TLDR
- BlackRock named Galaxy Digital an approved validator for its ETHB staked Ethereum ETF.
- ETHB held more than $435 million in assets as of April 8, with $339 million staked.
- BlackRock stakes most ETH in ETHB through Figment, Attestant, and Galaxy validators.
- ETHB distributes staking rewards to investors on a monthly basis through the ETF structure.
- Galaxy ended 2025 with $5 billion in staked assets across Ethereum, Solana, and other networks.
BlackRock has added Galaxy Digital to the validator group for its iShares Staked Ethereum Trust ETF. The move expands Galaxy’s role in institutional Ethereum staking and supports BlackRock’s push into yield-generating crypto products.
The fund, known as ETHB, launched last month. It is BlackRock’s first crypto exchange-traded product built to earn staking rewards. Galaxy joins Figment and Attestant as an approved validator for the fund’s staked Ether.
BlackRock expands validator lineup for ETHB
BlackRock confirmed Galaxy Digital as an approved validator for ETHB in a Thursday press release. The ETF is built to hold Ether and earn staking rewards. It aims to give investors regulated exposure to Ethereum yield through a familiar fund structure.
As of April 8, ETHB had more than $435 million in assets under management. About $339 million of that amount was staked Ether. The fund stakes a majority of its Ether holdings through institutional validators.
Those validators now include Figment, Attestant, and Galaxy. BlackRock said rewards from staking are distributed to investors every month. That setup gives investors access to staking income without holding Ether directly.
BlackRock’s Ethereum product follows its broader push into digital asset funds. The company’s Bitcoin ETF became a major crypto fund after its 2024 launch. ETHB now adds a staking feature to that product strategy.
Galaxy strengthens its role in institutional staking
Galaxy said the BlackRock appointment reflects its work in staking infrastructure. The firm has built validator services for institutions that want scale and oversight. That work now places it inside one of the largest asset managers’ crypto products.
Steve Kurz, Global Co-Head of Digital Assets at Galaxy, said, “When a firm like BlackRock selects you as a validator, it’s because you’ve demonstrated the systems, the scale, and the accountability they require.” He added, “That trust is something we’ve earned over years of building.”
Galaxy’s digital infrastructure division ended 2025 with $5 billion in staked assets. Those assets covered Ethereum, Solana, and other proof-of-stake networks. The figure shows the company’s growing presence in blockchain validation services.
The company also expanded its custody network in 2025. It completed integrations with BitGo, Zodia Custody, Fireblocks, and Coinbase Prime. Those links support institutions that need custody and staking access through established providers.
BlackRock and Galaxy widen on-chain service offerings
BlackRock framed staking as a core part of Ethereum’s design. The firm said experienced validators help support the ETF’s structure and operating standards. It also signaled that staking will remain central to ETHB’s appeal.
Robert Mitchnick, who leads BlackRock’s digital assets division, said, “Staking is a core component of the Ethereum ecosystem and we are excited to enable this capability for investors in ETHB.” He added, “Working with experienced providers helps us deliver that capability within the structure and standards our clients expect.”
Galaxy has also expanded its own client-facing products. It recently added staking on its GalaxyOne platform. The service allows clients to earn rewards without paying platform commissions.
Beyond staking, Galaxy is building more on-chain services for institutions. The firm is working with Broadridge on blockchain-based proxy voting on Avalanche. That effort shows Galaxy’s focus on services that go beyond validation alone.
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