SEC приближается к одобрению стейкинга в Ethereum-ETF: почему это важно?

cryptonews.ruPublished on 2025-01-30Last updated on 2025-07-31

Стейкинг в Ethereum-ETF может кардинально изменить рынок — эксперты предрекают настоящий переворот в том, как институциональные инвесторы будут относиться к криптовалютам. Речь идет о возможности получать доходность от стейкинга прямо через биржевые фонды, что может сделать Ethereum-ETF серьезными конкурентами биткоин-ETF.

Американские эмитенты ETF до сих пор ждут разрешения Комиссии по ценным бумагам и биржам (SEC) на предоставление стейкинга в рамках своих Ethereum-фондов. Ранее в этом году они подали множество заявок, но пока безрезультатно.

Однако есть признаки того, что ситуация может измениться. Нейт Гераци (Nate Geraci), президент NovaDius Wealth Management и аналитик ETF, сообщил в соцсети X, что SEC недавно приняла заявку Nasdaq на добавление стейкинга к iShares Ethereum ETF от BlackRock. По его мнению, стейкинг Ethereum-ETF может стать следующим пунктом в «списке дел» регулятора.

Дополнительная доходность — игра меняется

Маркус Тилен (Markus Thielen), глава исследований 10x Research, считает, что стейкинг для Ethereum-ETF увеличит доходность и может «кардинально изменить рынок».

Уже сейчас арбитражная стратегия между спотовыми Ethereum-ETF и фьючерсами на Ethereum дает около 7% годовой доходности. Если добавить стейкинг с его дополнительными 3% дохода, общий потенциал доходности достигнет 10% без использования заемных средств.

«С использованием кредитного плеча в 2-3 раза институциональные инвесторы смогут рассчитывать на 20-30% годовой доходности от этой арбитражной стратегии», — объясняет Тилен. По его словам, это станет «монументальным структурным сдвигом в том, как институциональный капитал поступает в Ethereum».

Почему доходность так важна для крупных игроков

Доходность — это ключевой фактор для институциональных инвесторов перед тем, как они войдут в какие-либо инвестиции.

Причина проста: институты вроде пенсионных фондов отдают приоритет стабильному и предсказуемому доходу, а не неопределенному приросту капитала. Доходность также воспринимается как способ снижения волатильности.

Ethereum-ETF теперь обеспечат как диверсификацию от биткоина как «цифрового золота» к ETH как «инфраструктуре для стейблкоинов», так и, что не менее важно, доходность, которая неприменима к биткоину.

Доходность в 3-5% сделает Ethereum-ETF привлекательным дополнением к портфелю, учитывая потенциал роста Ethereum — это довольно уникально с точки зрения портфельного подхода.

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