attachment-553699\" class=\"wp-caption-text\">ETHE, GSOL and GAVA must distribute net staking rewards at least quarterly, with current plans calling for monthly cash payments.<\/figcaption><\/figure>\n<p><span style=\"color: #333333;\">As of June 30, ETHE reported\u00a0<\/span>$1.22 billion in total assets<span style=\"color: #333333;\"> and $999.96 million in staked ETH, equivalent to roughly 81.7% of its\u00a0<\/span>assets. GSOL reported $101.16 million in assets and $101.05 million of staked SOL, or about 99.9%. GAVA reported $4.27 million in assets and $3.45 million of staked AVAX, or about 80.9%.<\/p>\n<p>The reports do not provide current annualized reward rates. Future sales and payouts will depend on rewards actually received, the amount staked, protocol-level reward rates, token prices, and deductions.<\/p>\n<p>ETHE charged a 2.5% annual Sponsor fee, while its Sponsor staking fee and validator fees together accounted for 23% of gross rewards as of June 30. GAVA disclosed a 0.35% annual Sponsor fee and the same 23% aggregate reward deduction. GSOL disclosed a 0.19% annual Sponsor fee and a 7% aggregate staking-related deduction covering Sponsor and validator fees.<\/p>\n<p>The annual Sponsor fees and the reward deductions use different bases and should not be treated as additive percentages.<\/p>\n<div id=\"cs-inline-newsletter-6a7a6d4f96879\" class=\"cs-inline-newsletter\" data-inline-newsletter=\"\">\n<div class=\"cs-inline-newsletter__inner\">\n<div class=\"cs-inline-newsletter__content\"> <span class=\"cs-inline-newsletter__eyebrow\">CryptoSlate Daily Brief<\/span><\/p>\n<h3 class=\"cs-inline-newsletter__title\">Daily signals, zero noise.<\/h3>\n<p class=\"cs-inline-newsletter__copy\">Market-moving headlines and context delivered every morning in one tight read.<\/p>\n<p> <span><i class=\"fa-regular fa-bolt\" aria-hidden=\"true\"\/> 5-minute digest<\/span> <span><i class=\"fa-regular fa-star\" aria-hidden=\"true\"\/> 100k+ readers<\/span><\/p>\n<\/div>\n<div class=\"cs-inline-newsletter__form-shell\">\n<p class=\"cs-inline-newsletter__privacy\">Free. No spam. Unsubscribe any time.<\/p>\n<p> <i class=\"fa-regular fa-circle-xmark\" aria-hidden=\"true\"\/> <span>Whoops, looks like there was a problem. Please try again.<\/span><\/p>\n<p> <i class=\"fa-regular fa-circle-check\" aria-hidden=\"true\"\/> <span>You\u2019re subscribed. Welcome aboard.<\/span><\/p>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"cs-article-embed\">\n<div class=\"cs-article-embed__media\"> <img loading=\"lazy\" width=\"1024\" height=\"576\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/06\/ethereum-solana-1024x576.jpg\" alt=\"Morgan Stanley\u2019s proposed 0.14% ETH and SOL fees could turn the next crypto ETF race into a price fight\" loading=\"lazy\" decoding=\"async\"\/><img loading=\"lazy\" class=\"lazyload\" width=\"1024\" height=\"576\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/06\/ethereum-solana-1024x576.jpg\" alt=\"Morgan Stanley\u2019s proposed 0.14% ETH and SOL fees could turn the next crypto ETF race into a price fight\" loading=\"lazy\" decoding=\"async\"\/><\/div>\n<div class=\"cs-article-embed__body\"> <span class=\"cs-article-embed__related-reading\">Related Reading<\/span><\/p>\n<h3 class=\"cs-article-embed__title\">Morgan Stanley\u2019s proposed 0.14% ETH and SOL fees could turn the next crypto ETF race into a price fight<\/h3>\n<p>Morgan Stanley\u2019s proposed 0.14% ETH and SOL fees raise pressure on rivals as advisors weigh staking-adjusted crypto exposure.<\/p>\n<p> <span class=\"cs-article-embed__meta-item\">Jun 21, 2026<\/span> <span class=\"cs-article-embed__meta-divider\">\u00b7<\/span> <span class=\"cs-article-embed__meta-item\">Gino Matos<\/span><\/p>\n<\/div><\/div>\n<p>ETHE offers an operating precedent without a forecast. The fund paid approximately $9.4 million, or $0.083178 per share, on Jan. 6 after selling staking rewards earned from Oct. 6 through Dec. 31, 2025. Different asset levels, staking participation, fees, reward rates, and token prices make it unsafe to extrapolate that payment across the three products.<\/p>\n<div class=\"cs-article-embed\">\n<div class=\"cs-article-embed__media\"> <img loading=\"lazy\" width=\"1024\" height=\"538\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/01\/ethereum-dividend-1024x538.jpg\" alt=\"A hidden \u201cyield war\u201d has begun in Ethereum ETFs, forcing issuers to finally pay you for holding\" loading=\"lazy\" decoding=\"async\"\/><img loading=\"lazy\" class=\"lazyload\" width=\"1024\" height=\"538\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/01\/ethereum-dividend-1024x538.jpg\" alt=\"A hidden \u201cyield war\u201d has begun in Ethereum ETFs, forcing issuers to finally pay you for holding\" loading=\"lazy\" decoding=\"async\"\/><\/div>\n<div class=\"cs-article-embed__body\"> <span class=\"cs-article-embed__related-reading\">Related Reading<\/span><\/p>\n<h3 class=\"cs-article-embed__title\">A hidden \u201cyield war\u201d has begun in Ethereum ETFs, forcing issuers to finally pay you for holding<\/h3>\n<p>Grayscale turned Ethereum\u2019s staking yield into something ETF investors instantly recognize: a cash payout.<\/p>\n<p> <span class=\"cs-article-embed__meta-item\">Jan 11, 2026<\/span> <span class=\"cs-article-embed__meta-divider\">\u00b7<\/span> <span class=\"cs-article-embed__meta-item\">Andjela Radmilac<\/span><\/p>\n<\/div><\/div>\n<h2>Grayscale move creates a tax complexity<\/h2>\n<p>The conversion to cash planned by Grayscale may simplify what shareholders receive, but ETHE and GSOL tax disclosures indicate that the underlying activity can create multiple potential tax consequences.<\/p>\n<p>Assuming grantor-trust treatment applies, a US holder is generally treated as receiving a pro rata share of staking income when the trust earns it.<\/p>\n<p>A subsequent trust sale of reward tokens to fund a cash distribution can also allocate a pro rata capital gain or loss to the holder. Under the treatment described in the filings, receiving the cash itself should not be an additional taxable event.<\/p>\n<p>The disclosures caution that the grantor-trust position is not guaranteed. They also flag potential unrelated business taxable income for some tax-exempt holders and unresolved sourcing or withholding questions for non-US investors.<\/p>\n<p>The amendments therefore create a recurring operational loop: earn reward tokens, sell them, and distribute net cash. Its market sell flow will depend on realized rewards and deductions, not headline asset totals alone.<\/p>\n<\/div>\n<p>ETF,Featured,Regulation,Staking,ethereum,payments,SolanaETF,ethereum,payments,Solana#Grayscale #turned #billion #staked #crypto #recurring #rewardsale #machine #ETF #holders1786408511<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Grayscale has formalized a mandatory minimum cadence for converting staking rewards from three crypto exchange-traded products into cash and paying the net proceeds to shareholders. Trust amendments executed Aug. 6 for the Grayscale Ethereum Staking ETF (ETHE), Grayscale Solana Staking ETF (GSOL) and Grayscale Avalanche Staking ETF (GAVA) require each product to reduce \u201cStaking Consideration\u201d<\/p>\n","protected":false},"author":1,"featured_media":11737,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[277,62,231,31,563,417,3580,167,5864,6167,152,2597,706],"class_list":["post-11736","post","type-post","status-publish","format-standard","has-post-thumbnail","category-ethereum","tag-billion","tag-crypto","tag-etf","tag-ethereum","tag-grayscale","tag-holders","tag-machine","tag-payments","tag-recurring","tag-rewardsale","tag-solana","tag-staked","tag-turned"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.6 (Yoast SEO v26.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Grayscale turned more than $1.1 billion of staked crypto into a recurring reward-sale machine for ETF holders - 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