Cboe BZX Exchange filed a Form 19b-4 with the Securities and Exchange Commission (SEC) on March 10, 2025, seeking approval to amend Fidelity’s ethereum fund (FETH) to permit staking of the trust’s ether holdings. The move marks a reversal from May 2024, when regulatory uncertainty led Fidelity to remove staking from its initially proposed spot ethereum ETF, which launched without the feature in July 2024. The filing coincides with a friendlier stance toward crypto under the Trump administration, which took office in January 2025.

Fidelity first filed for a spot ethereum ETF in March 2024, proposing to stake a portion of the fund’s assets to generate rewards for investors. However, by May 2024, the company scrapped staking plans amid SEC enforcement actions against crypto platforms like Kraken, Binance and Coinbase over unregistered staking services. The SEC approved Fidelity’s ETF in July 2024 under the condition that it would not engage in staking, citing concerns about compliance with securities laws.

The new filing proposes deleting prior language barring staking and adding a “Staking” section to the fund’s operational framework. Under the plan, Fidelity’s sponsor would stake ether through third-party providers, retaining custody of assets while earning rewards distributed as income. The filing emphasizes that staked ether would not be pooled with other entities’ holdings, nor would Fidelity advertise returns or offer staking services to external parties.

Staking, introduced after Ethereum’s 2022 transition to a proof-of-stake (PoS) model, requires validators to lock at least 32 ETH to help secure the network in exchange for rewards. The SEC previously argued that staking-as-a-service programs constituted unregistered securities offerings, but Fidelity’s filing distinguishes its approach by limiting staking to the trust’s own assets and avoiding promotional claims.

The proposal follows the dismissal of the SEC’s lawsuit against Coinbase’s staking program in February 2025 and signals a potential regulatory shift. While the filing does not directly reference political changes, analysts note the Trump administration’s appointment of crypto-friendly policymakers has eased pressure on firms to avoid staking-related products.

The SEC has 45 days to approve, deny or extend its review of the proposal. If approved, Fidelity’s ETF would become the first U.S.-listed fund to integrate staking, offering investors exposure to both ether’s price and network rewards. Observers expect a decision by mid-2025, with outcomes likely to influence broader crypto ETF offerings.

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