Grayscale has formally amended its three staking ETFs (ETHE, GSOL and GAVA) to mandate a minimum quarterly conversion of staking rewards into cash, with monthly distributions planned. As of June 30, these three funds held over $1.1 billion in staked assets, with ETHE alone accounting for $999.96 million. This structure creates recurring sell pressure on reward tokens without affecting the principal. ETHE distributed approximately $9.4 million on January 6, illustrating the operational mechanism of these distributions.
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