C&aacute;c nh&agrave; cung c&#7845;p qu&#7929; ti&#7873;n &#273;i&#7879;n t&#7917; &#273;ang th&ecirc;m t&iacute;nh n&#259;ng staking v&agrave;o c&aacute;c ETF v&agrave; ETP, gi&uacute;p nh&agrave; &#273;&#7847;u t&#432; ch&iacute;nh th&#7889;ng ti&#7871;p c&#7853;n thu nh&#7853;p th&#7909; &#273;&#7897;ng t&#7915; ti&#7873;n &#273;i&#7879;n t&#7917;.
H&#432;&#7899;ng d&#7851;n g&#7847;n &#273;&acirc;y c&#7911;a SEC v&agrave; nh&#7919;ng ti&#7871;n b&#7897; trong c&ocirc;ng ngh&#7879; staking &#273;ang th&uacute;c &#273;&#7849;y cu&#7897;c &#273;ua to&agrave;n ng&agrave;nh &#273;&#7875; ra m&#7855;t c&aacute;c s&#7843;n ph&#7849;m c&oacute; t&iacute;nh n&#259;ng staking.
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-top-crypto-fund-providers-adopt-staking">C&aacute;c nh&agrave; cung c&#7845;p qu&#7929; ti&#7873;n &#273;i&#7879;n t&#7917; h&agrave;ng &#273;&#7847;u &aacute;p d&#7909;ng staking</h2>

C&aacute;c t&ecirc;n tu&#7893;i l&#7899;n nh&#432; Grayscale, 21Shares v&agrave; REX-Osprey &#273;ang ra m&#7855;t c&aacute;c s&#7843;n ph&#7849;m cung c&#7845;p c&#7843; ti&#7871;p x&uacute;c t&agrave;i s&#7843;n k&#7929; thu&#7853;t s&#7889; v&agrave; ph&#7847;n th&#432;&#7903;ng staking.
Grayscale, qu&#7843;n l&yacute; 35 t&#7927; USD t&agrave;i s&#7843;n, hi&#7879;n <a href="https://www.globenewswire.com/news-release/2025/10/08/3163782/0/en/21Shares-Enhances-Ethereum-ETF-TETH-with-Staking-Feature-and-One-Year-Fee-Waiver.html" target="_blank" rel="noreferrer noopener nofollow">cung c&#7845;p</a> staking trong c&aacute;c ETP Ethereum v&agrave; Solana ni&ecirc;m y&#7871;t t&#7841;i M&#7929;. Qu&#7929; Ethereum Mini Trust ETF v&agrave; Solana Trust c&#7911;a Grayscale cho ph&eacute;p nh&agrave; &#273;&#7847;u t&#432; nh&#7853;n ph&#7847;n th&#432;&#7903;ng staking b&ecirc;n c&#7841;nh vi&#7879;c n&#7855;m gi&#7919; t&agrave;i s&#7843;n.
Theo c&ocirc;ng ty, nh&agrave; &#273;&#7847;u t&#432; c&oacute; th&#7875; nh&#7853;n ph&#7847;n th&#432;&#7903;ng staking, thu nh&#7853;p th&#7909; &#273;&#7897;ng v&agrave; ti&#7871;p c&#7853;n gi&aacute; tr&#7883; d&agrave;i h&#7841;n c&#7911;a c&aacute;c m&#7841;ng l&#432;&#7899;i. C&aacute;c s&#7843;n ph&#7849;m n&agrave;y h&#7907;p t&aacute;c v&#7899;i c&aacute;c t&#7893; ch&#7913;c l&#432;u k&yacute; v&agrave; nhi&#7873;u nh&agrave; x&aacute;c th&#7921;c, gi&uacute;p ph&#7847;n th&#432;&#7903;ng th&#7909; &#273;&#7897;ng d&#7877; d&agrave;ng ti&#7871;p c&#7853;n qua c&aacute;c t&agrave;i kho&#7843;n m&ocirc;i gi&#7899;i ti&ecirc;u chu&#7849;n.
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&ldquo;Grayscale (ETHE v&agrave; ETH ETF) &#273;&atilde; staking 857,600 $ETH (3.83 t&#7927; USD) m&#7897;t l&#7847;n n&#7919;a h&ocirc;m nay,&rdquo; m&#7897;t ng&#432;&#7901;i d&ugrave;ng <a href="https://x.com/digitbtc/status/1976129106170314882" target="_blank" rel="noreferrer noopener nofollow">chia s&#7867;</a> trong m&#7897;t b&agrave;i &#273;&#259;ng.
</blockquote>

21Shares c&#361;ng &#273;&atilde; tham gia v&agrave;o staking, th&ecirc;m t&iacute;nh n&#259;ng n&agrave;y v&agrave;o <a href="https://beincrypto.com/learn/eth-etf-explained" target="_blank" rel="noreferrer noopener">Ethereum ETF</a> (TETH), tham gia v&agrave;o qu&aacute; tr&igrave;nh x&aacute;c th&#7921;c c&#7911;a Ethereum. M&#7897;t kho&#7843;n mi&#7877;n ph&iacute; t&agrave;i tr&#7907; 12 th&aacute;ng &#273;&atilde; &#273;&#432;&#7907;c gi&#7899;i thi&#7879;u &#273;&#7875; thu h&uacute;t nh&agrave; &#273;&#7847;u t&#432; m&#7899;i.
V&#7899;i 12 t&#7927; USD d&#432;&#7899;i s&#7921; qu&#7843;n l&yacute;, 21Shares nh&#7845;n m&#7841;nh s&#7921; tin t&#432;&#7903;ng ng&agrave;y c&agrave;ng t&#259;ng v&agrave;o ph&#7847;n th&#432;&#7903;ng staking c&#7911;a giao th&#7913;c l&agrave; c&#7847;n thi&#7871;t cho &#273;&#7847;u t&#432; ti&#7873;n &#273;i&#7879;n t&#7917;. Trong khi &#273;&oacute;, Solana Staking ETF (SSK) c&#7911;a REX-Osprey <a href="https://www.rexshares.com/rex-osprey-integrates-jitosol-liquid-staking-into-first-u-s-solana-staking-etf/" target="_blank" rel="noreferrer noopener nofollow">tr&#7903; th&agrave;nh</a> qu&#7929; &#273;&#7847;u ti&ecirc;n t&#7841;i M&#7929; s&#7917; d&#7909;ng JitoSOL, m&#7897;t d&#7851;n xu&#7845;t staking thanh kho&#7843;n.
S&#7843;n ph&#7849;m n&agrave;y gi&#7919; cho SOL &#273;&#432;&#7907;c staking thanh kho&#7843;n v&agrave; ph&acirc;n ph&#7889;i t&#7845;t c&#7843; ph&#7847;n th&#432;&#7903;ng cho ng&#432;&#7901;i n&#7855;m gi&#7919;. &#272;&#7871;n th&aacute;ng 07, SSK &#273;&atilde; v&#432;&#7907;t qua 100 tri&#7879;u USD t&agrave;i s&#7843;n, cho th&#7845;y s&#7921; quan t&acirc;m m&#7841;nh m&#7869; c&#7911;a nh&agrave; &#273;&#7847;u t&#432;.
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-why-are-fund-managers-embracing-staking">T&#7841;i sao c&aacute;c nh&agrave; qu&#7843;n l&yacute; qu&#7929; &#273;ang ch&#7845;p nh&#7853;n staking?</h2>

C&oacute; &#273;&#7897;ng l&#7921;c th&#7921;c s&#7921; &#273;&#7857;ng sau staking nh&#7901; s&#7921; r&otilde; r&agrave;ng g&#7847;n &#273;&acirc;y c&#7911;a &#7910;y ban Ch&#7913;ng kho&aacute;n v&agrave; Giao d&#7883;ch M&#7929; (SEC). V&agrave;o cu&#7889;i th&aacute;ng 05, SEC tuy&ecirc;n b&#7889; r&#7857;ng staking giao th&#7913;c tr&ecirc;n c&aacute;c blockchain b&#7857;ng ch&#7913;ng c&#7893; ph&#7847;n, trong m&#7897;t s&#7889; &#273;i&#7873;u ki&#7879;n nh&#7845;t &#273;&#7883;nh, <a href="https://vn.beincrypto.com/sec-clarifies-staking-not-securities-activities/" target="_blank" rel="noreferrer noopener">th&#432;&#7901;ng kh&ocirc;ng &#273;&#432;&#7907;c coi l&agrave; m&#7897;t ho&#7841;t &#273;&#7897;ng ch&agrave;o b&aacute;n ch&#7913;ng kho&aacute;n</a>.
<blockquote class="max-w-xl text-4.5 border-l-2 border-blue-600 pl-11 mb-9 select-all [&amp;_p]:!mb-0 wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
&ldquo;Theo quan &#273;i&#7875;m c&#7911;a B&#7897; ph&#7853;n, &ldquo;Ho&#7841;t &#273;&#7897;ng Staking Giao th&#7913;c&rdquo; li&ecirc;n quan &#273;&#7871;n Staking Giao th&#7913;c kh&ocirc;ng li&ecirc;n quan &#273;&#7871;n vi&#7879;c ch&agrave;o b&aacute;n v&agrave; b&aacute;n ch&#7913;ng kho&aacute;n theo ngh&#297;a c&#7911;a M&#7909;c 2(a)(1) c&#7911;a &#272;&#7841;o lu&#7853;t Ch&#7913;ng kho&aacute;n n&#259;m 1933 (&#272;&#7841;o lu&#7853;t Ch&#7913;ng kho&aacute;n) ho&#7863;c M&#7909;c 3(a)(10) c&#7911;a &#272;&#7841;o lu&#7853;t Giao d&#7883;ch Ch&#7913;ng kho&aacute;n n&#259;m 1934 (&#272;&#7841;o lu&#7853;t Giao d&#7883;ch),&rdquo; theo <a href="https://www.sec.gov/newsroom/speeches-statements/statement-certain-protocol-staking-activities-052925" target="_blank" rel="noreferrer noopener nofollow">tuy&ecirc;n b&#7889;</a>.
</blockquote>

H&#432;&#7899;ng d&#7851;n n&agrave;y gi&#7843;m b&#7899;t lo ng&#7841;i ph&aacute;p l&yacute; v&agrave; khuy&#7871;n kh&iacute;ch c&aacute;c qu&#7929; truy&#7873;n th&#7889;ng cung c&#7845;p staking.
Staking cung c&#7845;p l&#7907;i su&#7845;t d&#7921;a tr&ecirc;n giao th&#7913;c. N&oacute; c&oacute; th&#7875; bi&#7871;n ti&#7873;n &#273;i&#7879;n t&#7917; bi&#7871;n &#273;&#7897;ng th&agrave;nh ngu&#7891;n ph&#7847;n th&#432;&#7903;ng &#7893;n &#273;&#7883;nh, thu h&uacute;t nh&agrave; &#273;&#7847;u t&#432; nh&#7887; l&#7867; v&agrave; t&#7893; ch&#7913;c t&igrave;m ki&#7871;m thu nh&#7853;p th&#7909; &#273;&#7897;ng.
Tuy&ecirc;n b&#7889; c&#7911;a SEC <a href="https://www.sec.gov/newsroom/speeches-statements/statement-certain-protocol-staking-activities-052925" target="_blank" rel="noreferrer noopener nofollow">m&ocirc; t&#7843;</a> ph&#7847;n th&#432;&#7903;ng staking l&agrave; c&aacute;c kho&#7843;n thanh to&aacute;n &#273;&#7875; h&#7895; tr&#7907; c&aacute;c m&#7841;ng l&#432;&#7899;i phi t&#7853;p trung, kh&ocirc;ng ph&#7843;i l&agrave; l&#7907;i nhu&#7853;n t&#7915; qu&#7843;n l&yacute; c&#7911;a ng&#432;&#7901;i kh&aacute;c. S&#7921; ph&acirc;n bi&#7879;t n&agrave;y h&#7895; tr&#7907; staking nh&#432; m&#7897;t t&iacute;nh n&#259;ng &#273;&#7847;u t&#432; ch&iacute;nh th&#7889;ng.
C&ocirc;ng ngh&#7879; c&#361;ng &#273;ang gi&uacute;p &#273;&#7905;. C&aacute;c gi&#7843;i ph&aacute;p <a href="https://vn.beincrypto.com/sec-liquid-staking-tokens-rule-clarification/" target="_blank" rel="noreferrer noopener">staking thanh kho&#7843;n</a> v&agrave; c&aacute;c &#273;&#7889;i t&aacute;c x&aacute;c th&#7921;c c&oacute; kinh nghi&#7879;m gi&#7843;m b&#7899;t r&agrave;o c&#7843;n k&#7929; thu&#7853;t. Nh&#7919;ng ti&#7871;n b&#7897; n&agrave;y gi&uacute;p c&aacute;c qu&#7929; d&#7877; d&agrave;ng cung c&#7845;p staking v&agrave; duy tr&igrave; t&iacute;nh thanh kho&#7843;n, &#273;i&#7873;u n&agrave;y v&#7851;n l&agrave; &#432;u ti&ecirc;n cho c&aacute;c ETF v&agrave; ETP.
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-risks-persist-but-market-demand-accelerates">R&#7911;i ro v&#7851;n t&#7891;n t&#7841;i, nh&#432;ng nhu c&#7847;u th&#7883; tr&#432;&#7901;ng t&#259;ng t&#7889;c</h2>

M&#7863;c d&ugrave; t&#259;ng tr&#432;&#7903;ng nhanh ch&oacute;ng, c&aacute;c nh&agrave; l&atilde;nh &#273;&#7841;o ng&agrave;nh th&#7915;a nh&#7853;n r&#7857;ng staking mang l&#7841;i r&#7911;i ro. Nh&#7919;ng r&#7911;i ro n&agrave;y bao g&#7891;m vi&#7879;c c&#7855;t gi&#7843;m (h&igrave;nh ph&#7841;t cho l&#7895;i c&#7911;a nh&agrave; x&aacute;c th&#7921;c), bi&#7871;n &#273;&#7897;ng th&#7883; tr&#432;&#7901;ng, v&#7845;n &#273;&#7873; k&#7929; thu&#7853;t v&agrave; t&iacute;nh thanh kho&#7843;n h&#7841;n ch&#7871;.
C&aacute;c s&#7843;n ph&#7849;m nh&#432; TETH ETF c&#7911;a 21Shares v&agrave; Solana Staking ETF c&#7911;a REX-Osprey gi&#7843;i quy&#7871;t nh&#7919;ng lo ng&#7841;i n&agrave;y trong c&aacute;c c&ocirc;ng b&#7889;, nh&#7845;n m&#7841;nh t&iacute;nh minh b&#7841;ch.
Trong khi &#273;&oacute;, h&#432;&#7899;ng d&#7851;n c&#7911;a SEC kh&ocirc;ng bao g&#7891;m t&#7845;t c&#7843; c&aacute;c chi&#7871;n l&#432;&#7907;c staking. Ch&iacute;nh s&aacute;ch &aacute;p d&#7909;ng cho staking giao th&#7913;c nh&#432;ng kh&ocirc;ng ph&#7843;i t&#7845;t c&#7843; c&aacute;c m&ocirc; h&igrave;nh DeFi ho&#7863;c b&ecirc;n th&#7913; ba.
Tuy nhi&ecirc;n, s&#7921; quan t&acirc;m c&#7911;a nh&agrave; &#273;&#7847;u t&#432; &#273;ang gia t&#259;ng. Solana Staking ETF c&#7911;a REX-Osprey &#273;&atilde; v&#432;&#7907;t qua 100 tri&#7879;u USD t&agrave;i s&#7843;n k&#7875; t&#7915; th&aacute;ng 07, v&agrave; 21Shares v&agrave; Grayscale &#273;&atilde; ch&#7913;ng ki&#7871;n d&ograve;ng ti&#7873;n &#273;&aacute;ng k&#7875;.
Th&#7853;m ch&iacute;, ETH ETF d&#7921; ki&#7871;n c&#7911;a BlackRock &#273;ang ti&#7871;n g&#7847;n h&#417;n &#273;&#7871;n vi&#7879;c ph&ecirc; duy&#7879;t staking, v&#7899;i suy &#273;o&aacute;n v&#7873; vi&#7879;c ra m&#7855;t v&agrave;o th&aacute;ng 10 d&#7921;a tr&ecirc;n c&aacute;c b&agrave;i &#273;&#259;ng tr&ecirc;n X (Twitter).
K&#7927; nguy&ecirc;n &#273;&#7893;i m&#7899;i ETF ti&#7871;p theo &#273;ang di&#7877;n ra khi c&aacute;c nh&agrave; qu&#7843;n l&yacute; s&#7917; d&#7909;ng ph&#7847;n th&#432;&#7903;ng h&#7907;p &#273;&#7891;ng th&ocirc;ng minh &#273;&#7875; thu h&uacute;t nh&agrave; &#273;&#7847;u t&#432; t&igrave;m ki&#7871;m l&#7907;i su&#7845;t.
&#272;&#7889;i v&#7899;i nh&agrave; &#273;&#7847;u t&#432; v&agrave; nh&agrave; qu&#7843;n l&yacute; t&agrave;i s&#7843;n, staking trong c&aacute;c ETF v&agrave; ETP b&aacute;o hi&#7879;u s&#7921; ti&#7871;n b&#7897; r&otilde; r&agrave;ng trong vi&#7879;c ti&#7871;p c&#7853;n ti&#7873;n &#273;i&#7879;n t&#7917;. S&#7921; t&#7921; tin v&#7873; quy &#273;&#7883;nh, c&ocirc;ng ngh&#7879; m&#7899;i v&agrave; nhu c&#7847;u gia t&#259;ng &#273;&#7843;m b&#7843;o r&#7857;ng staking s&#7869; ti&#7871;p t&#7909;c l&agrave; m&#7897;t &#273;&#7893;i m&#7899;i quan tr&#7885;ng trong c&aacute;c qu&#7929; ti&#7873;n &#273;i&#7879;n t&#7917;.

Các quỹ ETF tiền điện tử sắp được nâng cấp lớn — Đây là những yếu tố thúc đẩy