It may be a taxable event but it sounds like the end result is $0 taxable gain.
Your Crypto Tax Guide states:
If you buy, sell or exchange crypto in a non-retirement account, you'll face capital gains or losses.
As an example, you purchase 300 units of A for $1 each equals $300 cost basis in the property. The staking platform gives you credit for the $300 with no gain or loss.
You now have X units of B with a cost basis of $300.
If the staking platform had given you credit for $350 and your cost basis in the property was $300, you would report a $50 gain.
@thepep
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