The 19b-4 file for the pledge of ETH ETF by Grayscale has also been submitted to help everyone highlight a few key points. The original link is placed at the end and it is recommended to read it for yourself 1. The staking provider is selected by the issuer (i.e. Grayscale), and the selection scope is mainly completed by the custodian (i.e. Coinbase) or affiliated parties. During the staking period, ETH will not leave the custodian's wallet and will not be pledged through entrusted staking, thus preventing the risk of theft. Therefore, according to the description in this document, it means that it is almost impossible to directly choose existing liquidity staking agreements such as Lido for ETF staking, because these third-party agreements must transfer ETH in. However, Lido is also undergoing V3 upgrade for institutional staking, and may be working hard to rectify and meet the requirements. 2. The proceeds from the pledge belong to the issuer and are considered as the income of the trust itself. The issuer will not publicize any pledge services it provides to the public, nor will it promise any specific level of return. In this way, all the money earned from the pledge can belong to the issuer, and it is not necessary to distribute it to investors or let them know about the existence of the pledge and the corresponding income. 3. The final decision on whether to approve this document will be made within 45 days or up to 90 days. Currently, there should be no issues, and the results are expected to be available in March. https://www. (nyse.com)/publicdocs/nyse/markets/nyse-arca/rule-filings/filings/2025/SR-NYSEARCA-2025-13_upld.pdf