ETHA Assets Surpass ETHB Despite ETF Dividend Launch

BlackRock's staking Ethereum ETF, ETHB, has begun distributing reward income, yet the asset size and trading volume remain significantly higher for its predecessor product, ETHA. As of September 11, ETHA's assets under management stood at $896 million (approximately 12 trillion won), while ETHB held $105 million (about 1.41 trillion won). On the same day, trading volume was $1.86 billion for ETHA compared to $61.8 million for ETHB—a difference of about 30 times.

Market data from CryptoSlate shows both products invest in Ethereum (ETH), but operate differently: ETHA follows ETH price movements without staking, while ETHB stakes a portion of its holdings and distributes the resulting rewards to investors. BlackRock explained that ETHB reflects both Ethereum's price movement and staking reward yield.

Net inflows also favored ETHA, with $148.8 million entering on September 11 compared to $18.3 million for ETHB. While ETF inflows indicate indirect investment demand, daily flows alone cannot confirm shifts between products by the same investor. ETHB distributed $0.036487 per share (about 49 won) as of its September 10 payment date, following previous distributions on June 9 ($0.015237), July 10 ($0.032059), and August 11 ($0.032499).

ETHA launched on June 24, 2024, while ETHB debuted on February 18, 2026. As of September 10, ETHA's assets were $8.73 billion (about 11.73 trillion won), and ETHB held $105 million (approximately 1.35 trillion won). The asset size difference must be considered alongside differing operating periods and investor bases.

ETHB reached over $100 million in assets within about seven months of launch, but ETHA has accumulated funds for a longer period as the earlier product. Liquidity differences were more apparent in trading volume than bid-ask spreads: on September 10, both products had similar spreads (ETHA at 0.05%, ETHB at 0.06%), but average daily volumes showed ETHA at 43.8 million shares versus ETHB's 480,000 shares.

ETHB has a more complex fee structure: both products have a base sponsor fee of 0.25% annually, but BlackRock reduced ETHB’s fee to 0.12% for the first $2.5 billion in assets during its first year. Additionally, ETHB charges a separate 10% fee on total staking rewards. The ETF's dividend payments are not fixed; SEC filings note that distributions may vary based on staking reward receipt, legal requirements, and fund operations.

Recent trends showed mixed flows: September 8 saw no net inflows for either product, while both received capital on September 9. On September 10, ETHA experienced outflows but ETHB had net inflows; by September 11, both saw inflows with ETHA's larger than ETHB's.

The introduction of staking-based ETFs has expanded choices in the Ethereum ETF market for balancing price exposure and reward yield. However, current data shows ETHA still leads in assets, trading volume, and daily net inflows despite ETHB’s launch and dividend start. Whether ETHB’s competitive position will shift remains to be seen as both products continue to evolve.