Coinbase Wrapped Staked ETH (cbETH) represents your staked Ethereum (ETH) in a tradable form. You can unwrap cbETH at any time.
cbETH provides flexibility to sell, transfer, or use it. You can move cbETH to a personal wallet and trade it outside the Coinbase platform.
What you need to know about cbETH.
• There are no fees for wrapping staked ETH
• You’ll be charged standard fees if you send or sell your cbETH
• The number of cbETH units you receive upon wrapping is based on the ETH to cbETH conversion rate
• cbETH balance is reflected on your Coinbase Wrapped Staked ETH asset page
• The conversion rate will change over time due to rewards earned on the underlying staked ETH
•The ratio of staked ETH units underlying the total supply of cbETH
• The price of cbETH reflects the price of the underlying staked ETH plus any accrued rewards
• The price of cbETH and staked ETH will likely differ because they trade on a wide range of crypto exchanges and their market prices can deviate
• The market may value cbETH less than the underlying staked ETH
• Rewards are earned but not directly through Coinbase
• Buy cbETH directly on the Coinbase exchange
• Sell for local currency
• Convert into available crypto
• Send/receive off-platform to/from a self-custodied wallet
• Unwrap your cbETH for staked ETH
Sell or send
• You won't be able to unwrap and/or redeem your cbETH for staked ETH
• You transfer the ownership of the token and underlying staked ETH value
• At this time there is no official guidance from tax authorities available. In the reports we prepare for you, we carry the cost basis of your staked ETH forward and don’t recognize a disposition.
• Although wrapping and unwrapping staked ETH may not be considered a taxable event, selling cbETH (e.g. for cash) is viewed as a standard crypto sell which is a taxable event.