2025 年 10 月，Grayscale Investments 標誌著機構加密採用的關鍵時刻。全球最大數位資產投資平台宣布，其 Ethereum Trust ETF（ETHE）、Ethereum Mini Trust ETF（ETH）以及 Solana Trust（GSOL）成為美國首批具備質押功能的現貨型加密貨幣交易型產品。
對於長年面對監管逆風的產業來說，這不只是單一產品的升級，更象徵美國監管機構對區塊鏈網路安全與被動收益機制基本態度的根本轉變。
這項宣布是在多年監管緊張、執法行動及數次受挫之後發生的。僅僅在兩年半前的 2023 年 2 月，美國證券交易委員會（SEC）迫使加密貨幣交易所 Kraken 支付三千萬美元罰款並關閉其美國質押業務，理由是違反證券法。
SEC 主席 Gary Gensler 警告整個產業，質押服務即屬未註冊證券發行，直接劃出紅線，導致創新冷卻且質押活動外移。現在，那道紅線突然消失。Grayscale 的推新產品不僅是為現有商品加新功能，更反映從法規、技術成熟、到機構壓力推動下，質押已從合規風險變成主流投資策略的關鍵過程。
本文將探討促成 Grayscale 歷史性成就的力量、相關監管架構、機構必須面對的營運複雜度以及這項創新對加密資產管理未來的意義。要理解這場轉變，需審視政策、技術與市場動態的交會點——同時明白 2025 年 10 月 6 日的變革，已醞釀多年。
質押為何成為監管難題
為理解 Grayscale 2025 年 10 月推出產品的重大意義，必須首先明白質押為何讓監管機構如此警惕。質押是參與權益證明（Proof-of-Stake）區塊鏈的參與者，將其加密貨幣作為抵押，用於驗證交易與維護網路安全的過程。與比特幣等工作量證明系統需解決計算難題不同，以太坊、Solana 等權益證明網路則根據鎖定（質押）加密貨幣的數量來選擇驗證者。依規範行事者可獲得新產生的代幣及手續費作為獎勵；惡意者則可能被減少或扣罰所質押的資產。
對個人持幣者而言，質押有望帶來 2% 至 8% 年化利息的被動收益，同時協助維護區塊鏈安全。這一機制已成為現代區塊鏈運作的核心。以太坊於 2022 年 9 月透過「The Merge」從工作量證明全面轉換至權益證明，約 28% 流通 ETH 目前已被質押。
Solana 於 2020 年即以權益證明上線，目前超過 50% 流通量正被積極質押。如此高的參與度反映出質押機制對經濟獎勵與網路運作的必要。
然而，在 2025 年前 SEC 眼中，質押是一大監管難題。其關切集中在三個相關問題：證券認定、託管風險與收益揭露。當交易所、託管商或投資平台為客戶提供質押並分潤回報時，SEC 以「Howey 測試」（美國最高法院對投資契約的界定）審視這種安排。根據 Howey 標準，若某項安排包括：金錢投資於共同事業，投資人預期收益來自他人努力，即視為證券。
SEC 指控稱，當客戶把代幣交給像 Kraken 這類平台並期待由平台所運營的驗證節點帶來收益時，他們參與的即為投資契約。
客戶投入資金（加密貨幣），與他人集中於共同事業（平台質押基礎設施），期待利潤（質押回報），該利潤來自他人（即平台的驗證管理、節點運營等）。SEC 主席 Gary Gensler 於 2022 年 9 月公開表示，通過中介質押「與借貸非常相似，只是標籤不同」。
SEC 於 2023 年 2 月對 Kraken 的執法行動，將這些疑慮具體化成監管規則。SEC 指稱，Kraken 自 2019 年對散戶提供質押服務，宣稱年報酬最高可達 21%。平台將客戶加密貨幣集中起來，並在多條權益證明網路上進行質押，發放獎勵並抽佣。SEC 指控這些行為構成未註冊證券發行，因 Kraken 未按 1933 年證券法提供必要揭露資訊，使投資人對風險、費用和平台運作缺乏充分認識。
和解協議要求 Kraken 立即終止其全美質押服務並支付三千萬美元罰金。宣布後 Gensler 在電視專訪中嚴正警告更廣泛的產業：「其他平台必須引以為戒，主動達成合規。」他補充，提供質押的公司必須「妥善揭露並註冊」。當被問及質押服務是否一律違法時，Gensler 指出理論上平台可向 SEC 註冊質押計劃，但未具體說明申請或合規流程為何。
此和解案對加密平台與資產管理人帶來立刻的營運挑戰，許多交易所開始限制或區分地域地調整質押服務。2024 年初，等以太坊現貨 ETF 申請潮湧向 SEC 時，部份發行人一開始也曾將質押選項納入規畫。例如 BlackRock 的 iShares Ethereum Trust 申請書中就提到質押 ETF 所持有 ETH 以為股東創造額外收益的可能性。
但隨 SEC 審查，質押議題成為監管禁區。等到以太坊 ETF 於 2024 年 7 月真正上市時，所有發行商均在申請書中明確表示不會進行質押。BlackRock 的最終申請書明文表示，該信託不會「直接或間接參與任何將信託 ETH 用於以太坊質押或產生額外 ETH 或收益的行為。」
這導致一種尷尬局面：以太坊 ETF 讓投資人可通過傳統券商監管帳戶參與 ETH 價格變動，這本是金融創新突破，卻刻意排除了現代以太坊運作的核心——質押收益。這就如同發行高股息股票 ETF 卻禁止該基金收股息。業界公認這是基於監管需求不得已的折衷。BlackRock 數位資產主管 Robbie Mitchnick 於 2025 年 3 月公開表示，無法質押讓以太坊 ETF「不夠完美」。問題不在於質押能否解禁，而只在於何時、條件為何。
關鍵轉捩點：2025 年有哪些變化
從 2023 年 2 月 Kraken 被罰，到 2025 年 10 月 Grayscale 引領美國質押 ETF 落地，這段歷程既不直線也非必然。這過程需要 SEC 領導層更替、法律見解演進、產業壓力發酵，最終甚至須仰賴重新界定「證券活動」範圍的正式指引。這場轉型橫跨政治、法律與營運三大面向。
政治上，起點來自 2024 年美國總統大選及後續影響。雖然 SEC 名義上屬獨立監管機構，但行政首長更迭難免影響監管重點。Gary Gensler 是拜登於 2021 年 4 月任命的 SEC 主席，並迅速建立起加密產業最強硬監管對手的形象。 Under his leadership, the SEC brought enforcement actions against major exchanges, challenged the securities status of numerous tokens, and maintained a generally skeptical posture toward crypto innovation. However, following the transition to a new administration in January 2025, pressure mounted for a recalibration of the SEC's approach.
在他的領導下，SEC 對主要的加密貨幣交易所採取執法行動，質疑許多代幣的證券地位，並且對加密創新的態度普遍比較懷疑。不過，隨著2025年1月新政府的上任，要求SEC調整其作法的壓力不斷升高。
By spring 2025, several factors converged to create momentum for regulatory change. The successful launch of spot Bitcoin ETFs in January 2024 had demonstrated institutional appetite for crypto exposure through traditional investment vehicles. Those Bitcoin ETFs collectively attracted more than $35 billion in assets under management within their first year, representing one of the most successful ETF launches in history.
到了2025年春季，多項因素匯聚，推動監管變革的動力。2024年1月現貨比特幣 ETF 的成功推出，顯示機構法人對經由傳統投資工具接觸加密資產的極大興趣。這些比特幣 ETF 在推出後一年內，管理資產總額已超過350億美元，成為史上最成功的ETF上市案例之一。
Ethereum ETFs followed in July 2024, though their inability to offer staking yields dampened investor enthusiasm - they attracted only about $2.4 billion in net inflows through early 2025, according to data from Farside Investors. Industry participants argued publicly and in regulatory filings that the prohibition on staking placed U.S. products at a competitive disadvantage relative to European and Asian offerings that already incorporated yield generation.
以太幣 ETF 於2024年7月接續上市，但由於無法提供質押收益，降低了投資人的熱情——根據 Farside Investors 的數據，截至2025年初，僅吸引了約24億美元的淨資金流入。業界人士在公開場合及監管申請文件中主張，禁止質押使美國產品在競爭上落於劣勢，無法與歐洲及亞洲已提供收益的同類產品抗衡。
Congressional sentiment also shifted. Multiple bills aimed at providing regulatory clarity for digital assets made progress through committee processes. While comprehensive crypto legislation remained politically challenging, the general thrust was toward establishing clearer frameworks rather than maintaining enforcement-by-examination. The Commodity Futures Trading Commission began coordinating more openly with the SEC on jurisdictional questions, reducing some of the inter-agency friction that had complicated previous policy initiatives.
國會態度也出現轉變。多項旨在釐清數位資產監管規範的法案陸續通過委員會審查。雖然全面性加密立法在政治上仍具挑戰，但整體走向已逐漸由「靠執法定規」轉為「明訂規則框架」。商品期貨交易委員會（CFTC）也與 SEC 就管轄範圍問題展開更公開的協調，減少了以往政策推動時的跨部門摩擦。
The legal dimension involved a fundamental reassessment of how staking activities fit within securities law. This reassessment culminated in a groundbreaking statement issued on May 29, 2025, by the SEC's Division of Corporation Finance. Titled "Statement on Certain Protocol Staking Activities," the document represented the clearest regulatory guidance the crypto industry had received on staking since the Kraken settlement two years earlier.
法律層面則涉及對質押活動如何適用證券法進行根本性的重新評估。這一系列重新檢討，最終在2025年5月29日由 SEC 企業融資部門發表一份突破性的聲明——《關於特定協議質押活動的聲明》，這是自兩年前 Kraken 案和解後產業界在質押事項上獲得最明確的監管指引。
The statement analyzed staking through the lens of the Howey Test and concluded that certain categories of staking - specifically those the document termed "Protocol Staking Activities" - did not constitute securities transactions requiring registration.
該聲明以 Howey 測試角度分析質押操作，認定某些特定類型的質押活動——即文件所稱之「協議質押活動」（Protocol Staking Activities），不構成需登記的證券交易。
The Division's analysis focused on the fourth prong of the Howey Test: whether participants have a reasonable expectation of profits derived from the entrepreneurial or managerial efforts of others. The statement concluded that in properly structured staking arrangements, rewards are derived from the administrative or ministerial act of validating network transactions according to algorithmic rules, not from entrepreneurial decision-making by third parties.
企業融資部分析重點在於 Howey 測試的第四要件：參與者是否有合理預期，自己的收益來自他人創業或管理上的付出。聲明認定，只要質押安排結構合宜，其獎勵係源於按照演算法規則驗證網路交易的行政性/技術性行為，而非第三方的企業性決策。
The Division identified three acceptable staking models. Self-staking (also called solo staking) occurs when a token holder runs their own validator node, maintaining complete control over their assets and technical operations. Self-custodial staking involves delegating validation rights to a third-party node operator while retaining ownership and control of the underlying tokens. Custodial staking allows a custodian to take custody of tokens and stake them on behalf of the owner, provided the custodian acts purely as an agent following the owner's instructions rather than exercising discretionary control.
該部門認可三種質押模式。自我質押（又稱單人質押，solo staking）是指代幣持有人自己運行驗證節點，完全掌控資產與技術操作。自托管質押指持有人將驗證權限委託第三方節點運營者，但所有權和控制權仍在持有人手中。托管質押則由第三方保管人接管代幣並代表主人質押，但前提是保管人必須完全按照主人的指示行事，無自行裁量權。
Critically, the statement addressed "ancillary services" that platforms might offer alongside staking. These included slashing insurance (protecting against penalties for validator misbehavior), early unbonding (allowing withdrawals before the protocol's natural unstaking period), modified reward payment timing, and aggregation services (pooling assets to meet minimum staking thresholds).
聲明特別說明了平台可能會為質押業務提供的「附加服務」，包括：削罰保險（針對驗證人失誤遭罰提供保障）、提前解綁（允許在協議自然解鎖期前提領）、獎勵發放時點調整，以及聚合服務（將資產集合以滿足最低質押門檻）。
The Division concluded that these services, when offered in connection with Protocol Staking Activities, remained administrative or ministerial in nature and did not convert staking into an investment contract. This was significant because it meant that institutional custodians could offer sophisticated risk management and operational conveniences without triggering securities registration requirements.
該部門認為，這些附加服務若與協議質押活動結合提供，仍屬於行政性或技術性，並不會將質押轉變為投資合約。這一點意義重大，代表機構級保管人可以提供進階的風險管理與營運便利，而無需觸發證券註冊規定。
Commissioner Hester Peirce, in her statement accompanying the Division's guidance, praised the clarity it provided. "Today, the Division of Corporation Finance clarified its view that certain proof-of-stake blockchain protocol 'staking' activities are not securities transactions within the scope of the federal securities laws," Peirce wrote.
SEC 委員 Hester Peirce 在附帶說明中特別肯定該部門帶來的明確性。Peirce 寫道：「今天，企業融資部明確表示，某些權益證明（Proof-of-Stake, PoS）區塊鏈協議的『質押』行為，不屬於聯邦證券法範圍內的證券交易。」
She noted that previous regulatory uncertainty had "artificially constrained participation in network consensus and undermined the decentralization, censorship resistance, and credible neutrality of proof-of-stake blockchains." Her endorsement signaled that the guidance had support from at least some commissioners, though dissenting views from other commissioners suggested the policy remained contested internally.
她指出，過去監管不明使得「參與網路共識受到人為限制，也損害了權益證明區塊鏈的去中心化、抗審查力與可信中立性。」她的支持說明此次指引至少獲得部分委員認同，儘管其他委員的不同意見也顯示政策在內部仍有討論空間。
The May 2025 statement was not the end of the SEC's guidance. On August 5, 2025, the Division of Corporation Finance issued a follow-up statement addressing liquid staking - a variation in which users receive tradable tokens (liquid staking tokens or LSTs) representing their staked assets. Liquid staking had become increasingly popular because it solved a fundamental problem: when users stake tokens directly through protocols, those assets are typically locked for a period during which they cannot be transferred or sold.
2025年5月的聲明並非 SEC 指引的終點。至2025年8月5日，企業融資部又再度發表補充聲明，針對流動質押（liquid staking）作出說明——這種做法讓用戶能獲得可流通代幣（流動質押代幣，LSTs）作為其質押資產的代表。流動質押日益流行，皆因解決了一個根本問題：用戶若透過協議直接質押代幣，資產會被鎖定一段期間，期間無法轉讓或出售。
Liquid staking protocols issue receipt tokens that can be traded immediately, allowing users to maintain liquidity while still earning staking rewards. The August statement clarified that these arrangements, too, fell outside securities regulation when properly structured, as the receipt tokens represented ownership of the deposited assets rather than deriving value from managerial efforts.
流動質押協議發行收據型代幣，讓用戶可即時交易，既保留流動性，又不失去質押收益。8月聲明明確指出，只要結構設計妥善，這類安排同樣不屬於證券監管範疇，因為收據型代幣單純代表存入資產的所有權，價值並非法自他人經營成果而來。
These statements did not mean the SEC had abandoned all scrutiny of staking. The Division was careful to limit its guidance to activities involving "Covered Crypto Assets" - tokens that are intrinsically linked to the operation of public, permissionless networks and do not have inherent economic rights or claims to future income of a business enterprise.
這些聲明並不代表 SEC 已對質押全面放鬆監督。該部門對指引範圍設下清楚界限，只涵蓋「特定加密資產」，即那些本質上直接參與於公有、無需許可網路運作，且未附帶商業事業未來收入或其他經濟權益聲明的代幣。
The guidance did not extend to arrangements where platforms exercised discretion over when or how much to stake, guaranteed returns, or combined staking with other financial services like lending. Platforms that bundled staking with yield farming, proprietary trading strategies, or re-hypothecation of customer assets remained potentially subject to securities laws. Nevertheless, the boundaries were now clearer than they had been at any point since proof-of-stake networks emerged as viable alternatives to proof-of-work.
監管指引不適用於平台可擇時擇量質押、保證報酬，或將質押與借貸等其他金融服務綁定的安排。將質押與收益農場、自營交易策略、或重複質押客戶資產結合的平台，仍有可能受到證券法律規範。儘管如此，與 PoS 網路剛興起時相比，目前各種規則界線已清晰許多。
Beyond the formal guidance, operational realities also shifted. In early 2025, the SEC quietly dropped staking-related allegations from its ongoing litigation against Coinbase, effectively retreating from the broad position Gensler had staked out in the Kraken settlement. While the agency did not issue a public explanation, market participants interpreted this as a signal that internal thinking had evolved. Bloomberg Intelligence analyst James Seyffart noted in April 2025 that staking approval for Ethereum ETFs could come "as early as May," though he cautioned that the process might extend through the end of the year as the SEC worked through procedural questions and potential tax implications with the IRS.
除了正式指引外，實務操作上也有變化。2025年初，SEC 在針對 Coinbase 的訴訟過程中，悄悄撤回質押相關指控，實質上是撤回先前在 Kraken 案中由 Gensler 所主張的強硬立場。雖然官方未發聲明說明，但市場普遍解讀這反映內部思維已經轉向。彭博資訊分析師 James Seyffart 在2025年4月指出，以太幣ETF質押可能「最快5月就能核准」，但同時警告，因為SEC還需處理流程性問題與與國稅局協商潛在稅務後果，整個過程或許會持續到年底。
By summer 2025, the dam had broken. Major ETF issuers including BlackRock, Fidelity, Franklin Templeton, 21Shares, VanEck, and Grayscale all filed amendments seeking approval to add staking capabilities to their Ethereum products. The filings were remarkably similar in structure, reflecting careful coordination with the SEC's guidance.
到2025年夏季，局勢已大幅鬆動。主要ETF發行商如貝萊德（BlackRock）、富達（Fidelity）、富蘭克林鄧普頓（Franklin Templeton）、21Shares、VanEck 與 Grayscale 全數遞交修正文件，申請在以太幣產品中加入質押功能。這些文件結構高度一致，顯示與 SEC 指引密切協調。
Each specified that staking would occur through institutional custodians and diversified validator networks, that rewards would flow to the fund's net asset value, and that the arrangements would comply with the Protocol Staking framework outlined in the Division's May statement. The SEC extended review deadlines multiple times through September and early October, suggesting intensive behind-the-scenes discussions about operational details, disclosure requirements, and accounting treatment.
各案皆明確說明，質押操作會透過機構保管人及分散式驗證人網路進行，獎勵計入基金淨資產價值，並遵循企業融資部五月聲明中「協議質押」架構。SEC 在九月與十月初多次延長審查期限，顯示幕後圍繞操作細節、資訊揭露、帳務處理等仍有激烈討論。
Grayscale emerged from this review process first - not because it had any special regulatory advantage, but because its products were not structured as registered investment companies under the Investment Company Act of 1940. ETHE and ETH, though traded on exchanges, are technically commodity trusts exempt from '40 Act registration.
這輪審核中，Grayscale 率先通過，不是因為有特殊監理優勢，而是其產品架構並非1940年投資公司法下的註冊投資公司。ETHE 與 ETH 產品雖在市場交易，但在法理上屬於商品信託，無須適用 '40法案。
This meant they operated under a slightly different regulatory framework than traditional ETFs, potentially allowing for faster implementation of staking once the underlying securities-law questions were resolved. On October 6, 2025, Grayscale announced that staking was live across its Ethereum and Solana products, managing a combined $8.25 billion in assets. The company noted it had already staked more than 40,000 ETH, representing a significant commitment of capital to validator infrastructure.
這讓它們與傳統ETF在監管框架上略有不同，一旦證券法層面的問題解決，就能更快導入質押。2025年10月6日，Grayscale 宣布其以太坊與 Solana 產品已全數啟用質押功能，合計管理資產82.5億美元，且已質押超過四萬顆 ETH，顯示對驗證人基礎設施的重大資本承諾。
Grayscale's Implementation: How the Staking ETPs Actually Work
跳過翻譯 markdown 連結及標題。
Grayscale's launch was not merely about flipping a regulatory switch. It required sophisticated operational infrastructure, careful selection of custodial partners, and transparent communication with investors about how staking would affect fund performance and risk profiles. The company's approach offers a template for how institutional staking products can be structured within the regulatory framework established by the SEC's 2025 guidance.
Grayscale 的質押產品推出並非只是簡單的監管解禁，背後涉及精密的營運基礎設施配置、保管夥伴的嚴格挑選，以及與投資人之間針對質押如何影響基金績效和風險輪廓的充分溝通。該公司作法可作為機構級質押產品在 SEC 2025 指引框架下設計的範本。
At the core of Grayscale's staking operations are three
（原文未完，暫以本行結束。如需後續請再補充內容。）distinct layers: custody, validation, and reward distribution. The custody layer involves institutional-grade digital asset custodians that hold the ETH and SOL backing the trusts.
不同的層級：託管、驗證和獎勵分配。託管層涉及機構級數位資產託管機構，負責持有作為信託保障的ETH和SOL。
While Grayscale has not publicly disclosed all its custodial partners for the staking program, industry standards suggest these are likely qualified custodians such as Coinbase Custody, Anchorage Digital, or BitGo - the three institutions that dominate institutional crypto custody in the United States. These custodians maintain private key management systems, cold storage protocols, insurance coverage, and regulatory compliance infrastructure designed to protect billions of dollars in digital assets.
雖然Grayscale尚未公開其質押計畫的所有託管夥伴，但業界標準顯示這些夥伴很可能是如Coinbase Custody、Anchorage Digital或BitGo等合格託管機構——這三間機構在美國機構級加密貨幣託管領域居於主導地位。這些託管機構擁有私鑰管理系統、冷錢包協議、保險保障以及合規基礎建設，目的是保護數十億美元的數位資產。
The validation layer determines how staked assets actually participate in blockchain consensus. Rather than operating its own validator nodes, Grayscale works with what it describes as "a diversified network of validator providers." This approach serves multiple purposes. From a risk management perspective, distributing stake across numerous validators reduces exposure to any single point of failure.
驗證層決定已質押資產實際如何參與區塊鏈共識。Grayscale 並非自行運營驗證者節點，而是選擇與其所稱的「多元化驗證者網絡」合作。這種做法有多重目的。風險管理角度來看，將質押分散於多個驗證者可降低單一故障點帶來的風險。
If one validator experiences downtime or technical issues, the impact on overall staking rewards is minimized. From a decentralization perspective, spreading stake among many validators supports network health by avoiding excessive concentration of validation power. From a compliance perspective, using established, institutional-grade validators with proven track records addresses potential concerns about operational risk and security.
若某個驗證者遇到故障或技術問題，對整體質押獎勵的影響將被降至最低。从去中心化的角度來看，分散質押到多個驗證者有助於避免驗證權力過度集中，維持網路健康。從合規角度來看，使用經驗豐富並具備良好紀錄的機構級驗證者，也能解決潛在的營運風險及安全顧慮。
Validator selection is not random. Institutional staking requires validators that meet stringent criteria for uptime (validators must be online and responsive to validate blocks), security (validator infrastructure must be protected against attacks), and regulatory compliance (validators must operate transparently and often under regulated entities). On Ethereum, validators must maintain at least 32 ETH staked and face slashing penalties if they validate conflicting transactions or remain offline for extended periods.
驗證者的選擇並非隨機。機構質押對於驗證者的連線時間（需保持上線並能即時驗證區塊）、安全性（驗證者基礎設施必須能防範攻擊）、合規性（必須透明運作，且多由受監管的實體負責）都有嚴格標準。在以太坊網絡上，驗證者必須至少質押32 ETH，若出現驗證衝突交易或長時間離線，則會受到削減（slashing）懲罰。
On Solana, validators compete for stake delegation based on performance metrics including vote credits (successful votes on finalized blocks) and commission rates. Grayscale's selection process likely involves ongoing monitoring of validator performance, periodic rebalancing of stake distribution, and contractual arrangements that define responsibilities and liabilities.
在Solana網絡上，驗證者需依據表現指標（如投票積分、已最終化區塊的成功投票數和佣金率）競逐質押委託。Grayscale的驗證者選擇過程應包括持續監控驗證者表現、定期平衡質押分配，以及簽訂明確責任和義務的合約安排。
The reward distribution layer addresses how staking yields flow to investors. In Grayscale's model, staking rewards are not distributed as cash dividends or additional shares. Instead, they accrue to the trust's net asset value. This means that as the trust's ETH or SOL holdings earn staking rewards, the total assets under management increase, which in turn increases the value of each outstanding share proportionally.
獎勵分配層關注質押收益如何流向投資人。在Grayscale的模式下，質押獎勵不會以現金股息或額外股份分配，而是直接計入信託的淨資產價值（NAV）。這表示，當信託持有的ETH或SOL累積質押獎勵後，總管理資產增加，每單位流通股份的價值也會等比例提升。
For example, if ETHE holds 1 million ETH and generates a 3% annual staking yield, the trust would accumulate approximately 30,000 additional ETH over the course of a year. This additional ETH increases the NAV per share, benefiting all shareholders without requiring distributions or creating immediate tax events.
舉例來說，若ETHE持有100萬枚ETH，並產生3%的年質押收益，信託一年將約累計增加30,000枚ETH。這些新增ETH會推升每股淨值，讓所有股東受益，同時無需現金分配或產生即時稅務事件。
This accrual approach has several advantages for institutional investors. It simplifies accounting by avoiding the complexity of tracking numerous small distributions. It potentially defers tax liabilities, as shareholders only realize gains when they sell shares rather than on an ongoing basis as rewards are earned.
這種累積式作法對機構投資者有多項優點。它簡化了會計處理，免去追蹤大量零星分配的複雜性。它也有可能將稅務責任延後至出售股份時而非持續獲得獎勵時才實現收益。
It also eliminates the need for reinvestment decisions - rewards automatically compound within the trust structure. However, it also means that the trust's management fee (Grayscale charges 0.25% annually for ETH and 2.5% for ETHE) is calculated on a larger and growing asset base, which effectively captures a portion of staking rewards as management fees.
同時也免除了再投資抉擇的問題——獎勵會在信託結構內自動複利。然而，這也意味著信託的管理費（Grayscale針對ETH收取0.25%年費，ETHE為2.5%）是根據不斷成長的資產基礎計算，等於實際將部分質押獎勵納入管理費中。
Grayscale has been transparent about the risks and limitations of staking. The company published an educational report titled "Staking 101: Secure the Blockchain, Earn Rewards" concurrent with its staking launch. The report explains how staking works, why networks require it, and what participants should understand about yields and risks.
Grayscale對質押的風險與限制方面相當透明。公司於質押產品啟動時同步發表了名為《Staking 101：Secure the Blockchain, Earn Rewards》的教育報告，解釋質押的運作原理、網路為何需要質押以及參與者應了解的收益與風險內容。
Key disclosures include the acknowledgment that staking yields are variable and depend on network conditions, validator performance, and the total amount of assets staked across the network. If network-wide staking participation increases significantly, yields for all stakers decrease proportionally as rewards are distributed across a larger pool.
關鍵揭露包括：質押收益是變動的，取決於網路條件、驗證者表現和全網質押資產總量。如果全網質押參與度大幅提升，所有質押者的收益也會因獎勵分配基礎擴大而等比例下降。
The report also addresses slashing risk - the possibility that validators could lose a portion of staked assets due to protocol violations. While properly managed institutional validators have extremely low slashing rates, the risk is not zero. Technical failures, configuration errors, or coordinated attacks could result in penalties.
該報告同時說明了削減（slashing）風險——即驗證者因違反協議而損失部分質押資產。雖然正確管理的機構驗證者發生削減的機率極低，但風險並非完全為零。技術故障、配置錯誤或協同攻擊皆可能導致被懲罰。
Grayscale's use of multiple validators helps mitigate this risk, as does the selection of established providers with strong operational track records. Some institutional custodians offer slashing insurance as an ancillary service, though the availability and cost of such insurance varies by provider and network.
Grayscale選擇多位驗證者，有助於降低這種風險，加上選擇有良好營運紀錄的供應商，可進一步控管風險。有些機構級託管商甚至會提供削減險等附加服務，但這類保險的覆蓋範圍與費用因供應商與網路而異。
Liquidity considerations are another important aspect of Grayscale's staking implementation. Unlike direct staking through protocols, where users must wait for an "unbonding period" (approximately 27 hours for Ethereum, one epoch or 2-3 days for Solana) before staked assets become liquid, Grayscale's ETF structure maintains continuous liquidity for investors. Shareholders can sell their ETHE or ETH shares on the exchange at any time during market hours, receiving the current market price.
流動性考量也是Grayscale質押實作的一大重點。不同於協議直接質押時，需等待「解綁期」（以太坊約需27小時，Solana約一個epoch或2-3天）才能將質押資產變現，Grayscale的ETF架構可讓投資人隨時擁有流動性。股東可於市場交易時間內，在交易所隨時買賣其ETHE或ETH股份並獲得即時市價。
The trust handles the operational complexity of managing staked and liquid asset pools to meet redemption demands. This is possible because not all trust assets need to be staked simultaneously - Grayscale can maintain a buffer of unstaked tokens to handle routine redemptions while keeping the bulk of assets staked to maximize yield.
信託會負責處理質押資產與流動資產池的營運複雜性，以滿足贖回需求。由於並非所有信託資產都需同時質押，Grayscale能保留部分未質押代幣作為緩衝，以應對日常贖回，同時最大化資產質押收益。
Peter Mintzberg, Grayscale's Chief Executive Officer, framed the launch in terms of the company's longstanding positioning as a crypto innovation leader. "Staking in our spot Ethereum and Solana funds is exactly the kind of first mover innovation Grayscale was built to deliver," Mintzberg said in the October announcement. "As the #1 digital asset-focused ETF issuer in the world by AUM, we believe our trusted and scaled platform uniquely positions us to turn new opportunities like staking into tangible value potential for investors."
Grayscale執行長Peter Mintzberg以公司一貫作為加密創新領導者的定位來詮釋這次產品發表。他於十月聲明中表示：「在我們的現貨以太坊和Solana基金中啟動質押服務，正是Grayscale一直以來專注引領的領域。我們是全球最大規模的數位資產ETF發行商，深信我們受信任且具規模的平台具備將質押等新機會轉化為投資人可實現價值的獨特優勢。」
The statement reflected confidence that Grayscale's early move would attract assets from investors who had been waiting for yield-enhanced crypto products, potentially helping the company recapture market share it had lost to competitors like BlackRock and Fidelity in the spot Bitcoin ETF race.
這番說法展現出Grayscale對於其搶先發佈能夠吸引一直等待收益型加密產品的投資人充滿信心，也期望藉此在現貨比特幣ETF競賽中，重新搶回曾被BlackRock、Fidelity等競爭對手奪走的市場份額。
Institutional Custody and Risk Management in the Staking Era
質押時代的機構託管與風險管理
The operational complexities of staking at institutional scale extend far beyond simply locking tokens in a protocol. For custodians, asset managers, and the validators they work with, enabling staking within the regulatory framework requires sophisticated risk management, technological infrastructure, and compliance processes that go significantly beyond what retail staking platforms provide. Understanding these operational realities helps explain why institutional staking took years to emerge despite being technically possible from the moment proof-of-stake networks launched.
機構規模的質押營運遠比單純把代幣鎖進協議來得複雜。對託管人、資產管理人以及其合作的驗證者來說，在符合法規的架構下推動質押，需要遠較一般零售質押平台更完善的風險控管、技術基礎設施和合規流程。理解這些營運現實，有助解釋為什麼機構質押遲遲到近年才出現，即便技術上從第一天起就可行。
Custodial responsibility begins with the fundamental tension between security and accessibility. Traditional custody of digital assets follows the principle "not your keys, not your coins" - whoever controls the private keys effectively owns the assets.
託管責任首先面對的，是安全性與可用性之間的根本矛盾。傳統數位資產託管奉行「不是你的私鑰，就不是你的幣」的原則——誰控制私鑰，誰就擁有資產。
Cold storage, where private keys are kept entirely offline on hardware devices or in secure facilities disconnected from any network, provides maximum security against hacking but makes assets inaccessible for real-time transactions. Hot wallets, which maintain private keys online for rapid transaction signing, enable operational flexibility but create attack surfaces that sophisticated hackers continually probe.
冷錢包將私鑰完全離線保存在硬體裝置或與網路隔離的安全設施，對於防駭保護達到最高標準，但同時也讓資產無法因應即時交易。熱錢包則將私鑰維持在線以便於快速簽署交易，提高了操作彈性，卻也暴露新攻擊面，讓高級駭客有機可乘。
Staking complicates this security model because actively validating requires ongoing interaction with blockchain networks. Validators must sign attestations and propose blocks on regular schedules - every 12 seconds for Ethereum, continuously with rotating leadership for Solana. This necessitates hot wallet infrastructure that can sign validation messages without manual intervention. Yet institutional custodians must maintain the security standards their clients expect, including multi-party computation (where no single entity holds complete private keys), hardware security modules, and air-gapped signing ceremonies for certain operations.
質押進一步複雜化這套安全機制，因積極參與驗證需頻繁和區塊鏈網絡互動。像以太坊，驗證者每12秒需要簽署確認訊息並提議新區塊，Solana則是持續運作、責任輪替。這意味必須有能自動簽署驗證訊息的熱錢包基礎設施，但機構託管人又必須維持客戶期待的安全標準，包括多方計算（MPC, 多人持鑰無人全控）、硬體安全模組，以及特定操作時的隔離簽署流程。
The solution that has emerged involves segregation of responsibilities and tiered security architectures. Custodians like Anchorage Digital, which holds the distinction of being the only federally chartered crypto bank in the United States, maintain client assets in cold storage while delegating validation rights to carefully vetted node operators. The node operator receives the authority to sign validation messages on behalf of the staked tokens without gaining custody of the underlying assets.
目前行業常見的解決方案，是責任分離與分層安全架構。像Anchorage Digital這類美國唯一聯邦特許的加密銀行，會把客戶資產持續保存在冷錢包，同時把驗證權限委託給嚴格審核過的節點營運商。節點營運商僅有權代表質押代幣簽署驗證訊息，而不能直接掌控底層資產。
This is accomplished through blockchain-level mechanisms that separate validation capabilities from ownership. On Ethereum, for example, validators have withdrawal credentials (which control asset ownership) and signing keys (which control validation operations). The custodian retains control of withdrawal credentials while the node operator manages only the signing keys needed for validation.
這一切依賴於區塊鏈協議層級就有的產權分離機制。例如以太坊，驗證者擁有提領憑證（掌控所有權）和簽署金鑰（掌控驗證操作）。託管人保留提領憑證，而節點營運商僅持有用於驗證簽名的金鑰。
BitGo, which secures approximately 20% of all on-chain Bitcoin transactions by value and serves as custodian for numerous crypto ETFs, approaches institutional staking through what it calls a "100% cold storage" model combined with qualified
BitGo則為全網約20%的比特幣鏈上轉帳提供安全保障，同時也是眾多加密ETF的託管人，其機構質押解決方案則採用所謂「100%冷錢包」模式，結合合格... Skip translation for markdown links.
內容翻譯如下：
託管架構。該公司強調，即使在積極參與質押過程中，客戶資產仍受到保險政策（最高可達2.5億美元）的保障。BitGo 的質押即服務（staking-as-a-service）方案與其既有託管基礎設施整合，讓機構能從同一錢包與帳戶進行質押與持有資產，並享有統一的報告與風險管理。該平台同時支援自主管理質押（客戶保留私鑰控制權）與合格託管質押（由 BitGo Trust Company 依其紐約州信託執照擔任託管人）。
Coinbase Custody 作為多個在2024年推出的現貨比特幣和以太坊ETF的託管人，在多個權益證明（proof-of-stake）網路上建立了完整的質押能力。該平台支援以太坊、Solana、Cardano、Polkadot、Cosmos、Avalanche 及其他眾多網路的原生質押。Coinbase Custody Trust Company 根據紐約州銀行法屬於受託人資格，並為SEC規則下的合格託管人，這一身份為機構客戶帶來監管上的明確性。
該託管平台通過由 Deloitte & Touche 執行的 SOC 1 Type II 及 SOC 2 Type II 審計，提供第三方對控制成效的驗證。針對質押，Coinbase 提供多種模式，包括傳統質押（採用標準網路解綁期）、流動質押（發行收據代幣），以及為大型機構提供的專用驗證人選項，方便其自行掌控驗證基礎設施。
保險是機構風險管理中關鍵的一環，使機構質押與零售服務區隔開來。雖然區塊鏈協議本身並不為參與者提供損失保險，但機構託管業者已與保險公司合作，專為數位資產託管與質押營運設計保險。保險內容通常涵蓋私鑰失竊、員工舞弊、基礎設施故障，以及某些類型的駭客攻擊，但一般不包括市場風險（價格下跌）或因驗證人違規而觸發的協議層級削減（slashing）。
削減風險管理涉及驗證人選擇及技術防護。削減（slashing）會在權益證明網路中發生，當驗證人違反協議規則——不論是惡意（如簽署矛盾見證，有時稱為「雙重簽名」）或營運失誤（如長時間離線）——都會被處罰。
處罰程度因網路及嚴重性而異。在以太坊上，因停機造成的輕微削減僅會受到小額罰鍰，而惡意削減（如可證明的矛盾簽名）則可能損失大部分已質押的ETH，並被強制移出驗證人集合。Solana 的削減機制目前較溫和，但其協議設計容許日後經治理程序加重罰則。
機構驗證人透過備援基礎設施、廣泛測試及謹慎的密鑰管理，以降低削減風險。最佳實踐包括運作備用驗證節點（當主節點故障時可接管）、部署「削減防護」軟體（即使在故障情境下也能防止簽署矛盾訊息），並持續監控，以便及早發現並回應問題，防止事態擴大。
部分驗證人還提供削減保險作為附加服務，實際上承諾因自身運營失誤導致的損失由其賠償。這類保險與託管保險屬不同範疇，通常由驗證人或專業保險方承保。
質押獎勵的會計與稅務處理仍屬變動領域，對機構投資人具重大影響。關鍵問題是，質押獎勵是否應於取得時認列為收入，還是只有在未來出售時才視為資本利得。這對多數機構投資人（尤其是受監管基金與公司財務部門）而言，會影響報表收益、稅負與財報呈現。
美國國稅局（IRS）於2023年提供初步指引，表示以質押獎勵獲得的加密貨幣應於收取時以公允市價認列為收入，這適用於直接質押獎勵。然而，若質押發生於信託結構（如 Grayscale 的 ETF），稅務處理則更加複雜。
由於這類信託在稅務上屬賦與人信託與獎勵計入資產淨值（NAV）而非分派，因此收入的準確課稅時點與性質一直是產業與監管機關討論的議題。SEC公司財務部在2025年5月聲明中已承認這些複雜性，指出部分問題需國稅局進一步釐清。
對於機構投資人而言，稅務問題會影響產品設計與投資決策。若質押獎勵於取得時即須課稅，基金必須確保有足夠流動性以應對稅務義務，即便獎勵仍持續投資於信託。若獎勵被視為成本基礎提升（僅於出售時課稅），會計則更簡單，但未必反映獎勵作為交易驗證報酬的經濟實質。不同投資人根據稅務身份有不同偏好——像捐贈基金、退休基金等免稅機構可能無所謂，但需納稅的企業機構則或許希望能延遲課稅。
比較分析：美國作法與歐洲、亞洲之差異
Grayscale 於2025年10月推出質押服務，對美國而言是創舉，然而在全球並非首次。歐洲及亞洲的加密貨幣ETP多年來已納入質押功能，這反映出不同的監管架構與政策重點。了解這些國際差異，有助於釐清美國機構為何面臨漫長障礙，以及哪些競爭壓力最終促成監管改革。
歐洲加密貨幣監管格局主要受《加密資產市場規範法案》（MiCA）所塑造，該法於2024年分階段生效。MiCA 首度為歐盟全境建立加密資產全面監管架構，對發行人、交易平台與服務機構制定統一規則。不同於美國強調將既有證券法規（為股票及債券而設）套用於加密貨幣，MiCA 建立了針對加密資產的分類與規範。
該法規將資產擔保型代幣（有儲備支持的穩定幣）、電子貨幣代幣（等同法幣的穩定幣）及效用型代幣（其他類加密資產）區分對待。所有服務供應商，包括交易所、託管人及投資平台，必須獲得授權並遵循營運規範，但法案明文指出，許多加密業務並不屬於傳統證券監管範疇。
針對質押，歐洲監管機關從未認定質押即服務（SaaS）屬於證券發行行為，而是視為平台提供的一種營運服務，僅需遵守一般注意義務及揭露責任，無需辦理證券註冊。如此寬鬆的規定，使得歐洲的加密貨幣ETP自推出即能整合質押功能。早在2021年，歐洲重要ETP發行商 21Shares 就發布了包含質押收益的產品。例如，該公司推出的 Solana 質押 ETP（代號 ASOL）自上市以來，即同時為投資人提供價格暴露與質押獎勵。
21Shares 的作法與 Grayscale 現在於美國採用的模式雷同，也同樣與機構託管人及驗證網路合作，只是其處於一個質押合法性未受嚴重質疑的監管環境，享有更多運作彈性。該公司強調，質押可使ETP報酬更貼近區塊鏈網路的經濟表現。
「隨著機構採用加密資產ETP的腳步加快，且歐洲監管明確度持續提升，我們承諾將擴展產品線以回應日益增長的投資需求，」21Shares 金融產品發展主管 Mandy Chiu 於2025年3月公司擴展北歐業務至 Nasdaq Stockholm 時表示。
ETC Group、VanEck Europe 及 CoinShares 也在歐洲市場推出質押型ETP。這些產品交易於受監管的歐洲交易所，包括德意志交易所 Xetra、SIX 瑞士交易所與泛歐交易所（Euronext），使零售與機構投資人均可於歐盟市場參與。產品通常收取每年0.2%至1%管理費，並透過NAV升值（與Grayscale模式相似）分配質押獎勵。由於 MiCA 規範明訂託管要求、透明標準及投資人保護規範，這類產品可在具正當性的法規環境下營運，無需面臨過於苛刻的限制。
歐洲的監管明確度帶來了明顯競爭優勢。截至2025年中，歐洲加密貨幣ETP管理資產總額已超150億美元，具質押功能的產品佔了相當大比重。歐洲的機構投資人，特別是受 UCITS（可轉讓證券集體投資機構指令）監管的養老基金及資產管理機構，可透過合規投資工具取得質押收益。
這意味著當U.S. ETFs launched without staking capabilities in 2024, they were offering an inferior product compared to what was already available to European investors. Industry participants argued that this put U.S. capital markets at a disadvantage and deprived American investors of yield opportunities available to their European counterparts.
2024年，美國ETF推出時並未擁有質押(staking)功能，所提供的產品相較於歐洲投資人早已能取得的選擇明顯較差。業界參與者認為，這讓美國資本市場處於劣勢，同時剝奪美國投資人可享有的、歐洲投資人早已具備的收益機會。
Asia's approach varies significantly by jurisdiction. Singapore, which has positioned itself as a crypto-friendly financial hub, allows regulated crypto funds to offer staking under the supervision of the Monetary Authority of Singapore (MAS). The MAS has taken a balanced approach, requiring licensing and compliance for crypto service providers while generally avoiding blanket prohibitions. Hong Kong, seeking to compete with Singapore for crypto business, launched a regulatory regime in 2023 that permits licensed platforms to offer staking services to retail investors. The Hong Kong Securities and Futures Commission requires platforms to disclose staking risks clearly and maintain adequate systems and controls, but treats staking as a permissible activity rather than a securities offering requiring prospectus registration.
亞洲不同司法管轄區的作法差異甚大。新加坡定位為加密友善的金融樞紐，在新加坡金融管理局（MAS）的監管下，允許合規的加密基金提供質押服務。MAS 採取平衡的監管方針，要求加密服務提供商取得執照並遵守合規規定，但通常避免一概禁止。香港為了與新加坡爭取加密業務，於2023年推出一套監管制度，允許有執照的平台向零售投資人提供質押服務。香港證券及期貨事務監察委員會要求平台清楚揭露質押風險並維持充足的系統與控制機制，但將質押視為允許的活動，而非必須招股書註冊的證券發行。
Switzerland, often categorized separately due to its unique position outside the EU, has been particularly progressive. The Swiss Financial Market Supervisory Authority (FINMA) established early guidance recognizing that payment and utility tokens do not generally constitute securities.
瑞士，由於其獨特不屬於歐盟的地位，通常被單獨分類，且表現尤為進步。瑞士金融市場監管局（FINMA）很早就發布指引，承認支付型和功能型代幣一般不屬於證券。
Swiss crypto banks like Sygnum and SEBA Bank have offered institutional staking services since 2020, working within Switzerland's banking regulations while leveraging the country's established expertise in wealth management and custody. These institutions serve international institutional clients, creating yet another competitive pressure on U.S. providers who were prohibited from offering equivalent services domestically.
瑞士加密銀行如Sygnum與SEBA Bank自2020年便根據瑞士銀行監管規定，結合瑞士在財富管理與資產託管的傳統優勢，面向國際機構客戶提供機構級質押服務。這種模式對於被禁止在美國境內提供同等服務的美國業者構成了額外競爭壓力。
The competitive dynamics became particularly visible when VanEck, a U.S.-based asset manager, announced plans in September 2025 to file for a Hyperliquid staking ETF in the U.S. while simultaneously preparing a Hyperliquid ETP for European markets. The dual-track strategy reflected the reality that European approval processes were faster and more certain, even though the U.S. market is larger.
這種競爭態勢在美國資產管理公司 VanEck 於2025年9月宣布計畫同時在美國申請Hyperliquid質押ETF、並在歐洲籌備Hyperliquid ETP時顯得尤為明顯。這項雙軌策略反映了儘管美國市場規模較大，歐洲的審批流程卻更快且更有保障的現實。
As Kyle Dacruz from VanEck noted, launching in Europe first would establish proof of concept and market demand while U.S. regulatory processes continued. This type of regulatory arbitrage - where U.S. firms develop products offshore to serve international clients - has been a recurring theme in crypto markets and represented one of the strongest arguments for U.S. regulatory modernization.
正如VanEck的Kyle Dacruz所說，先在歐洲上市可以證明產品概念並驗證市場需求，同時美國的監管流程還在進行中。這種所謂的「監管套利」——即美國公司在海外開發產品服務國際客戶——已成為加密市場的常態，也成為美國監管現代化呼聲最強烈的理由之一。
The contrast between U.S. and international approaches stems from fundamental differences in regulatory philosophy. U.S. securities regulation developed primarily through the Securities Act of 1933 and Securities Exchange Act of 1934, laws written during the Great Depression to address stock market manipulation and corporate fraud.
美國與國際間監管作法的差異，源於監管理念上的根本分歧。美國證券監管基本上是根據1933年的證券法與1934年證券交易法，這兩部法律是在大蕭條時期為了應對股市操縱和公司詐欺而制定的。
These laws rely heavily on disclosure-based regulation: the government does not approve investments as "good" or "safe," but rather requires issuers to provide sufficient information for investors to make informed decisions. The challenge with applying this framework to crypto is determining which crypto activities constitute securities offerings requiring disclosure and which are something else entirely - commodities, services, or sui generis digital phenomena that don't fit existing categories.
這些法律主要採用「揭露制」：政府不會審核某項投資「優良」或「安全」，而是要求發行人提供足夠資訊，使投資人可做出明智決策。這一監管架構用於加密領域時，難題在於判斷哪些加密活動屬於需揭露資訊的證券發行，哪些則屬於商品、服務或其他現有類別下難以歸類的數位現象。
European regulators, starting with a relatively clean slate through MiCA, could design categories that better fit crypto's realities. By treating most crypto assets as distinct from securities and establishing clear rules for service providers, MiCA reduced regulatory uncertainty even while imposing substantial compliance burdens. The trade-off is that MiCA requires authorization and ongoing supervision for activities that might be permissionless or minimally regulated in the U.S., but it provides clarity about what is allowed.
歐洲監管機構藉由MiCA（加密資產市場法規）從零開始，能夠設計更切合加密現實的類別。MiCA將多數加密資產歸類為非證券，同時訂立明確的服務提供規則，即便增加了合規負擔，但大幅降低了監管不確定性。其代價是，一些在美國可能被視為「免許可」或「輕度監管」的活動，在歐洲卻必須取得授權並接受持續監督，換來的是對於哪些活動被允許有了明確界定。
The SEC's 2025 shift toward permitting staking represents a middle path: staking is not a free-for-all, but neither is it categorically prohibited. The Division of Corporation Finance's guidance establishes principles for determining when staking falls outside securities regulation, effectively allowing activities that are passive, algorithmic, and non-discretionary while potentially restricting arrangements involving active management, guaranteed returns, or combinations with other financial services.
美國SEC於2025年開始採納容許質押的中間路線：質押並非完全開放，但也不再是一律禁止。公司融資部門提出的指引，訂立質押何時不屬於證券監管的原則，實質上允許被動、基於演算法且非主動管理型的質押活動，同時對主動管理、保證收益，或結合其他金融服務的質押做出潛在限制。
This principles-based approach provides flexibility but also leaves gray areas that will likely require ongoing clarification through additional guidance, no-action letters, or enforcement actions.
這種以原則為導向的方法帶來彈性，但也遺留了許多灰色地帶，未來可能需要藉由進一步指引、不執法意見函或執法行動來持續釐清。
Looking forward, international coordination on crypto regulation appears likely to increase. The Financial Stability Board, an international body that monitors the global financial system, has called for coordinated crypto standards to address cross-border regulatory arbitrage.
展望未來，國際間對加密監管的協調可望增加。國際金融穩定理事會（FSB）已經呼籲制定協調一致的加密監管標準，以解決跨境監管套利問題。
As major jurisdictions including the U.S., EU, U.K., Singapore, Hong Kong, and Japan all develop crypto frameworks, pressures toward harmonization will grow - both from industry participants seeking consistency and from regulators concerned about risks migrating to less-regulated markets. The global nature of blockchain networks makes them inherently difficult to regulate on a purely national basis, suggesting that international standards may eventually emerge, particularly for custody, staking, and other operational aspects of crypto investment products.
隨著美國、歐盟、英國、新加坡、香港和日本等主要司法管轄區紛紛建立加密監管架構，促進監管一致性的壓力將日益升高——既來自行業參與者追求一致性，也來自監管機構擔心風險向監管較鬆的市場流動。區塊鏈網路的全球性讓純粹以國家為單位的監管極其困難，預示著國際監管標準可能終將出現，尤其在託管、質押與其他加密投資產品的營運面向。
Market Impact and Institutional Adoption Trajectories
Grayscale's staking launch did not occur in a vacuum. It arrived at a moment when institutional allocation to crypto assets had already accelerated dramatically, when the success of Bitcoin ETFs had validated the ETF structure for digital assets, and when institutional investors were increasingly viewing crypto not as a speculative asset class but as a legitimate portfolio component with distinct risk-return characteristics. Understanding the market impact of staking-enabled ETPs requires examining both the direct effects on fund flows and asset prices and the broader implications for how institutions think about crypto allocation.
灰階（Grayscale）推出質押服務的時機並非偶然，而是在機構資金配置至加密資產大幅加速、比特幣ETF突破性成功驗證了數位資產ETF結構，以及機構投資人愈來愈將加密貨幣視為具有獨特風險與報酬特性的正當投資組合組成部分之際。要理解開放質押的ETP對市場的影響，需同時檢視其對資金流動與資產價格的直接效應，以及對機構配置思維帶來的更廣泛啟示。
The yield component of staking creates a fundamental shift in the investment proposition. Bitcoin ETFs offer pure price exposure: investors profit if BTC appreciates and lose if it declines, with no cash flow or yield component.
質押帶來的收益成分，徹底改變了投資主張。比特幣ETF僅提供價格曝險：如果BTC升值，投資人獲利；如果下跌則虧損，完全沒有現金流或收益成分。
This makes Bitcoin comparable to gold or other commodities - a store of value whose returns depend entirely on capital appreciation. Ethereum and Solana ETPs without staking offer the same pure price exposure. However, once staking is enabled, the investment proposition transforms into something more akin to dividend-paying stocks or interest-bearing bonds. Investors receive both potential price appreciation and ongoing yield, creating multiple sources of return.
這使得比特幣的角色類似於黃金或其他商品——主要是價值儲存，其回報完全仰賴資本增值。以太坊和Solana的ETP若未開放質押，也是純粹價格曝險。但一旦啟用質押，投資主張就變得像配息股票或附息債券，投資人同時獲得潛在的價格上漲與持續收益，形成多元回報來源。
Current staking yields provide context for this transformation. Ethereum's network staking yield as of October 2025 was approximately 3% annually. This yield is determined by several factors: network issuance (new ETH created to reward validators), the total percentage of ETH that is staked network-wide (higher staking participation dilutes rewards across more participants), transaction fees (validators receive a share of priority fees and MEV), and validator uptime.
目前的質押利率正足以說明這一變革。截至2025年10月，以太坊全網質押年化收益率約為3%。這個收益率由多重因素決定，包括：網路新發行（用於獎勵驗證者的ETH），全網質押ETH的比例（質押參與率越高，分配到每位參與者的收益被稀釋），交易手續費（驗證者可分配priority fees和MEV），以及驗證者的上線率。
Approximately 28% of Ethereum's circulating supply was actively staked, meaning that the 3% annual yield was available to roughly 34.4 million ETH actively participating in validation. For institutional investors, a 3% yield on an asset with the potential for price appreciation represented a meaningful enhancement, particularly when compared to money market rates that had declined below 3% as central banks moderated interest rate policies.
約有28%的以太坊流通供應量參與了質押，即3%年化利率約適用於3,440萬枚ETH正積極參與驗證。對機構投資人來說，一項有增值潛力的資產若同時帶來3%收益，是非常有意義的提升，尤其是在各國央行放緩升息、貨幣市場率降至3%以下時。
Solana's staking yields are considerably higher, ranging from 6% to 8% depending on validator selection and network conditions. Solana's inflation schedule begins at 8% annually and decreases by 15% each year until reaching a long-term rate of 1.5%, with the current inflation rate at approximately 4.7% as of 2025.
Solana的質押利率明顯更高，依據驗證者選擇與網路狀態，年化報酬在6%到8%之間。其通膨曲線起始時為每年8%，之後每年下調15%，長期目標為1.5%，截至2025年通膨率約4.7%。
More than 50% of Solana's circulating supply is actively staked, reflecting both the ease of staking SOL (no minimum balance requirements) and the attractive yields. For institutional investors considering Solana allocation, the 6-8% staking yield significantly improves the risk-adjusted return profile compared to non-staking products. At Grayscale's current management fee of 2.5% for GSOL, net staking yields would range from 3.5% to 5.5% - still competitive with many traditional fixed-income alternatives.
超過50%的Solana流通量正投入質押，這反映出SOL質押容易（無最低門檻）以及收益誘人。對考慮配置Solana的機構投資人而言，6-8%的質押收益率大幅提升了風險調整後的投資報酬，相較於沒有質押的產品優勢明顯。以灰階GSOL目前2.5%管理費計算，淨質押收益仍有3.5%至5.5%，和許多傳統固定收益工具相比仍具競爭力。
These yields matter because they change how institutions model portfolio allocation. Modern portfolio theory suggests that investors should allocate capital across assets to optimize the risk-return tradeoff. In a traditional portfolio, stocks provide growth potential but with high volatility, while bonds provide stability and income with lower expected returns. Gold and other commodities serve as inflation hedges but generate no cash flow.
這些收益具有關鍵意義，因為它們改變了機構在資產配置模型中的假設。現代投資組合理論強調，投資人應跨資產配置資本，以最佳化風險與報酬。在傳統組合中，股票帶來成長性但波動高，債券則穩定並帶來收入但預期報酬低；黃金與商品則作為通膨避險工具，但沒有現金流。
Where does crypto fit? Without yield, crypto's role is primarily as a speculative growth asset or portfolio diversifier whose returns are largely uncorrelated with traditional assets. With staking yield, crypto begins to resemble an emerging market growth equity with a dividend - higher volatility than developed market stocks but with income generation that provides some downside cushion and return even in periods when prices are flat.
那麼加密貨幣在其中扮演什麼角色？沒有收益時，加密貨幣主要作為投機性成長資產或組合多元化工具，且多與傳統資產呈低相關性。有了質押收益後，加密貨幣開始像具備股息的新興市場成長股——波動高於已開發市場股票，但因有收入來源，即使價格盤整期仍有部分下檔保護與回報。
Several institutional investment research firms have published analyses suggesting that staking-enabled crypto products could attract material allocations from traditional portfolio managers. Bloomberg Intelligence analysis in mid-2025 suggested that even a 1-2% allocation to staking Ethereum from U.S. pension funds, endowments, and family offices
有多家機構投資研究機構發布分析，指出開放質押功能的加密產品有望吸引傳統投資組合經理人實質配置。彭博資訊2025年中分析認為，即使美國退休基金、捐贈基金和家族辦公室僅撥1-2%的資產至以太坊質押...could drive tens of billions in additional demand. The analysis noted that pension funds facing persistent deficits and low-yield environments have been searching for sources of yield enhancement, and that crypto staking - despite its volatility and emerging status - offers yields competitive with private credit, emerging market debt, and other alternative income sources.
可能帶動數百億美元的額外需求。分析指出，許多長期處於資金缺口且面臨低收益環境的退休基金，正在尋找提升收益的方案，而加密貨幣質押——儘管有波動性且仍屬新興領域——提供的收益率，堪比私人信貸、新興市場債券及其他另類收益來源。
The AUM impact on Grayscale specifically could be substantial. The company entered October 2025 with approximately $35 billion in total assets under management across its product suite, making it the largest digital asset investment platform globally.
對於 Grayscale 而言，其管理資產規模（AUM）可能會受到重大正面影響。該公司於 2025 年 10 月時，旗下產品總資產約為 350 億美元，為全球最大數位資產投資平台。
However, Grayscale had faced significant competitive pressure from BlackRock, Fidelity, and other ETF issuers whose spot Bitcoin products gained dominant market share through lower fees and stronger distribution relationships with wealth management platforms. By being first to market with staking-enabled ETPs, Grayscale created a differentiation point that could attract yield-seeking investors and potentially reverse some of the market share losses.
不過，Grayscale 也面臨來自 BlackRock、Fidelity 及其他 ETF 發行商的巨大競爭壓力。這些競爭對手透過降低費用並強化與財富管理平台的合作，在現貨比特幣產品市場取得主導地位。Grayscale 因率先推出可質押的 ETP 產品，形成明顯差異化，吸引追求收益的投資者，並有機會扭轉部分市佔流失情形。
Early indications suggested positive reception. While Grayscale did not disclose specific inflow data in the immediate days following its October 6 launch, market observers noted that share prices of ETHE and ETH traded near or slightly above their net asset values - a positive signal that demand exceeded supply. This contrasted with periods earlier in 2025 when Grayscale's products occasionally traded at discounts to NAV due to redemption pressure. The Solana Trust (GSOL), pending its conversion to a fully listed ETP, similarly showed positive trading dynamics.
初步跡象顯示市場反應正面。雖然 Grayscale 並未公布 10 月 6 日上市後的具體資金流入數據，但市場觀察者指出，ETHE 及 ETH 產品的市場價格接近或略高於其淨資產價值（NAV）——此為需求超過供給的正向訊號。這與 2025 年稍早因贖回壓力導致產品折價成交的狀況形成對比。至於尚待轉換為完整上櫃 ETP 的 Solana Trust（GSOL），其交易動態也同樣呈現正面表現。
The competitive landscape would soon expand beyond Grayscale. BlackRock, Fidelity, Franklin Templeton, 21Shares, Bitwise, VanEck, and other major issuers all had pending amendments seeking approval to add staking to their Ethereum ETFs.
競爭格局很快就會擴及 Grayscale 以外。BlackRock、Fidelity、Franklin Templeton、21Shares、Bitwise、VanEck 及其他主要發行商，皆有待審的申請案，期望在其以太坊 ETF 產品中加入質押功能。
Bloomberg analyst James Seyffart predicted in September that these approvals would come in waves through Q4 2025, with regulatory delays suggesting the SEC was working through operational and disclosure details rather than reconsidering the fundamental permissibility of staking. Once these amendments are approved, the market would likely see rapid standardization, with staking becoming an expected feature of Ethereum ETFs rather than a unique differentiator.
彭博分析師 James Seyffart 於九月預測，這些產品可望在 2025 年第四季陸續獲批。監管延遲顯示 SEC 正在處理營運細節及資訊揭露問題，而非重新考慮質押的基本可行性。一旦修正案獲批，以太坊 ETF 加入質押功能將成為標準配備，而非產品差異化來源，市場所見將是功能快速標準化。
This standardization raises questions about competitive dynamics. In the Bitcoin ETF market, issuers competed primarily on fees (with expense ratios ranging from 0.19% to 0.25%) and distribution partnerships (with BlackRock and Fidelity's relationships with major wealth management platforms proving decisive).
這種標準化也帶來新的競爭問題。在比特幣 ETF 市場中，發行商主要比拚費用（總開支率 0.19% 至 0.25% 不等）及銷售通路合作（BlackRock 與 Fidelity 和主要財富管理平台的關係，帶來決定性優勢）。
In a staking-enabled Ethereum ETF market, issuers would compete on net yields after fees, validator quality and diversification, liquidity management, and operational transparency. Funds with lower management fees would deliver higher net staking yields to investors. Funds with better validator selection and risk management would experience less downtime and fewer slashing events, marginally increasing yields. Funds with deeper liquidity buffers could maintain continuous secondary market trading without having to unstake assets to meet redemptions, avoiding the forgone yield during unbonding periods.
在支援質押的以太坊 ETF 市場，發行商將競爭於扣除費用後的淨質押收益率、驗證人（validator）品質與分散度、流動性管理與營運透明度。管理費較低的基金能帶給投資人更高的淨質押收益；驗證人選擇與風控更佳的基金，停機及遭到懲罰（slashing）的次數較少，收益也能略為提升。有更高流動性準備金的基金，能在不解質資產應付贖回的情況下維持二級市場連續交易，避免解綁期間的收益損失。
Beyond ETFs, staking's approval has implications for other institutional crypto products. Separately managed accounts (SMAs) for high-net-worth individuals and family offices could now incorporate staking strategies, allowing for more customized risk management and tax optimization. Hedge funds that had avoided staking due to regulatory uncertainty could now offer staking-enhanced strategies. Crypto lending products could differentiate between staking yield (protocol-based and relatively low-risk) and lending yield (counterparty-dependent and higher-risk), allowing for more sophisticated portfolio construction.
除了 ETF，質押的批准還擴大了其他機構級加密投資產品的可能性。為高資產人士和家族辦公室提供的獨立管理賬戶（SMA）現在可以納入質押策略，實現更客製化的風險管理和稅務優化。因監管不確定而迴避質押的對沖基金，現在也可推出質押收益增強型策略。加密貨幣借貸產品亦能分辨「質押收益（協議導向、風險較低）」和「借貸收益（對手方風險、較高）」，從而組建更精巧的投資組合。
The participation rate effects on blockchain networks themselves represent another important impact. When institutional capital flows into staking, it increases the economic security of the underlying networks. Security in proof-of-stake systems is roughly proportional to the value of staked assets - the higher the economic cost of attacking the network (requiring substantial stake to control validation), the more secure the network becomes.
機構資本投入質押，對區塊鏈網路本身的參與率產生重大影響。當機構資本投入質押時，將提升底層網路的經濟安全性。權益證明（PoS）系統的網路安全性大致與質押資產總價值成正比：攻擊網路需要大量質押資產，經濟成本愈高，就愈難被攻擊，網路安全性也愈高。
Ethereum's transition to proof-of-stake in September 2022 succeeded in part because the network quickly attracted substantial stake, reaching over $40 billion in staked ETH within months. Institutional participation through ETFs further increases this security by directing capital to validation rather than allowing it to sit idle on exchanges.
以太坊在 2022 年 9 月轉換至 PoS（權益證明）機制後能迅速穩定運行，正是因為網路很快吸引大量資產質押，數月內質押 ETH 總額突破 400 億美元。透過 ETF 的機構參與進一步提升安全性，因為大量資本專注於驗證服務而非閒置在交易所。
However, there are valid concerns about centralization effects. If a few large ETF providers control substantial portions of staked ETH or SOL, they effectively gain influence over network governance and consensus. While the validators are technically distributed (Grayscale works with multiple validators, and each validator operates independently), the economic control rests with the ETF issuer who selects validators and could theoretically direct how stake is allocated. Blockchain communities have debated whether limits should be placed on any single entity's stake to preserve decentralization, though no consensus has emerged on where such limits should be set or how they would be enforced.
然而，也有合理的中心化疑慮。如果少數 ETF 發行商控制大量質押的 ETH 或 SOL，就會對網路治理與共識產生實質影響。雖然驗證人技術上是分散的（Grayscale 與多家驗證人合作，且各驗證人均獨立運作），但經濟支配權仍掌握在 ETF 發行商手中，他們有權選擇驗證人，甚至可決定質押分配。區塊鏈社群對於是否應對單一實體的質押比例設限，以維持去中心化，有過討論，但對於限額標準及實施方式目前尚無共識。
The Next Wave of Institutional Crypto Innovation
機構級加密創新的下一波浪潮
Grayscale's October 2025 staking launch represents a milestone, but it is better understood as an inflection point than a conclusion. The regulatory framework that enabled staking is still evolving, the operational infrastructure is maturing, and the next generation of crypto investment products is already taking shape. Understanding where institutional crypto is heading requires examining the innovations on the horizon and the barriers that remain.
Grayscale 於 2025 年 10 月推出質押產品，雖是重要里程碑，但更應視為新趨勢的轉折點，而非終點。推動質押合法化的監管架構仍在演進，產業運作基礎設施日趨成熟，新一代加密投資商品也已逐步成形。要理解機構級加密投資的發展方向，需審視即將出現的創新與當前尚待突破的障礙。
Liquid staking derivatives represent the most immediate frontier. Traditional staking locks assets for network-defined periods, creating liquidity trade-offs for investors. Liquid staking protocols address this by issuing receipt tokens that can be traded while the underlying assets remain staked. Lido Finance's stETH (staked ETH), Rocket Pool's rETH, and Jito's jitoSOL are examples of liquid staking tokens that have gained adoption in decentralized finance. The SEC's August 2025 statement clarifying that liquid staking receipt tokens are not securities opened the door for institutional products based on these assets.
流動性質押衍生產品是最直接也最前沿的創新。傳統質押需將資產鎖定固定時間，導致投資人要在收益與流動性間做抉擇。流動性質押協議則藉由發行可流通的收據型代幣，讓資產雖持續被質押，但仍可獲得流動性。Lido Finance 的 stETH（質押 ETH）、Rocket Pool 的 rETH 與 Jito 的 jitoSOL 都是在去中心化金融領域已被廣泛採用的流動性質押代幣。美國 SEC 於 2025 年 8 月聲明，流動性質押收據型代幣不屬於證券，為此類資產為基礎的機構產品鋪路。
VanEck has already filed for a spot ETF based on jitoSOL, Jito's liquid staking token for Solana. If approved, this would create a multi-layered yield product: investors would gain exposure to SOL's price movements, SOL's staking yield, and potentially additional yields from Jito's MEV optimization.
VanEck 已提出以 jitoSOL（Jito 的 Solana 流動性質押代幣）為標的的現貨 ETF 申請案。若獲批，將誕生一種多層次收益產品：投資人除可參與 SOL 價格波動，還能獲取 SOL 質押收益，甚至有機會分得 Jito 的 MEV 最佳化所帶來的額外收益。
MEV (maximal extractable value) refers to profit that validators can earn by strategically ordering, including, or excluding transactions in the blocks they produce. Jito's technology allows validators to capture MEV more efficiently and distributes a portion to stakers, creating yields that can exceed standard staking by several percentage points. An ETF structure around jitoSOL would package these multiple yield sources into a single investment vehicle, though with additional complexity and risk compared to native staking.
MEV（最大可提取價值）指的是驗證者透過策略性排序、納入或排除區塊交易所能實現的額外利潤。Jito 技術改善驗證人捕捉 MEV 的效率，並將部分收益分給質押者，最終帶來比傳統質押高出數個百分點的年化報酬。以 jitoSOL 為核心的 ETF 就是這種「多層次收益包裝」投資工具，不過其運作複雜度與風險也高於單純質押。
Restaking - the practice of using already-staked assets to secure additional protocols - represents another innovation gaining institutional attention. EigenLayer, a protocol built on Ethereum, allows stakers to "restake" their ETH to provide economic security for other applications and networks beyond Ethereum itself. In exchange, restakers earn additional rewards from the protocols they secure.
重新質押（restaking），即利用已質押的資產進一步支持其他協議，是另一項備受機構矚目的創新。建構於以太坊上的 EigenLayer 協議，允許使用者將已質押的 ETH「再質押」給 Ethereum 生態系以外的應用或網路，幫忙提供安全保障，來換取額外獎勵。
BitGo and other institutional custodians have begun offering restaking services, and several fund managers have expressed interest in creating restaking-focused products once the regulatory treatment is fully clarified. Restaking introduces additional risks (securing multiple protocols creates multiple potential slashing events) but offers enhanced yields, creating another risk-return trade-off for institutional investors to evaluate.
BitGo 與其他機構託管商也已開始提供 restaking 服務。不少基金經理人表示，待監管界定明朗後，便有意推動以 restaking 為主題的基金產品。雖然 restaking 因並行保護多個協議，增加了發生懲罰（slashing）的風險，但也提供了高於單一質押的回報率，讓機構投資人有更多風險報酬選擇。
Cross-chain staking products could emerge as markets mature. Rather than requiring separate allocations to Ethereum, Solana, Cardano, Polkadot, and other proof-of-stake networks, multi-asset funds could provide diversified exposure to staking yields across multiple blockchains. Such products would need to address technical complexity (each network has different staking mechanisms, reward structures, and unbonding periods) and concentration risk (diversification requires research to ensure the underlying networks are truly independent rather than vulnerable to common failure modes).
未來，隨市場成熟，跨鏈質押產品也有望問世。多重資產基金可望整合以太坊、Solana、Cardano、Polkadot 等多個權益證明網路的質押收益，投資人無需分開配置不同區塊鏈資產。這類產品需克服技術整合的複雜度（各網路的質押機制、回報結構與解質期不同），並處理分散風險（需研究確保各網路彼此獨立，避免單點故障風險）。
The crypto ETF landscape is moving in this direction: Grayscale's Digital Large Cap Fund (GDLC), approved in September 2025, provides exposure to five cryptocurrencies including Bitcoin, Ethereum, XRP, Solana, and Cardano. Once staking approval extends to XRP and Cardano products, multi-asset staking funds become feasible.
加密貨幣 ETF 產業正朝這個方向發展。例如 Grayscale 的 Digital Large Cap Fund（GDLC），於 2025 年 9 月獲批，可同時投資比特幣、以太坊、XRP、Solana 和 Cardano 五種主流貨幣。待 XRP、Cardano 產品的質押功能也獲批，多資產質押型基金將成為可能。
Options and structured products on staking ETFs represent another layer of innovation that could accelerate institutional adoption. Traditional equity markets feature extensive options markets that allow investors to hedge positions, generate additional income through covered call strategies, or implement sophisticated arbitrage and volatility strategies. BlackRock's Ethereum ETF has had exchange-listed options since the SEC approved them in April 2025.
質押 ETF 的選擇權及結構型商品，則是進一步促進機構採用的創新。傳統股票市場已有豐富選擇權生態，能協助投資人避險、用備兌認購策略賺取額外收入，或執行複雜套利、波動率交易。BlackRock 的以太坊 ETF 自 2025 年 4 月獲 SEC 批准後即有掛牌選擇權。
As staking becomes standard, options strategies could be tailored to staking-enhanced products. For example, an institutional investor might hold a staking Ethereum ETF, earn 3% annual staking yield, and write call options to generate additional premium, creating a covered call strategy that
隨著質押標準化，選擇權策略將可進一步針對質押型產品客製設計。例如，某機構投資人可持有支援質押的以太坊 ETF，年收益率約 3%，再搭配賣出認購權證以賺取權利金，組成備兌認購投資策略，藉此……可能使區間震盪市場中的有效收益翻倍。
2025年9月對加密貨幣ETF制定通用上市標準的批准，可能會加速產品創新。此前，每一檔加密ETF都需單獨提交19b-4文件——即交易所規則變更提案，需由SEC逐案審查，常常耗時數月並且伴隨大量來回反覆。
通用上市標準類似於現有的股票ETF相關規範，允許交易所在產品符合流動性、託管與市場監管等預先定義的標準下，無需個別SEC審查即可上架特定類型的加密ETF。如果能全面實施，這將大幅壓縮新加密ETF產品推出的時程與成本，可能引發涵蓋各種加密貨幣、質押策略及風險屬性的產品爆發。
稅務創新可能會隨著產品創新而來。目前，質押獎勵的稅務處理方式——即於領取時即被視為收入——對投資人帶來複雜度。未來的產品可能會納入稅負最佳化結構，例如供國際投資人使用的離岸載體，或為美國投資人設計的退休帳戶包裝層。傳統金融界已有前例：不動產投資信託（REITs）、主有限合夥事業（MLPs）、封閉式區間基金等皆採用稅務結構，專為相關投資策略最佳化設計。隨著加密資產管理成熟，預期將出現類似的專業結構。
雖然近期取得進展，監管挑戰仍然存在。SEC於2025年5月與8月針對質押的指導由公司金融部門發布，僅代表員工觀點，非整體委員會政策。雖然員工聲明具有重要影響，但其本身不具法律效力，亦可能被修改或推翻。未來的政府可能會採取不同的解讀。國會可能立法，進一步將現行做法法制化，或引入新限制。國際監管動態——特別是在主要司法轄區採取與美國不一致做法時——可能促使進一步政策調整。
隨著機構級質押規模擴大，託管與操作風險仍是核心課題。質押資產規模愈大，就愈容易成為複雜攻擊的標的。國家級行為者、有組織網路犯罪集團或內部叛變者，都對機構級加密基礎架構構成威脅。
託管技術持續進步——如多方計算、閾值簽章、硬體安全模組等創新帶來不斷增強的防護——但如何確保私鑰安全又同時兼顧營運可用性，始終是一大挑戰。若發生重大安全漏洞，恐引發監管反彈、侵蝕機構信心。
網路自身演化既是機會亦是風險。以太坊持續透過擴容藍圖升級，可能改變質押機制、報酬結構或驗證要求。Solana過去出現過網路中斷，即使目前穩定度明顯提升，相關疑慮始終存在。
其他權益證明（Proof-of-Stake）網絡也爭取機構關注，各自具備不同的技術特性、治理架構與風險屬性。機構投資質押產品，本質上是在押注哪些區塊鏈網路未來能保持相關性、安全性與開發者活躍度——而在這瞬息萬變的科技環境下，這類預測始終高度不確定。
專家觀點：產業領袖怎麼說
質押功能加密ETP的出現，引發產業參與者、分析師與市場策略師的廣泛評論。這些觀點有助於理解如Grayscale首發等事件的重要意義，也突顯機構加密產業發展的多方看法。
彭博情報（Bloomberg Intelligence）ETF分析師James Seyffart一直是最受關注的加密ETF觀察者之一。2025年間，Seyffart定期更新質押修正案審批進度，時常作為SEC決策動向的早期風向球。
2025年4月，他預測以太坊ETF質押功能有望「最快五月獲批，但很可能要等到年底」，並指出SEC針對多項申請案，均動用最長90天的審查期。Seyffart強調，申請案件數量之鉅——最終橫跨各資產類型總計超過96檔——顯示「資產類別正在成熟」，而且是機構需求正推動監管單位調整，而非相反。
Seyffart的同事Eric Balchunas同樣強調ETF市場的競爭格局。Balchunas提到，SEC直到2025年第三季才推遲質押審核，目的是先敲定通用上市標準，再一口氣開放質押型產品。「他們一拖再拖，」Balchunas在九月說，「我們預期他們會把所有事都推到通用標準底定之後才處理。」事後證明這確實準確：標準於九月下旬獲批，Grayscale質押產品僅隔數天即正式推出。
貝萊德（BlackRock）數位資產主管Robbie Mitchnick長期支持以太坊ETF應具備質押功能。Mitchnick於2025年3月公開主張，沒有質押的以太坊ETF「不夠完美」，主張無法捕捉網絡原生收益，實際上讓ETF相對於直接持有ETH處於劣勢。
貝萊德2025年7月提出的iShares以太坊信託（ETHA）質押功能申請，正反映此看法。雖然貝萊德不是首家推出質押（該榮譽屬於Grayscale），但該公司行動顯示主流資產管理巨頭認定，對於機構投資人而言，質押並非可有可無，而是必備功能。
機構託管商則強調風險控管與營運卓越。BitGo執行長Mike Belshe宣布該公司為若干ETF擔任託管時指出，「作為領先獨立託管人，100%冷錢包管理」體現BitGo差異化策略。Belshe尤其強調即使啟用質押，仍堅持冷錢包安全標準，突顯提供機構級服務的技術複雜度。
Anchorage Digital聯合創辦人兼執行長Nathan McCauley也強調公司擁有聯邦銀行執照帶來的監管確定性：「我們的聯邦執照——凌駕於州級監管之上，使我們成為合格託管單位——自然是ETF託管分散的首選。」
SEC專員Hester Peirce（長期為該會最挺加密的聲音），雖讚揚2025年5月的質押指引，也坦言仍有不足。「今天，公司金融部澄清其觀點，認為特定的權益證明區塊鏈協議『質押』行為，不屬於聯邦證券法涵蓋範疇下的證券交易，」Peirce表示。
她認為該指引「對美國質押者與『質押即服務』業者，是一項受歡迎的明確化」，但仍指出針對邊緣案例、混合安排等問題尚有疑問。Peirce於2023年Kraken和解案中表態反對，批評SEC做法「家長制又懶惰」，樹立她支持賦能創新（而非透過執法扼殺創新）監管體系的形象。
業界組織則特別強調與國際市場的競爭疑慮。區塊鏈協會（Blockchain Association）作為美國主要加密產業公協會，2024～2025年始終主張，質押監管不確定性，導致機構操作轉向歐亞市場。
該協會指引歐洲質押型ETP成功，作為證明美國市場競爭力流失。這一訴求似乎起了作用：SEC於2025年發布的相關指引，正值美國資本市場如何維持創新吸引力的廣泛討論。
專注加密市場的學術機構則分析機構質押的經濟效果。區塊鏈數據分析公司Coin Metrics於2024年12月發布研究指出，以太坊質押參與率已穩定於流通量的約28%，其中機構投資者比重日益上升。
該研究認為，經ETF渠道帶動的機構質押參與，有望將質押率推升至35-40%，這將提升網路安全性，但同時增加持有未質押ETH的機會成本。Solana的質押經濟學則有所不同：50%以上的質押率源於其設計（無最低額度要求，贖回期短）與較高名目報酬率。
投資顧問與財富管理人則表現出對質押產品的審慎興趣。CoinDesk於2025年夏進行調查顯示，約有60%註冊投資顧問（RIA）「有興趣」或「非常有興趣」向客戶推薦具質押功能的加密ETF，但有40%表達對其波動性、監管不確定性及資產類型新穎性的擔憂。
調查顯示，質押收益讓加密產品對偏好收益生成的保守型客戶較具吸引力，但顧問普遍仍對大規模配置客戶資產至加密持保留態度，即便相關產品可望提高收益。
機構化加密產品的批評者則對集中化效應與系統性風險表達憂慮。Nic Carter，一位創投家...and crypto researcher, has written extensively about the risks of excessive concentration in ETF-driven staking. Carter argues that if a handful of large ETF providers control significant portions of network stake, they gain influence over blockchain governance and create potential points of failure.
Carter 指出，如果少數大型 ETF 業者掌握了網路中大部分的質押權益，他們將能左右區塊鏈治理，並帶來潛在的單點失效風險。Carter 做為加密貨幣研究員，已廣泛撰文討論 ETF 驅動質押過度集中所衍生的風險。
"We could end up with the crypto equivalent of BlackRock and Vanguard controlling corporate America," Carter wrote in a September 2025 essay, referring to the debate about the market power of large index fund providers in traditional equity markets. Carter's concerns are shared by some blockchain developers who worry that institutionalization could compromise the decentralization ethos that initially motivated proof-of-stake designs.
正如 Carter 在 2025 年 9 月的文章中所寫：「最終我們可能會出現類似 BlackRock 和 Vanguard 掌控美國企業的加密貨幣版本。」這句話是針對傳統股市大型指數基金業者市場力量的爭論。Carter 的憂慮也受到部分區塊鏈開發者共鳴，他們擔心機構化可能破壞最初推動權益證明（proof-of-stake）設計的去中心化精神。
A New Chapter in Institutional Crypto, Not the Final One
Grayscale's October 6, 2025 launch of the first U.S. spot crypto ETPs with staking represents a genuine milestone in the maturation of digital asset markets. After years of regulatory ambiguity, enforcement actions that shut down pioneering staking services, and false starts in the ETF approval process, institutional investors can now access yield-generating blockchain assets through familiar, regulated investment vehicles. The significance extends beyond any single product or company. Staking has moved from regulatory red line to acceptable investment feature, opening pathways for innovation that were foreclosed as recently as 2023.
Grayscale 於 2025 年 10 月 6 日推出美國首檔可質押現貨加密 ETP，象徵數位資產市場成熟發展的一大里程碑。歷經多年監管灰色地帶、執法關停先驅質押服務，以及 ETF 核准進度的一波三折，如今機構投資人終於能透過熟悉且受監管的投資工具，參與產生收益的區塊鏈資產。這項意義已超越任何單一產品或公司本身。質押已從監管禁區轉變為被接受的投資特徵，為曾在 2023 年被封鎖的創新開啟全新可能。
Yet recognizing this milestone requires also acknowledging its limitations. Grayscale's launch occurred within a framework established by SEC staff statements rather than formal regulations or legislation. These staff views, while influential, can be revised by future administrations or overruled by commissioners.
然而，承認這一里程碑的同時，也必須看到它的局限。Grayscale 的推出是依據 SEC 工作人員聲明建立的規範框架，而非正式立法或法規。這些立場雖具重要影響力，但日後可能被新一屆管理團隊修正，或被委員會推翻。
The guidance itself is carefully circumscribed, applying to specific categories of staking arrangements while leaving questions about other structures unresolved. Tax treatment remains somewhat uncertain, particularly for innovative products like liquid staking derivatives. Operational risks including cybersecurity, slashing, and network stability continue to challenge even sophisticated institutional operators.
相關指引本身設限謹慎，只適用於特定類別的質押安排，對於其他架構仍有諸多疑慮未解。稅務處理仍存不確定性，尤其是如流動性質押衍生品等創新產品。營運風險如資安、懲罰機制（slashing）、網路穩定度，即使對成熟的機構營運商而言仍然是一大挑戰。
BlackRock, Fidelity, and other major ETF providers have pending applications to add staking to their Ethereum products, and their eventual approval will likely make staking a standard feature rather than a differentiator. The real competition will shift to operational excellence: which providers can offer the highest net yields through better validator selection, lower fees, and superior risk management. As generic listing standards take effect, the number of crypto ETF products will likely expand dramatically, covering various cryptocurrencies, staking strategies, and risk-return profiles.
BlackRock、Fidelity 及其他主要 ETF 業者已提出在以太坊產品中引進質押機能的申請，最終核准後，質押將成為標配而非區別特點。真正在競爭的將會是操作能力──誰能透過更優的驗證者選擇、更低費用與更佳風管，提供更高的淨收益。隨著通用上市標準實施，加密 ETF 產品種類將可望大幅增長，涵蓋多種加密貨幣、質押策略與風險—報酬組合。
International dynamics will continue to influence U.S. policy. European and Asian markets have demonstrated that staking-enabled products can operate successfully within appropriate regulatory frameworks, creating pressure for U.S. markets to remain competitive. At the same time, U.S. regulatory decisions influence global markets - the May and August 2025 SEC guidance on staking will likely inform how other jurisdictions approach similar questions. International coordination on crypto standards appears increasingly likely as regulators recognize the challenges of regulating inherently borderless, globally accessible blockchain networks.
國際形勢仍將影響美國政策。歐洲與亞洲市場已證明，在合適監理架構下，支援質押的產品能夠成功運作，促使美國市場必須維持競爭力。同時，美國監管決策也影響全球－－2025 年 5 月和 8 月 SEC 關於質押的指引，很可能成為其他法域參考的標竿。隨著監管者認知到區塊鏈天生無國界、全球可用的監理挑戰，國際間針對加密標準的協作也越趨可能。
The institutional adoption trajectory for crypto appears to be accelerating rather than decelerating. Bitcoin ETFs attracted more than $35 billion in their first year. Ethereum ETFs, initially hampered by the lack of staking, will likely see renewed inflows as staking becomes standard.
加密貨幣的機構採用趨勢，明顯是加速而非放緩。比特幣 ETF 首年就吸引超過 350 億美元資金。以太坊 ETF 初期因無法質押而受限，如今質押成為標配後，預計資金將重新湧入。
Solana ETFs, when they launch with staking capabilities, will offer yields potentially exceeding 6% annually - attractive in any market environment but particularly compelling when traditional fixed-income yields are modest. Other proof-of-stake networks including Cardano, Polkadot, Avalanche, and Cosmos are already the subject of ETF applications, and each brings distinct staking mechanisms, yield profiles, and risk characteristics.
Solana ETF 若能帶有質押功能，預期可年化收益超過 6%，任何市況都很有吸引力，特別是在傳統固定收益低迷時更具吸引力。其他如 Cardano、Polkadot、Avalanche 與 Cosmos 等權益證明網路，也已成為 ETF 申請標的，各自具備獨特的質押機制、收益曲線及風險性質。
Beyond ETFs, institutional adoption will manifest in other forms. Separately managed accounts, direct holdings with professional custody, hedge fund strategies incorporating staking alpha, and structured products leveraging crypto derivatives will all expand the ways institutions access staking yields.
機構採納加密的表現，未來將不僅於 ETF，還包括分別管理帳戶、專業託管下的直接持有、導入質押超額報酬（alpha）策略的避險基金，以及運用加密衍生品的結構型產品，進而擴大機構參與質押收益的管道。
Pension funds, endowments, insurance companies, corporate treasuries, and sovereign wealth funds are at various stages of evaluating crypto allocations. The addition of staking yields to the investment proposition - creating a "digital dividend" analogous to equity dividends or bond coupons - makes crypto assets more familiar and potentially more acceptable to conservative allocators who have been skeptical of purely price-driven returns.
退休基金、捐贈基金、保險公司、企業財務及主權基金等，目前正處於評估加密資產配置的不同階段。質押收益納入投資方案，形成類似「數位股息」的現金流（如股票分紅或債券票息），讓加密資產變得更親切，也更有可能被過去只看價格波動的保守投資者採納。
The risks remain real and significant. Price volatility has not disappeared - staking yields of 3-8% annually provide modest cushions against short-term price swings but are overwhelmed by the 30%, 50%, or 70% corrections crypto markets have experienced cyclically. Regulatory risks persist: what one administration permits, another might restrict.
風險依舊存在且不容忽視。價格波動並未消失——3-8% 的年化質押收益，勉強可緩衝短線價格震盪，但難以抵禦加密市場過往出現過的 30%、50% 乃至 70% 修正。此外，監管風險仍存：上一屆政府開放不代表下一屆也會維持。
Operational risks require constant vigilance: the growing sophistication of cyberattacks means that custody and validation infrastructure must continuously evolve. Network risks include the possibility that specific blockchains could lose relevance as technology evolves, or that governance disputes could split networks and strand investor capital.
營運風險需要長期警覺。網路攻擊日益精進，託管和驗證基礎設施必須持續進化。網路面風險則包含特定區塊鏈隨著技術發展而失去重要性，或是因治理爭議而導致網路分裂、投資人資本受困等情況。
Nevertheless, the trajectory appears clear. Staking has transitioned from regulatory taboo to acceptable institutional practice. The infrastructure - custody, validation, risk management, accounting, tax treatment - is maturing rapidly. The products - ETFs, ETPs, funds, accounts - are proliferating. The investor base - once limited to crypto natives and risk-seeking hedge funds - now includes major traditional asset managers serving mainstream institutional clients.
儘管如此，未來走向已相當明顯。質押已從監管禁忌轉為可接受的機構操作。基礎設施——包括託管、驗證、風控、會計、稅務處理——都在快速成熟中。產品方面——ETF、ETP、基金、帳戶——正加速擴增。投資客群亦從過去僅限於加密原住民和冒險型對沖基金，擴展到主流機構客戶所屬的傳統大型資產管理公司。
Grayscale's historic launch is better understood not as an ending but as an opening: the beginning of a new phase in which institutional crypto investment incorporates the yield-generating mechanisms that are fundamental to how modern blockchain networks operate. The journey from Kraken's February 2023 settlement to Grayscale's October 2025 launch took only two and a half years, but it represented a transformation in regulatory thinking, market infrastructure, and institutional acceptance.
Grayscale 此次具歷史意義的推出，與其說是終點，更是序幕：象徵機構加密投資正式融入產生收益機制這一現代區塊鏈核心運作方式的新階段。從 2023 年 2 月 Kraken 與監管機構和解，到 2025 年 10 月 Grayscale 的推出，僅僅兩年半，卻已見證監管思維、市場基礎設施，以及機構認同的重大轉變。
The next chapters of this story - what innovations emerge, which networks dominate institutional allocation, how regulators respond to challenges - remain to be written. What is clear is that institutional investors are no longer shut out from participating in blockchain validation economics, and that this participation will shape both crypto markets and traditional finance in ways that are only beginning to emerge.
此故事的下一篇章——創新將如何誕生、何種機制主導機構資產配置、監理者將如何因應挑戰——仍待發展。唯一可以確定的是，機構投資人已不再被排除於區塊鏈驗證經濟之外，而他們的參與，必將以正在浮現的面貌，塑造加密市場以及傳統金融的未來。