Liquid Staking Tokens: stETH, rETH, cbETH and taxation in Spain

Liquid Staking Tokens (LST) are the most popular form of Ethereum staking since The Merge. They allow you to participate in ETH staking without the 32 ETH requirements or locking funds. But they have specific tax complexities that you need to understand.

What is liquid staking?

Direct ETH staking: To be an Ethereum validator you need 32 ETH (~€60,000) and have the node active 24/7. During staking, the ETH is locked (to a certain extent).

Liquid staking: You deposit any amount of ETH → you receive a token that represents your staked ETH + accumulated rewards. That token can be used in DeFi while still generating rewards.

The main LSTs in Spain

stETH (Lido):

• Largest liquid staking protocol, ~30% of total Ethereum staking.
• Rebasing mechanism: stETH increases in quantity (your stETH balance increases daily with rewards).
• stETH always approximately = 1 ETH in value.

wstETH (Wrapped stETH):

• Wrapped stETH for use in DeFi (which does not accept rebasing tokens).
• Increasing price mechanism: 1 wstETH is worth more and more ETH (accumulates the rewards in the price).

rETH (Rocket Pool):

• Decentralized liquid staking protocol.
• Same mechanics as wstETH: 1 rETH is worth more ETH over time (increasing price).

cbETH (Coinbase):

• Coinbase Liquid Staking. Similar to rETH in mechanics.

The fiscal heart: when do you pay taxes on rewards?

This is the most debated point. There are two possible tax models:

Model A: Taxation when receiving rewards

Staking rewards = return on equity at the time they are credited/available.

For stETH (rebasing): Every day your stETH balance increases slightly. Theoretically, each daily increase would be a return on the movable capital to be declared.

Practical problem: 365 events per year to be able to declare thisETH, each of minimum value. Tax filing tools (Koinly) calculate this automatically.

Model B: Deferral until the sale of the LST

The rewards are embedded in the token (especially wstETH, rETH). They are only taxed when selling → capital gain.

Which one to apply? The AEAT has not given specific criteria. Model A is more conservative and more conceptually correct. Model B is simpler but can generate controversy.

The deposit: Is ETH → stETH a stream?

By depositing 1 ETH into Lido and receiving 1 stETH:

• "Non-transmission" argument: It is the same economic position, just in a different form. Just like a stock split.
• "Transmission" argument: You give ETH to the protocol and receive a different token (stETH).

Most current advisors consider that the deposit in Lido is a transmission of ETH and the receipt of stETH is the consideration. Therefore:

• ETH price at time of deposit vs. ETH acquisition cost → capital gain/loss.
• stETH acquisition cost = ETH price at that time.

The withdrawal: stETH → ETH

When you withdraw ETH from Lido (burn stETH):

• stETH transmission → possible profit/loss compared to the price you had of stETH.
• If stETH was always quoted at 1 ETH and there was no depegging → the profit/loss is minimal.

wstETH in DeFi: collateral and pools

wstETH is one of the most used collaterals in DeFi:

• Aave: You deposit wstETH as collateral → it is not a transmission (it is still yours).
• Curve/Balancer pools ETH/stETH: Provide liquidity → possible transmission and LP fees.

Staking with restaking: EigenLayer

EigenLayer allows you to reuse already staked ETH to secure other protocols:

• You deposit stETH/ETH in EigenLayer → "restake".
• You receive points or tokens for restaking (EigenLayer EIGEN airdrop in 2024).
• Tax treatment of the EIGEN airdrop: Capital gain upon receipt.
• Restaking rewards: Capital upon receipt.

Summary of tax events with LST

Updated: April 2026 | Fiscal year: 2025