Grayscale has distributed $9.39 million in staking rewards to investors of its Ethereum Staking ETF (ETHE), marking a significant development in how Ethereum is packaged for mainstream portfolios. The payout, amounting to approximately $0.083 per share, was funded by staking rewards earned on the fund's ETH holdings from October 6 to December 31, 2025. This distribution, which was made to investors on record as of January 5, represents a shift in how Ethereum's staking yield is perceived, transforming it into a cash distribution akin to income. This move by Grayscale could influence how investors model ETH exposure, not just as a volatile asset but as one with a recurring return stream. It also sets the stage for competition among issuers, as other funds like 21Shares' Ethereum ETF (TETH) have announced similar staking-rewards distributions. As more funds adopt this model, investors will likely compare ETH funds based on net yield, transparency, and distribution schedules, potentially reshaping the landscape of Ethereum investment products.