KEY TAKEAWAYS
- WisdomTree launches the first European ETP exclusively holding stETH, enhancing institutional access to staked Ethereum.
- LIST trades on major European exchanges, offering exposure to staked ETH with a management expense ratio of 50 basis points.
- stETH’s deep liquidity and integration into DeFi make it ideal for supporting a fully staked ETP structure.
- Europe’s regulatory framework facilitates the incorporation of stETH into institutional market infrastructure.
WisdomTree has launched the WisdomTree Physical Lido Staked Ether ETP (LIST), marking the first European exchange-traded product (ETP) to exclusively hold stETH, a token minted via the Lido protocol. This product is designed to avoid the unstaked buffers that traditional products often use for creations and redemptions.
LIST is now trading on Deutsche Börse Xetra, SIX Swiss Exchange, and Euronext in Paris and Amsterdam. It provides exposure to staked Ethereum (ETH) and corresponding on-chain staking rewards through a listed product format that fits into existing institutional workflows. The ETP begins trading with approximately $50 million in assets under management and carries a management expense ratio (MER) of 50 basis points.
Why stETH Supports This Structure
stETH plays a crucial role in Ethereum’s market infrastructure as the largest liquid staking token, representing nearly 25% of all staked ETH with around 8.5 million ETH staked through the Lido protocol. Its integration into major decentralized finance (DeFi) applications and support from centralized venues contribute to its deep liquidity.
This liquidity allows creations and redemptions to be processed smoothly through secondary markets, bypassing lengthy validator withdrawal queues. The Lido protocol distributes staked ETH across more than 650 node operators globally, reducing reliance on any single provider and supporting transparency on-chain. These characteristics make stETH the only liquid staking token currently meeting the operational profile required to support a fully staked ETP.
Europe’s Role in Institutional Staking Access
Europe has established a clear regulatory framework for physically backed crypto ETPs, including those holding staked assets. In this environment, the launch of LIST demonstrates how stETH can be incorporated into regulated market infrastructure and accessed through channels institutions already use.
ETPs, and eventually ETFs, can link existing operational processes with on-chain transparency in a format institutions understand. Kean Gilbert, Head of Institutional Relations at Lido Ecosystem Foundation, noted that bringing stETH into a fully backed ETP is a natural progression, providing allocators with a familiar structure without sacrificing liquidity or security.
Dovile Silenskyte, Director of Digital Assets Research at WisdomTree, highlighted that Lido Staked Ether is central to Ethereum’s transition to a yield-bearing network, offering staking rewards without capital lock-up, thus enhancing liquidity and efficiency across DeFi.
The introduction of a fully staked ETH ETP aligns with ongoing progress in custody, market infrastructure, and treasury systems that incorporate stETH into institutional workflows. These developments indicate how stETH is moving into a broader range of institutional settings, maintaining a reliable and transparent staking environment as institutional participation grows.
For more details, visit the official announcement.
Why This Matters: Impact, Industry Trends & Expert Insights
WisdomTree has launched Europe’s first fully staked Ethereum ETP, the WisdomTree Physical Lido Staked Ether ETP (LIST), which exclusively holds stETH and is trading on major European exchanges. This development marks a significant step in integrating staked Ethereum into regulated financial products.
A recent ETF Stream report highlights the growing adoption of fully staked crypto ETPs, which are enhancing market efficiency by providing investors access to staking rewards while maintaining liquidity. This aligns with the launch of LIST, as it represents a broader trend of integrating staking into mainstream financial products, thus attracting institutional interest and participation.
As per insights from B2Broker, stETH has become a central instrument in institutional adoption of Ethereum staking due to regulatory clarity and attractive yields. This supports the significance of LIST’s launch, as it exemplifies how stETH can be effectively utilized within institutional frameworks to offer yield-bearing opportunities without capital lock-up.
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