VanEck Ethereum ETF
For the period ended Mar 31, 2025. Filed May 14, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2025 · Filed May 14, 2025
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2024-09-30; filed 2024-11-12.
0000930413-24-003120
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-03-31; filed 2025-05-14.
0000930413-25-001796
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 24 previous paragraphs and 21 current paragraphs.
15 unchanged; 4 reworded; 1 added; 2 removed; 3 previous and 1 current paragraphs rearranged.
Tables are not compared: 0 previous and 0 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (1)
Current report
The Quarter Ended March 31, 2025
Removed paragraphs (2)
Previous report
The Period May 20, 2024 (date of Seeding) to September 30, 2024
Previous report
The Trust’s NAV increased from $100,000 at May 20, 2024 (date of Seeding) to $63,824,094 at September 30, 2024, a 63,724% increase. The increase in the Trust’s NAV resulted primarily from an increase in the number of outstanding Shares, which increased from 2,000 Shares at May 20, 2024 to 1,675,000 Shares at September 30, 2024, a net result of 2,000 Seed Shares and 1,925,000 Shares (77 Baskets) being created and 2,000 Seed Shares and 250,000 Shares (10 Baskets) being redeemed during the period, partially offset by a decrease in the price of ETH, which contracted approximately 24% from $3,414 at June 25, 2024 (date of initial ether investment) to $2,602 at September 30, 2024.
Reworded paragraphs (4)
Previous wording
The Trust’s NAV increased from $10,234,617 at June 30, 2024 to $63,824,094 at September 30, 2024, a 524% increase. The increase in the Trust’s net asset value resulted primarily from the number of shares outstanding increasing from 200,000 Shares at June 30, 2024 to 1,675,000 Shares at September 30, 2024, a net result of 1,725,000 Shares (69 Baskets) being created and 250,000 Shares (10 Baskets) being redeemed during the period, partially offset by a decrease in the price of ETH, which contracted 26% from $3,494 at June 30, 2024 to $2,602 at September 30, 2024.
Current wording
The Trust’s NAV decreased from $146,428,902 at December 31, 2024 to $84,668,819 at March 31, 2025, a 42.16% decrease. The decrease in the Trust’s net asset value resulted primarily from a decrease in the price of ETH, which contracted 44.91% from $3,333 at December 31, 2024 to $1,836 at March 31, 2025. The number of shares outstanding increased from 3,000,000 Shares at December 31, 2024 to 3,150,000 Shares at March 31, 2025, a net result of 225,000 Shares (9 Baskets) being created and 75,000 Shares (3 Baskets) being redeemed during the period.
Previous wording
The 26% decrease in the NAV per Share from $51.17 at June 30, 2024 to $38.10 at September 30, 2024 is directly related to the 26% decrease in the price of ETH during this period.
Current wording
The 44.93% decrease in the NAV per Share from $48.81 at December 31, 2024 to $26.88 at March 31, 2025 is directly related to the 44.91% decrease in the price of ETH during this period.
Previous wording
The NAV per Share of $51.63 on July 19, 2024, was the highest during the quarter, compared with a low during the quarter of $32.59 on September 6, 2024.
Current wording
The NAV per Share of $54.06 on January 6, 2025, was the highest during the quarter, compared with a low during the quarter of $26.88 on March 31, 2025.
Previous wording
Net decrease in net assets resulting from operations for the quarter ended September 30, 2024, was $12,653,618 resulting from a net unrealized depreciation on investment in ether of $10,815,249, a net realized loss of $1,838,369 on ETH sold for the redemption of Shares and a net investment income of $0. The Trust had no expenses during the quarter as they were all waived by the Sponsor.
Current wording
Net decrease in net assets resulting from operations for the quarter ended March 31, 2025, was $69,510,210 resulting from a net unrealized depreciation on investment in ether of $68,317,443, a net realized loss of $1,192,767 on ETH sold for the redemption of Shares and a net investment loss of $0. The Trust had no expenses during the quarter as they were all waived by the Sponsor.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
The Trust had no operations for the quarter ended March 31, 2024.
Rearranged previous paragraphs (3)
Previous report — wording carried elsewhere
The 24% decrease in the NAV per Share from $50.00 at May 20, 2024 to $38.10 at September 30, 2024 is directly related to the 24% decrease in the price of ETH during this period.
Previous report — wording carried elsewhere
The NAV per Share of $51.63 on July 19, 2024, was the highest during the period, compared with a low during the period of $32.59 on September 6, 2024.
Previous report — wording carried elsewhere
Net decrease in net assets resulting from operations for the period ended September 30, 2024, was $12,419,001 resulting from a net unrealized depreciation on investment in ETH of $10,580,632, a net realized loss of $1,838,369 on ether sold for the redemption of Shares and a net investment income of $0. The Trust had no expenses during the period as they were all waived by the Sponsor.