灰度（Grayscale）近日宣布完成一项具有里程碑意义的举措，正式成为首家向美国ETF投资者发放以太坊质押奖励的加密资产发行商。这一进展被视为美国现货以太坊ETF发展的关键突破，或将重塑机构和合规资金获取以太坊收益的方式。
根据灰度于1月5日发布的公告，其灰度以太坊质押ETF（ETHE）已完成首次与链上以太坊质押活动直接挂钩的收益分配。这也是美国上市的现货加密货币ETP首次将以太坊质押收益成功传递给投资者，标志着传统ETF结构与以太坊权益证明（PoS）机制实现实质性结合。
具体来看，ETHE 向符合条件的股东每股发放约 0.083178 美元，相关收益来源于 2025 年 10 月 6 日至 12 月 31 日期间累积的以太坊质押奖励。本次分配总规模约为 940 万美元，已于 1 月 6 日完成派发，股权登记日为 1 月 5 日。值得注意的是，灰度并未直接向投资者分发 ETH，而是出售所获得的质押奖励，并以现金形式支付，基金持有的以太坊基础资产保持不变。
灰度早在 2025 年 10 月便为其以太坊相关产品启用了质押功能，使 ETHE 及其配套的以太坊质押迷你ETF（代码：ETH）成为首批支持质押的美国加密ETP。为突出这一变化，两只产品也在今年年初完成了正式更名。
从行业角度看，这一举措为美国现货以太坊ETF引入了此前缺失的“收益属性”，有望改变机构投资者对 ETH 投资逻辑的评估方式。相比单纯追踪价格，质押奖励为以太坊ETF增加了类“利息收入”的特征，进一步强化“以太坊质押收益”“ETH ETF 被动收入”等长尾关键词的市场关注度。
不过，灰度也提醒，ETHE 并未按照《1940年投资公司法》注册，结构灵活性的背后伴随一定风险，包括锁定期、验证器表现、网络或智能合约风险等因素，均可能影响实际收益表现。
尽管如此，分析人士普遍认为，此次分配是将区块链原生经济模型引入受监管金融产品的重要一步。随着贝莱德、富达等机构也在推进以太坊质押相关ETF方案，灰度的先行实践或将成为美国以太坊ETF进入“收益时代”的重要样本。
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