Valuation Framework for Staked ETH ETFs vs. Traditional Corporate BondsFollowing the approval of staked ETH ETFs, the valuation framework for Ethereum’s “yield bonds” differs significantly from traditional corporate bonds. Staked ETH ETFs combine Ethereum’s price volatility with variable staking rewards, typically yielding 3-4% annually, resembling a perpetual bond with a fluctuating coupon. Their valuation hinges on both capital appreciation and yield, often benchmarked against the Composite Ether Staking Rate (CESR). Conversely, corporate bonds rely on fixed income streams, assessed through credit risk and interest rate sensitivity. Staked ETH ETFs also face unique challenges, including liquidity constraints from staking lock-ups and regulatory uncertainties. Thus, while offering a novel yield-generating asset in the crypto space, staked ETH ETFs demand a distinct valuation approach compared to traditional corporate bonds.