VanEck Ethereum ETF
For the period ended Jun 30, 2025. Filed Aug 13, 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.
Jun 30, 2025 · Filed Aug 13, 2025
ETHV$32.50-1.0%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious 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 OperationsCurrent report: 10-Q
Period ended 2025-06-30; filed 2025-08-13.
0000930413-25-002430
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 21 previous paragraphs and 30 current paragraphs.
14 unchanged; 5 reworded; 10 added; 2 removed; 0 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 (10)
Current report
The Period Ended June 30, 2024 (a)
Current report
The Trust’s NAV increased from $100,000 at May 20, 2024 (date of Seeding) to $10,234,617 at June 30, 2024, a 10,135% 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 200,000 Shares at June 30, 2024, as a result of 2,000 Seed Shares and 200,000 Shares (8 Baskets) being created and 2,000 Seed Shares being redeemed during the period and an increase in the price of ETH, which grew approximately 2% from $3,414 at June 25, 2024 (date of initial ETH investment) to $3,494 at June 30, 2024.
Current report
The 2% increase in the NAV per Share from $50.00 at May 20, 2024 to $51.17 at June 30, 2024 is primarily related to the 2% increase in the price of ETH during this period.
Current report
The NAV per Share of $50.48 on June 27, 2024, was the highest during the period, compared with a low during the period of $49.40 on June 28, 2024.
Current report
Net increase in net assets resulting from operations for the period ended June 30, 2024, was $234,617 resulting from a net change in unrealized appreciation on investment in ETH of $234,617. The Trust had no expenses during the period as the Trust had not commenced operations.
Current report
(a) Period commences upon Seed date of May 20, 2024
Current report
The Trust’s NAV increased from $84,668,819 at March 31, 2025 to $118,333,419 at June 30, 2025, a 39.76% increase. The increase in the Trust’s NAV resulted primarily from a increase in the price of ETH, which increased 35.40% from $1,836 at March 31, 2025 to $2,486 at June 30, 2025. The number of shares outstanding also increased from 3,150,000 Shares at March 31, 2025 to 3,250,000 Shares at June 30, 2025, a net result of 300,000 Shares (12 Baskets) being created and 200,000 Shares (8 Baskets) being redeemed during the period.
Current report
The 35.45% increase in the NAV per Share from $26.88 at March 31, 2025 to $36.41 at June 30, 2025 is directly related to the 35.40% increase in the price of ETH during this period.
Current report
The NAV per Share of $41.24 on June 11, 2025, was the highest during the quarter, compared with a low during the quarter of $21.45 on April 8, 2025.
Current report
The Six Months Ended June 30, 2025
Removed paragraphs (2)
Previous report
The Trust had no operations for the quarter ended March 31, 2024.
Previous report
The Quarter Ended March 31, 2025
Reworded paragraphs (5)
Previous wording
The Trust is not aware of any trends, demands, conditions or events that are reasonably likely to result in material changes to its liquidity needs. In exchange for a fee, the Sponsor has agreed to assume most of the expenses incurred by the Trust. As a result, the only ordinary expense of the Trust during the period covered by this report was the Sponsor’s Fee. The Trust’s only source of liquidity is its sales of ETH.
Current wording
The Trust is not aware of any trends, demands, conditions or events that are reasonably likely to result in material changes to its liquidity needs. In exchange for a fee, the Sponsor has agreed to assume most of the expenses incurred by the Trust. As a result, the only ordinary expense of the Trust during the period covered by this report was the Sponsor’s Fee, which was waived during the period. The Trust’s only source of liquidity is its sales of ETH.
Previous 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.
Current wording
The Trust’s NAV decreased from $146,428,902 at December 31, 2024 to $118,333,419 at June 30, 2025, a 19.19% decrease. The decrease in the Trust’s NAV resulted primarily from a decrease in the price of ETH, which decreased 25.41% from $3,333 at December 31, 2024 to $2,486 at June 30, 2025. The number of shares outstanding also increased from 3,000,000 Shares at December 31, 2024 to 3,250,000 Shares at June 30, 2025, a net result of 525,000 Shares (21 Baskets) being created and 275,000 Shares (11 Baskets) being redeemed during the period.
Previous 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.
Current wording
The 25.40% decrease in the NAV per Share from $48.81 at December 31, 2024 to $36.41 at June 30, 2025 is primarily related to the 25.41% decrease in the price of ETH during this period.
Previous 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.
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 $21.45 on April 8, 2025.
Previous 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.
Current wording
Net decrease in net assets resulting from operations for the six months ended June 30, 2025, was $41,651,452 resulting from a net unrealized depreciation on investment in ETH of $35,835,849 and a net realized loss of $5,815,603 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
Net increase in net assets resulting from operations for the quarter ended June 30, 2025, was $27,858,758 resulting from a net unrealized appreciation on investment in ETH of $32,481,594 and a net realized loss of $4,622,836 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.