BlackRock's Matt Kunke on the Launch of ETHB and Staking ETF Mechanics

In around four weeks after its listing, BlackRock's iShares Staked Ethereum Trust ETF (ETHB) had gathered roughly $450M in assets — which BlackRock itself calls a "top-quintile" launch.We're stoked to welcome Matt Kunke, CFA — Director and US iShares Digital Assets ETFs Product Strategist at BlackRock — to the CFB Talks Digital Assets podcast for a deep dive on what ETHB unlocks, why it sits alongside the original Ether ETF (ETHA) rather than replacing it, and how staking actually works inside an ETP wrapper.CF Benchmarks is the index provider for BlackRock's IBIT, ETHA and ETHB - so this conversation gets technical fast, but Matt is at his lucid best throughout.A sample of what's in store:Why BlackRock built ETHB as a separate product instead of converting ETHA — and the reasoning behind giving investors choiceThe "collateralized bond" mental model for proof-of-stake, and why correlated slashing — the tail risk everyone names — has never actually happenedHow ETHB manages its stated 70%–95% staking range, the entry queue currently sitting at ~50 days, and why the exit queue is the one that really mattersThe Lido stETH precedent: why sophisticated market actors should keep ETHB-style products at-or-near NAV even in stressed environmentsWhere staking yields are headed post-Pectra, the floor mechanics, and why the glide path is gradual rather than abruptETH + staking rewards — how wealth advisors and hedge funds are actually framing the tradeWhy ETH's wirehouse approval trajectory looks today the way IBIT's did roughly nine months agoGrab your beverage of choice and dive in!Recorded April 2026.Chapters00:00 – Intro & Welcome: Matt Kunke from BlackRock02:00 – A Top-Quintile Launch: ETHB Hits $450M in Under Four Weeks04:15 – A New Product, Not an ETHA Conversion06:14 – TradFi Demand vs. Crypto-Native Sentiment08:29 – Tax & The Case for Keeping an Unstaked Option09:08 – Staking 101: The Collateralized Bond Mental Model11:24 – Three Staking Providers & the Correlated Slashing Defense13:23 – Slashing in Practice14:42 – Why 32 ETH? Pectra's Move to 2048 and Validator Consolidation16:11 – Inside the 70%–95% Staking Range18:25 – Why Lido's stETH Says Staking Discounts Stay Tight20:54 – The 50-Day Entry Queue vs. the Empty Exit Queue23:24 – Genesis of ETHB: Regulation & International Precedent25:13 – ETH + Staking Rewards: How Investors Frame the Trade26:31 – The Ethereum Thesis: Lindy, Liveness & Institutional Use Cases28:59 – Inside Staking Yields: Issuance, Fees & The Gentle Glide Path33:18 – What's Next: Basis Trades, Covered Calls & Modulated Risk35:53 – Bitcoin's Bias & ETH's Wirehouse Approval Trajectory38:24 – Closing Remarks