VanEck Ethereum ETF
For the period ended Sep 30, 2025. Filed Nov 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.
Sep 30, 2025 · Filed Nov 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 2025-06-30; filed 2025-08-13.
0000930413-25-002430
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-13.
0000930413-25-003439
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 30 previous paragraphs and 24 current paragraphs.
14 unchanged; 9 reworded; 1 added; 7 removed; 0 previous and 0 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 Nine-Month Period Ended September 30, 2025
Removed paragraphs (7)
Previous report
The Period Ended June 30, 2024 (a)
Previous 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.
Previous 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.
Previous 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.
Previous report
(a) Period commences upon Seed date of May 20, 2024
Previous report
The Six Months Ended June 30, 2025
Previous report
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.
Reworded paragraphs (9)
Previous wording
The Trust is a Delaware statutory trust. The Trust does not have directors, officers or employees. The creation and operation of the Trust has been arranged by the Sponsor. The Trust is administered by the Trust Agreement, among the Sponsor, the Trustee and the Delaware Trustee. The Trust is managed and controlled by the Sponsor, a wholly-owned subsidiary of VanEck. The Sponsor is not governed by a board of directors.
Current wording
The Trust is a Delaware statutory trust. The Trust does not have directors, officers or employees. The creation and operation of the Trust has been arranged by the Sponsor. The Trust is administered by the Trust Agreement, among the Sponsor and, the Trustee. The Trust is managed and controlled by the Sponsor, a wholly-owned subsidiary of VanEck. The Sponsor is not governed by a board of directors.
Previous wording
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 wording
The Trust’s NAV increased from $118,333,419 at June 30, 2025 to $265,946,969 at September 30, 2025, a 124.74% increase. The increase in the Trust’s NAV resulted primarily from an increase in the price of ETH, which increased 66.09% from $2,486 at June 30, 2025 to $4,129 at September 30, 2025. The number of Shares outstanding also increased from 3,250,000 Shares at June 30, 2025 to 4,400,000 Shares at September 30, 2025, a net result of 1,800,000 Shares (72 Baskets) being created and 650,000 Shares (26 Baskets) being redeemed during the period.
Previous wording
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 wording
The 66.00% increase in the NAV per Share from $36.41 at June 30, 2025 to $60.44 at September 30, 2025 is directly related to the 66.09% increase in the price of ETH during this period.
Previous wording
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 wording
The NAV per Share of $70.58 on August 22, 2025, was the highest during the quarter, compared with a low during the quarter of $35.38 on July 1, 2025.
Previous wording
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.
Current wording
Net increase in net assets resulting from operations for the quarter ended September 30, 2025, was $86,212,750 resulting from a net unrealized appreciation on investment in ETH of $76,792,729, a net realized gain of $9,505,163 on ETH sold for the redemption of Shares, a net realized gain of $12,350 from ETH sold to pay expenses during the quarter, and a net investment loss of $97,492. Other than the Sponsor Fee of $97,492, the Trust has no other expenses during the quarter.
Previous 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.
Current wording
The Trust’s NAV increased from $146,428,902 at December 31, 2024 to $265,946,969 at September 30, 2025, an 81.62% increase. The increase in the Trust’s NAV resulted primarily from an increase in the number of outstanding Shares, which increased from 3,000,000 Shares at December 31, 2024 to 4,400,000.00 Shares at September 30, 2025, a net result of 2,325,000 Shares (93 Baskets) being created and 925,000 Shares (37 Baskets) being redeemed during the period. In addition, the price of ETH increased 23.88% from $3,333 at December 31, 2024 to $4,129 at September 30, 2025.
Previous wording
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 wording
The 23.83% increase in the NAV per Share from $48.81 at December 31, 2024 to $60.44 at September 30, 2025 is primarily related to the 23.88% increase 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 $21.45 on April 8, 2025.
Current wording
The NAV per Share of $70.58 on August 22, 2025, was the highest during the nine months, compared with a low during the nine months of $21.45 on April 8, 2025.
Previous 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.
Current wording
Net increase in net assets resulting from operations for the nine months ended September 30, 2025, was $ 44,561,298 resulting from a net change in unrealized appreciation on investment in ETH of $40,956,880, a net realized gain of $3,689,560 on ETH sold for the redemption of Shares, a net realized gain of $12,350 from ETH sold to pay expenses during the period, and a net investment loss of $97,492. Other than the Sponsor Fee of $97,492, the Trust has no other expenses during the period.