VanEck Ethereum ETF
For the period ended Dec 31, 2025. Filed Mar 30, 2026.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Mar 30, 2026
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-K
Period ended 2024-12-31; filed 2025-03-26.
0000930413-25-000996
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-K
Period ended 2025-12-31; filed 2026-03-30.
0000930413-26-000942
Item 7. 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 22 previous paragraphs and 20 current paragraphs.
13 unchanged; 6 reworded; 0 added; 2 removed; 1 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.
Removed paragraphs (2)
Previous report
From January 1, 2024 to May 20, 2024 (date of Seeding), the Trust had no operations other than a sale to the Seed Capital Investor, the parent of the Sponsor, of 2,000 Shares at a per-Share price of $50.00. Delivery of the Seed Shares was made on May 20, 2024. Total proceeds to the Trust from the sale of the Seed Shares were $100,000.
Previous report
On June 25, 2024 (date of initial ether investment), the Seed Shares were redeemed for cash and the Seed Capital Investor purchased the Seed Creation Baskets, comprising of 200,000 Shares at a per-Share price of $50.00. Total proceeds to the Trust from the sale of the Seed Creation Baskets were $10,000,000, which resulted in the Trust receiving 2,929.06 ethereum. Delivery of the Seed Creation Baskets was made on June 26, 2024. The Seed Capital Investor acted as a statutory underwriter in connection with this purchase.
Reworded paragraphs (6)
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
Previous wording
The Trust’s NAV is calculated based on the Trust’s net asset holdings as reconciled to the ETH Custodians’ accounts on a market approach, determined on a daily basis in accordance with the MarketVector TM Ethereum Benchmark Rate price at 4:00 p.m. ET. The Trust’s NAV per Share is calculated by taking the current market value of its total assets, subtracting any liabilities, and then dividing that total by the total number of outstanding Shares. The Trust Agreement gives the Sponsor the exclusive authority to determine the Trust’s NAV and the Trust’s NAV per Share, which it has delegated to the Administrator.
Current wording
The Trust’s NAV is calculated based on the Trust’s net asset holdings as reconciled to the ETH Custodians’ accounts on a market approach, determined on a daily basis in accordance with the MarketVector Ethereum Benchmark Rate price at 4:00 p.m. ET. The Trust’s NAV per Share is calculated by taking the current market value of its total assets, subtracting any liabilities, and then dividing that total by the total number of outstanding Shares. The Trust Agreement gives the Sponsor the exclusive authority to determine the Trust’s NAV and the Trust’s NAV per Share, which it has delegated to the Administrator.
Previous wording
The Trust’s NAV increased from $100,000 at May 20, 2024 to $146,428,902 at December 31, 2024, a 146,329% 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 3,000,000 Shares at December 31, 2024. This is the net result of 2,000 Seed Shares and 3,400,000 Shares (136 Baskets) being created and 2,000 Seed Shares and 400,000 Shares (16
Current wording
The Trust’s NAV increased from $146,428,902 at December 31, 2024 to $157,578,941 at December 31, 2025, a 7.61% 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 3,625,000 Shares at December 31, 2025. This is the net result of 3,225,000 Shares (129 Baskets) being created 2,600,000 Shares (104 Baskets) being redeemed during the period, partially offset by a decrease in the price of ETH, which contracted 10.86% from $3,333 at December 31, 2024 to $2,971 at December 31, 2025.
Previous wording
The 2.38% decrease in the NAV per Share from $50.00 at May 20, 2024 to $48.81 at December 31, 2024 is directly related to the 2.37% decrease in the price of ETH during this period.
Current wording
The 10.94% decrease in the NAV per Share from $48.81 at December 31, 2024 to $43.47 at December 31, 2025 is directly related to the 10.86% decrease in the price of ETH during this period.
Previous wording
The NAV per Share of $59.67 on December 6, 2024, was the highest during the period, compared with a low during the period of $32.59 on September 6, 2024.
Current wording
The NAV per Share of $70.58 on August 22, 2025, was the highest during the period, compared with a low during the period of $21.45 on April 8, 2025.
Previous wording
Net increase in net assets resulting from operations for the twelve-month period ended December 31, 2024, was $8,627,398 resulting from an net unrealized appreciation on investment in ethereum of $10,194,816, a net realized loss of $1,567,418 on ethereum sold for the redemption of Shares and a net investment income of $0. The Trust had no expenses during the period as the Sponsor Fee was waived by the Sponsor.
Current wording
Net decrease in net assets resulting from operations for the twelve-month period ended December 31, 2025, was $ 33,759,054 resulting from an net unrealized depreciation on investment in ethereum of $34,062,356, a net realized gain of $492,055 on ethereum sold for the redemption of Shares, a net realized gain of $16,597 from ethereum sold to pay expenses during the twelve-month period, and a net investment loss of $205,350. Other than the Sponsor Fee of $205,350, the Trust had no other expenses during the twelve-month period.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
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.
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
Baskets) being redeemed during the period, partially offset by a decrease in the price of ETH, which contracted 2.37% from $3,414 at June 25, 2024 to $3,333 at December 31, 2024.