Staking ETFs: which filings name a provider

8 of 14. We read the latest SEC filings for 14 US ETH and SOL products that stake. Eight name the company that runs or arranges their validators. Six do not.

Meaning: for close to half of these products, an investor cannot tell from the filings who runs the validators.

Why the provider matters

A staking ETF holds ETH or SOL and delegates it to validators. The fund owns the asset. A provider runs the validator software and keys that do the staking.

The provider affects three things:

1. Rewards. Uptime and block production drive yield.
2. Slashing risk. On Ethereum, a validator that signs conflicting messages loses part of its stake. The operator's setup decides that risk.
3. Concentration. If many funds use the same few providers, a large share of network stake sits with a few operators.

The map

We searched each product's prospectus (424B3 or post-effective amendment) and latest 10-Q on SEC EDGAR. A provider counts as named when the filing names the company that stakes or operates validators for the fund.

Ethereum

Solana

What the map shows

Galaxy is named in 5 filings. Figment is named in 4. Coinbase entities (Coinbase Canada and Coinbase Crypto Services) appear in 3. Attestant appears in 2. Helius and Marinade appear in 1 each.

Two Morgan Stanley trusts and ETHB use three providers. FSOL uses two. The rest of the named products use one.

Sponsor affiliates are common. Attestant is an affiliate of Bitwise, BSOL's sponsor. Galaxy Blockchain Infrastructure is an affiliate of QSOL's execution agent. Both filings disclose this.

"Not named" does not mean "unknown to the fund." The Grayscale filings (ETHE, GSOL) refer to Coinbase as the custodian and to approved validators, without naming the operators. VanEck's 10-Q refers only to an unnamed staking services provider.

Products we left out

• CoinShares Solana Staking ETF. Its S-1/A from September 2025 names BitGo as custodian and staking provider. We could not confirm it is trading, so we left it out of the count.
• VanEck JitoSOL ETF and VanEck Lido Staked ETH ETF. These hold liquid staking tokens, receipts issued by a staking protocol. The protocol picks the validators, not the fund. It is a different model.

What fees look like

Few filings state the staking fee in a single number. One that does: ETHB pays 10% of gross staking rewards to its sponsor, execution agent and staking providers combined. The fund keeps the rest (Supplement No. 1, Apr 15, 2026). The original prospectus set that share at 18%.

ETHB seeks to stake 70% to 95% of its ETH under normal conditions. On June 30, 2026, it reported 86.9% staked (10-Q).

Questions for allocators and sponsors

If you are choosing a staking ETF, or building one, ask:

1. Who runs the validators? Name the legal entity, not the brand.
2. Is the provider an affiliate? If yes, how is the fee set?
3. How is stake split? One provider or several? What triggers a change?
4. What is the slashing cover? Who pays if a validator is slashed?
5. How is performance reported? Per validator, per epoch, or as a fund-level yield alone?

The filings answer question 1 for 8 of 14 products.

Bottom line

Of 14 US ETH and SOL staking products, 8 name a staking provider in SEC filings. Galaxy appears in 5, Figment in 4. Six products name none. For investors who care who holds the keys, the prospectus is the first place to look, and sometimes the last.

For sponsors and custodians: stakefish Ethereum Enterprise Staking gives institutions monthly reports on execution and consensus layer rewards, with flexible custody options (API docs). Request access.

Sources

1. iShares Staked Ethereum Trust ETF, 424B3 (Mar 11, 2026)
2. iShares Staked Ethereum Trust ETF, Supplement No. 1 (Apr 15, 2026)
3. iShares Staked Ethereum Trust ETF, 10-Q Q2 2026
4. Morgan Stanley Ethereum Trust, 424B3 (Jul 23, 2026)
5. Morgan Stanley Solana Trust, 424B3 (Jul 23, 2026)
6. Grayscale Ethereum Staking ETF, 10-Q Q2 2026
7. Grayscale Ethereum Staking Mini ETF, 10-Q Q2 2026
8. 21Shares Ethereum Staking ETF, 424B3 (Aug 27, 2026)
9. Bitwise Solana Staking ETF, POS AM (Aug 13, 2026)
10. Fidelity Solana Fund, 424B3 (Aug 21, 2026)
11. Invesco Galaxy Solana ETF, 10-Q Q2 2026
12. Canary Marinade Solana ETF, 10-Q Q2 2026
13. Franklin Solana ETF, 10-Q Q2 2026
14. Grayscale Solana Staking ETF, 10-Q Q2 2026
15. 21Shares Solana Staking ETF, 424B3 (Aug 27, 2026)
16. VanEck Solana ETF, 10-Q Q2 2026
17. CoinShares Solana Staking ETF, S-1/A (Sep 26, 2025)
18. stakefish Multi-Chain Staking API and SDK launch post

Building staking into a platform? The stakefish Multi-Chain Staking API and SDK cover Ethereum, Solana and more. Read the API docs.

Stake now at: stake.fish/stake

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