Markets · ETFs
A Form RW accepted at 5:07 p.m. ET says VanEck does not intend to proceed with the fund, and confirms no shares were ever sold.
VanEck has asked the SEC to let it withdraw the registration statement for its VanEck Lido Staked Ethereum ETF, a proposed fund that would have held stETH, the liquid staking token issued through Lido. The Form RW was accepted on EDGAR at 5:07 p.m. ET on Oct. 14 (sources 1, 3).
The filing gives one reason. The grounds for withdrawal "are that the Sponsor does not intend to proceed with the planned distribution of the Trust's shares registered by the Registration Statement," it says (source 1). It offers nothing further, and we do not guess.
The request is made under Rule 477 by VanEck Digital Assets, LLC, the trust's sponsor, and is signed by Matthew A. Babinsky, vice president (source 1). It covers the Form S-1, File No. 333-290918, first filed on Oct. 16, 2025, "as thereafter amended," together with all exhibits (source 1).
The sponsor confirms that the registration statement "has not been declared effective, no securities have been or will be issued or sold pursuant to the Registration Statement or the prospectus contained therein and no preliminary prospectus contained in the Registration Statement has been distributed" (source 1).
The trust is a Delaware statutory trust formed on Oct. 2, 2025 (source 2). Its stated objective was to reflect the performance of the price of stETH, less the trust's expenses (source 2).
The S-1 describes stETH as a token that evidences ownership of deposited ether plus any staking rewards that accrue to it, with rewards added through a rebasing mechanism that raises the holder's balance over time (source 2). The trust would have held stETH and valued its shares daily off a MarketVector benchmark rate for stETH, calculated by VanEck affiliate MarketVector Indexes GmbH from prices on what it considers the top five stETH trading platforms (source 2).
Authorized participants would have created and redeemed shares in cash or in kind (source 2). CSC Delaware Trust Company was named trustee (source 2).
Much of the filing was left blank. The exchange, the ticker, the stETH custodian, the additional stETH custodian, the cash custodian, the administrator and the sponsor fee rate all appear as bracketed placeholders (source 2). The fee was described only as "a unified fee of [ ]%" (source 2).
| Item | What the filings say |
|---|---|
| Fund | VanEck Lido Staked Ethereum ETF (Delaware statutory trust) |
| Sponsor | VanEck Digital Assets, LLC |
| Trustee | CSC Delaware Trust Company |
| Holding | stETH, valued off a MarketVector stETH benchmark rate |
| Creations and redemptions | Cash or in kind, through authorized participants |
| Exchange, ticker | Left blank in the S-1 |
| Custodians | Left blank in the S-1 |
| Sponsor fee | "[ ]%", left blank |
| S-1 filed | Oct. 16, 2025, File No. 333-290918 |
| Withdrawal accepted | Oct. 14, 2026, 5:07:32 p.m. ET (Form RW, Rule 477) |
| Shares sold | None; never declared effective |
In Le Coin's view, the filing record says little beyond the fact of the exit. The S-1 stayed a skeleton for a year: no exchange, no custodian and no fee were ever filled in, and the RW's "as thereafter amended" language reads as standard wording, since EDGAR lists no S-1/A for the trust (sources 1, 2, 4).
In Le Coin's view, the withdrawal says nothing on its face about staking inside U.S. ETFs generally. It is one sponsor dropping one product, for a reason it chose to state in a single sentence.
In Le Coin's view, the next thing to watch is a VanEck statement or a new filing that explains the decision. Until then, the stated reason is the whole record.
Holding the Corner.
Not financial advice.