BlackRock has made substantial investments in Ethereum, purchasing $70.2 million worth of ETH and accumulating over $200 million in the past week, signaling strong bullish sentiment toward the cryptocurrency. Concurrently, Rex Shares and Osprey Funds have filed with the U.S. Securities and Exchange Commission (SEC) to launch staking exchange-traded funds (ETFs) for Ethereum (ETH) and Solana (SOL), utilizing a structure under the Investment Company Act of 1940 ("40 Act"). Initial expectations suggested these staking ETFs could be approved as soon as June 2025, potentially bypassing the traditional 19b-4 process and receiving expedited approval within weeks. However, the SEC has raised concerns regarding whether the proposed staking products meet the legal criteria to qualify as ETFs, citing issues with their business structure and disclosures. This regulatory pushback from the SEC introduces uncertainty and may delay or derail the launch plans of the ETH and SOL staking ETFs. Despite this, rumors indicate that BlackRock is actively lobbying the SEC for approval of the Ethereum staking ETF within two weeks, which could significantly impact ETH's market value, potentially driving it to $10,000. BlackRock currently holds approximately $3 billion worth of Ethereum, underscoring its commitment to the asset amid evolving regulatory scrutiny.