Grayscale Ethereum Trust ETH
For the period ended Jun 30, 2024. Filed Aug 2, 2024.
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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, 2024 · Filed Aug 2, 2024
ETHE$17.83-0.8%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2024-03-31; filed 2024-05-03.
0001193125-24-130897
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2024-06-30; filed 2024-08-02.
0000950170-24-089614
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 47 previous paragraphs and 56 current paragraphs.
27 unchanged; 8 reworded; 20 added; 12 removed; 0 previous and 1 current paragraphs rearranged.
Tables are not compared: 13 previous and 5 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 (20)
Current report
On July 23, 2024, the Trust completed its previously announced pro rata distribution of 310,158,500 shares of Grayscale Ethereum Mini Trust (ETH) (the “ETH Trust”) to shareholders of the Trust as of July 18, 2024 (the “Record Date”), as described in the Trust’s definitive information statement on Schedule 14C, filed with the SEC on July 18, 2024 (referred to as the “Initial Distribution”). In connection therewith, on July 23, 2024, the Trust contributed to the ETH Trust an amount of Ether equal to 10% of the total Ether held by the Trust as of the Record Date, equal to approximately 292,262.98913350 Ether, as consideration and in exchange for the issuance of shares of the ETH Trust.
Current report
Subject to the limitations and qualifications set forth in the Trust’s definitive information statement on Schedule 14C, filed with the SEC on July 18, 2024 (including with respect to the qualification of both the Trust and the ETH Trust as grantor trusts for U.S. federal income tax purposes and the proper allocation of existing tax basis between Shares of the Trust and shares of the ETH Trust), it is expected that neither the Trust nor any beneficial owner of the Shares will recognize any gain or loss for U.S. federal income tax purposes as a result of the Initial Distribution. Accordingly, it is expected that neither the Trust’s contribution of Ether to the ETH Trust nor the Trust’s distribution of shares in the ETH Trust to shareholders as of 4:00 PM ET on the Record Date will be reported to any beneficial owner of Shares (or to any intermediary holding Shares) as giving rise to income, gain, loss, deduction, credit or proceeds. Any beneficial owner of Shares who receives shares of the ETH Trust in the Initial Distribution, and any intermediary holding Shares of the Trust or shares of the ETH Trust, should consult their own tax advisor regarding the U.S. federal income tax consequences of the Initial Distribution, including the proper allocation of existing tax basis between Shares of the Trust and shares of the ETH Trust. Please refer to the Trust’s definitive information statement on Schedule 14C, filed with the SEC on July 18, 2024, for more information, including other U.S. federal income tax considerations relating to the Initial Distribution and ownership of shares of the ETH Trust.
Current report
Listing on NYSE Arca
Current report
On May 23, 2024, the SEC approved an application under Rule 19b-4 of the Securities Exchange Act of 1934, as amended, by NYSE Arca to list the Shares of the Trust. Shares of the Trust began trading on NYSE Arca on July 23, 2024, under the ticker symbol
Current report
“ETHE.” Shares of the Grayscale Ethereum Mini Trust (ETH) also began trading on NYSE Arca on July 23, 2024, under the ticker symbol “ETH.”
Current report
Commencement of Redemption Program
Current report
In connection with the uplisting of the Shares, the Sponsor authorized the commencement of the Trust’s redemption program in reliance on Regulation M exemptive relief available to similarly situated commodity-based exchange traded products.
Current report
First, the Trust reviews a list of Digital Asset Markets that maintain practices and policies designed to comply with anti-money laundering (“AML”) and know-your-customer (“KYC”) regulations, and non-Digital Asset Trading Platform Markets that the Trust reasonably believes are operating in compliance with applicable law, including federal and state licensing requirements, based upon information and assurances provided to it by each market.
Current report
Second, the Trust sorts these Digital Asset Markets from high to low by market-based volume and level of activity of Ether traded on each Digital Asset Market in the trailing twelve months.
Current report
Third, the Trust then reviews pricing fluctuations and the degree of variances in price on Digital Asset Markets to identify any material notable variances that may impact the volume or price information of a particular Digital Asset Market.
Current report
Fourth, the Trust then selects a Digital Asset Market as its principal market based on the highest market-based volume, level of activity and price stability in comparison to the other Digital Asset Markets on the list. Based on information reasonably available to the Trust, Trading Platform Markets have the greatest volume and level of activity for the asset. The Trust therefore looks to accessible Trading Platform Markets as opposed to the Brokered Market, Dealer Market and Principal-to-Principal Markets to determine its principal market. As a result of the aforementioned analysis, a Trading Platform Market has been selected as the Trust’s principal market.
Current report
Net assets in the above table and subsequent paragraphs are calculated in accordance with U.S. GAAP based on the Digital Asset Market price of Ether on the Digital Asset Trading Platform that the Trust considered its principal market, as of 4:00 p.m., New York time, on the valuation date.
Current report
Net realized and unrealized loss on investment in Ether for the three months ended June 30, 2024 was ($633,884), which includes a realized gain of $53,774 on the transfer of Ether to pay the Sponsor’s Fee and net change in unrealized depreciation on investment in Ether of ($687,658). Net realized and unrealized loss on investment in Ether for the period was driven by Ether price depreciation from $3,637.95 per Ether as of March 31, 2024, to $3,423.00 per Ether as of June 30, 2024. Net decrease in net assets resulting from operations was ($695,324) for the three months ended June 30, 2024, which consisted of the net realized and unrealized loss on investment in Ether, plus the Sponsor’s Fee of $61,440. Net assets decreased to $10,015,786 at June 30, 2024, a 6% decrease for the three-month period. The decrease in net assets resulted from the aforementioned Ether price depreciation and the withdrawal of approximately 18,245 Ether to pay the foregoing Sponsor’s Fee.
Current report
Net realized and unrealized gain on investment in Ether for the three months ended June 30, 2023 was $291,139, which includes a realized gain of $26,999 on the transfer of Ether to pay the Sponsor’s Fee and net change in unrealized appreciation on investment in Ether of $264,140. Net realized and unrealized gain on investment in Ether for the period was driven by Ether price appreciation from $1,828.98 per Ether as of March 31, 2023, to $1,925.83 per Ether as of June 30, 2023. Net increase in net assets resulting from operations was $256,260 for the three months ended June 30, 2023, which consisted of the net realized and unrealized gain on investment in Ether, less the Sponsor’s Fee of $34,879. Net assets increased to $5,777,883 at June 30, 2023, a 5% increase for the three-month period. The increase in net assets resulted from the aforementioned Ether price appreciation, partially offset by the withdrawal of approximately 18,759 Ether to pay the foregoing Sponsor’s Fee.
Current report
Net realized and unrealized gain on investment in Ether for the six months ended June 30, 2024 was $3,372,665, which includes a realized gain of $99,554 on the transfer of Ether to pay the Sponsor’s Fee and net change in unrealized appreciation on investment in Ether of $3,273,111. Net realized and unrealized gain on investment in Ether for the period was driven by Ether price appreciation from $2,281.10 per Ether as of December 31, 2023, to $3,423.00 per Ether as of June 30, 2024. Net increase in net assets resulting from operations was $3,257,732 for the six months ended June 30, 2024, which consisted of the net realized and unrealized gain on investment in Ether, less the Sponsor’s Fee of $114,933. Net assets increased to $10,015,786 at June 30, 2024, a 48% increase for the six-month period. The increase in net assets resulted from the aforementioned Ether price appreciation, partially offset by the withdrawal of approximately 36,604 Ether to pay the foregoing Sponsor’s Fee.
Current report
Net realized and unrealized gain on investment in Ether for the six months ended June 30, 2023 was $2,193,202, which includes a realized gain of $48,793 on the transfer of Ether to pay the Sponsor’s Fee and net change in unrealized appreciation on investment in Ether of $2,144,409. Net realized and unrealized gain on investment in Ether for the period was driven by Ether price appreciation from $1,201.33 per Ether as of December 31, 2022, to $1,925.83 per Ether as of June 30, 2023. Net increase in net assets resulting from operations was $2,128,685 for the six months ended June 30, 2023, which consisted of the net realized and unrealized gain on investment in Ether, less the Sponsor’s Fee of $64,517. Net assets increased to $5,777,883 at June 30, 2023, a 58% increase for the six-month period. The increase in net assets resulted from the aforementioned Ether price appreciation, partially offset by the withdrawal of approximately 37,427 Ether to pay the foregoing Sponsor’s Fee.
Current report
The Trust performed an assessment of the principal market at June 30, 2024 and 2023, and identified the principal market as Coinbase.
Current report
As of June 30, 2024 and 2023, the Principal Market NAV per Share was calculated using the fair value of Ether based on the price provided by Coinbase, the Digital Asset Trading Platform that the Trust considered its principal market, as of 4:00 p.m., New York time, on the valuation date. Prior to February 23, 2024, Principal Market NAV was referred to as NAV and Principal Market NAV per Share was referred to as NAV per Share.
Current report
The Trust’s NAV per Share is derived from the Index Price as represented by the Index as of 4:00 p.m., New York time, on the valuation date. The Trust’s NAV per Share is calculated using a non-GAAP methodology where the price is derived from multiple Digital Asset Trading Platforms. Prior to February 23, 2024, NAV was referred to as Digital Asset Holdings and NAV per Share was referred to as Digital Asset Holdings per Share. See “Item 1. Business—Overview of the ETH Industry and Market—ETH Value—The Index and the Index Price” in the Trust’s Annual Report on Form 10-K for a description of the Index and the Index Price. The Digital Asset Trading Platforms included in the Index as of June 30, 2024 were Coinbase, Kraken, LMAX Digital and Crypto.com. The Digital Asset Trading Platforms included in the Index as of June 30, 2023 were Coinbase, Kraken and LMAX Digital. See “Item 1. Business—Valuation of ETH and Determination of NAV” in the Trust’s Annual Report on Form 10-K for a description of the Trust’s NAV per Share.
Current report
For accounting purposes as of June 30, 2024, the Trust reflects creations and the Ether receivable with respect to such creations on the date of receipt of a notification of a creation but does not issue Shares until the requisite amount of Ether is received. On July 22, 2024, in connection with the approval of application under Rule 19b-4 of the Securities Exchange Act of 1934 and the effectiveness of the registration statement on Form S-3, as amended, the Sponsor authorized the commencement of a redemption program. Effective July 23, 2024, the date on which the Shares of the Trust began trading on NYSE Arca, the Trust reflects creations and redemptions and the Ether for proceeds receivable or payable with respect to such creations and redemptions, respectively, on the business day following the receipt of a notification of a creation or redemption order by an Authorized Participant. Creation and redemption orders can be settled on T+1 or T+2, as established at the time of order placement, therefore the Ether for proceeds receivable or payable with respect to such creations and redemptions, respectively, will be recorded as a receivable or payable until the Ether are delivered or removed from the Trust for settlement.
Removed paragraphs (12)
Previous report
Forks
Previous report
The Ethereum Network operates using open-source protocols, meaning that any user can download the software, modify it and then propose that the users and validators, as applicable, of Ethereum adopt the modification. When a modification is introduced and a substantial majority of users and validators consent to the modification, the change is implemented and the network remains uninterrupted. However, if less than a substantial majority of users and validators consent to the proposed modification, and the modification is not compatible with the software prior to its modification, the consequence would be what is known as a “hard fork” of the Ethereum Network, with one group running thepre-modified software and the other running the modified software. The effect of such a fork would be the existence of two versions of Ethereum running in parallel, yet lacking interchangeability. Holders of Ether on the original Ethereum Network, at the time the block is validated and the fork occurs, can then also receive an identical amount of new tokens on the new network.
Previous report
On April 23, 2024 the Sponsor announced the formation of Grayscale Ethereum Mini Trust (the “ETH Trust”) and its intention to effectuate the initial creation of shares of the ETH Trust through the contribution by the Trust of a certain amount of Ether to the ETH Trust as consideration and in exchange for newly created shares of the ETH Trust (“ETH Shares”).
Previous report
The ETH Trust has filed a registration statement on Form S-1 (Registration No. 333-278878) (as amended, the “ETH Trust Form S-1”) relating to the proposed issuance of baskets of ETH Shares to certain authorized participants on an ongoing basis, commencing following consummation of the ETH Trust Distribution (as defined below). Prior to effectiveness of the ETH Trust Form S-1, the ETH Trust will file a registration statement on Form 8-A (the “ETH Trust Form 8-A”) to register the ETH Shares under the Exchange Act, which is expected to become effective concurrently with the effectiveness of the ETH Trust Form S-1. Following the effectiveness of the ETH Trust Form S-1 and the ETH Trust Form 8-A, and approval of the ETH Trust 19b-4 Application (as defined below), the newly created ETH Shares will then be distributed to shareholders of the Trust as of a date to be determined by the Sponsor (the “Record Date”), pro rata based on a 1:1 ratio, such that for each one Share held by each shareholder on the Record Date, such shareholder will be entitled to receive one ETH Share on a subsequent date to be determined by the Sponsor (the “Distribution Date”) (such transactions collectively, the “ETH Trust Distribution”).
Previous report
In connection with the ETH Trust Distribution, the Sponsor anticipates that NYSE Arca will file an application with the SEC pursuant to Rule 19b-4 under the Exchange Act, to list the Shares of the ETH Trust on NYSE Arca (the “ETH Trust 19b-4 Application”). In addition, the ETH Trust intends to rely on an exemption or other relief from the SEC under 17 CFR §§ 242.101 and 102 (“Regulation M”) to operate its redemption program.
Previous report
As of the date of this filing, the ETH Trust 19b-4 Application has not been approved by the SEC and an exemption or other relief from Regulation M is not available for the ETH Trust. The Sponsor makes no representation as to when or if such approval will be obtained and when such an exemption or relief will be available. The ETH Trust will not seek effectiveness of its registration statement and no offering of ETH Shares will take place unless and until such approval is obtained and such an exemption or relief is available.
Previous report
As a result of the contemplated ETH Trust Distribution, following the Distribution Date, the Trust will hold a portion of the Ether that was held by the Trust as of the Record Date and the ETH Trust would hold the remaining portion of the Ether that was held by the Trust as of the Record Date, in each case, reduced by the portion of the sponsor’s fee attributable to such Ether accrued and paid between the Record Date and the Distribution Date. Neither the number of outstanding Shares nor the exposure of shareholders of the Trust to Ether underlying their aggregate shareholdings (including Shares and ETH Shares) are expected to change as a result of the contemplated ETH Trust Distribution. No consent, authorization, approval or proxy is being sought from shareholders in connection with the ETH Trust Distribution, and shareholders will not need to pay any consideration, exchange or surrender existing Shares or take any other action to receive ETH Shares on the Distribution Date. Following the ETH Trust Distribution, the Trust and the ETH Trust will operate as independent NYSE Arca listed exchanged-traded commodity products, and neither will have any share ownership, beneficial or otherwise, in the other.
Previous report
The Sponsor does not expect the ETH Trust Distribution to be a taxable event for the Trust or its shareholders.
Previous report
The Trust has filed a preliminary information statement on Schedule 14C (Registration No. 000-56193), describing the terms and conditions of the ETH Trust Distribution. For the avoidance of doubt, the Trust will not execute the ETH Trust Distribution as described herein or therein unless and until (i) NYSE Arca’s application with the SEC pursuant to Rule 19b-4 under the Exchange Act to list the Shares of the Trust on NYSE Arca has been approved, (ii) the ETH Trust 19b-4 Application has been approved and (iii) the ETH Trust Form S-1 and ETH Trust Form 8-A have become effective. There can be no assurance as to whether or when such approvals will be obtained or whether or when the ETH Trust Distribution will be effected.
Previous report
Net realized and unrealized gain on investment in Ether for the three months ended March 31, 2024 was $4,006,549, which includes a realized gain of $45,780 on the transfer of Ether to pay the Sponsor’s Fee and net change in unrealized appreciation on investment in Ether of $3,960,769. Net realized and unrealized gain on investment in Ether for the period was driven by Ether price appreciation from $2,281.10 per Ether as of December 31, 2023, to $3,637.95 per Ether as of March 31, 2024. Net increase in net assets resulting from operations was $3,953,056 for the three months ended March 31, 2024, which consisted of the net realized and unrealized gain on investment in Ether, less the Sponsor’s Fee of $53,493. Net assets increased to $10,711,110 at March 31, 2024, a 58% increase for the three-month period. The increase in net assets resulted from the aforementioned Ether price appreciation, partially offset by the withdrawal of approximately 18,359 Ether to pay the foregoing Sponsor’s Fee.
Previous report
Net realized and unrealized gain on investment in Ether for the three months ended March 31, 2023 was $1,902,063, which includes a realized gain of $21,794 on the transfer of Ether to pay the Sponsor’s Fee and net change in unrealized appreciation on investment in Ether of $1,880,269. Net realized and unrealized gain on investment in Ether for the period was driven by Ether price appreciation from $1,201.33 per Ether as of December 31, 2022, to $1,828.98 per Ether as of March 31, 2023. Net increase in net assets resulting from operations was $1,872,425 for the three months ended March 31, 2023, which consisted of the net realized and unrealized gain on investment in Ether, less the Sponsor’s Fee of $29,638. Net assets increased to $5,521,623 at March 31, 2023, a 51% increase for the three-month period. The increase in net assets resulted from the aforementioned Ether price appreciation, partially offset by the withdrawal of approximately 18,668 Ether to pay the foregoing Sponsor’s Fee.
Previous report
For accounting purposes, the Trust reflects creations and the Ether receivable with respect to such creations on the date of receipt of a notification of a creation but does not issue Shares until the requisite amount of Ether is received. At this time, the Trust is not accepting redemption requests from shareholders. Subject to receipt of regulatory approval from the SEC and approval by the Sponsor in its sole discretion, the Trust may in the future operate a redemption program. The Trust has not sought such relief as of the date of this Quarterly Report, and even if such relief is sought in the future, no assurance can be given as to the timing of such relief or that such relief will be granted.
Reworded paragraphs (8)
Previous wording
The Trust is a passive entity that is managed and administered by the Sponsor and does not have any officers, directors or employees. The Trust holds Ether and, from time to time on a periodic basis, issues Creation Baskets in exchange for deposits of Ether. As a passive investment vehicle, the Trust’s investment objective is for the value of the Shares (based on Ether per Share) to reflect the value of Ether held by the Trust, determined by reference to the Index Price, less the Trust’s expenses and other liabilities. While an investment in the Shares is not a direct investment in Ether, the Shares are designed to provide investors with a cost-effective and convenient way to gain investment exposure to Ether. To date, the Trust has not met its investment objective and the Shares quoted on OTCQX have not reflected the value of Ether held by the Trust, less the Trust’s expenses and other liabilities, but instead have traded at both premiums and discounts to such value, which at times have been substantial. The Trust is not managed like a business corporation or an active investment vehicle.
Current wording
The Trust is a passive entity that is managed and administered by the Sponsor and does not have any officers, directors or employees. As of June 30, 2024, the Trust holds Ether and, from time to time on a periodic basis, issues Creation Baskets in exchange for deposits of Ether. On July 22, 2024, in connection with the approval of application under Rule 19b-4 of the Securities Exchange Act of 1934 and the effectiveness of the registration statement on Form S-3, as amended, the Sponsor authorized the commencement of a redemption program. Shares of the Trust began trading on NYSE Arca on July 23, 2024. The Trust issues Shares only in one or more blocks of 10,000 Shares (a block of 10,000 Shares is called a “Basket”) to certain Authorized Participants from time to time. Baskets are offered in exchange for Ether. Through its redemption program, the Trust redeems Shares from Authorized Participants on an ongoing basis. As a passive investment vehicle, the Trust’s investment objective is for the value of the Shares (based on Ether per Share) to reflect the value of Ether held by the Trust, determined by reference to the Index Price, less the Trust’s expenses and other liabilities. While an investment in the Shares is not a direct investment in Ether, the Shares are designed to provide investors with a cost-effective and convenient way to gain investment exposure to Ether. The Trust will not utilize leverage, derivatives or any similar arrangements in seeking to meet its investment objective.
Previous wording
The Trust considers investment transactions to be the receipt of Ether for Share creations and the delivery of Ether for Share redemptions or for payment of expenses in Ether. At this time, the Trust is not accepting redemption requests from shareholders. The Trust records its investment transactions on a trade date basis and changes in fair value are reflected as net change in unrealized appreciation or depreciation on investments. Realized gains and losses are calculated using the specific identification method. Realized gains and losses are recognized in connection with transactions including settling obligations for the Sponsor’s Fee in Ether.
Current wording
The Trust considers investment transactions to be the receipt of Ether for Share creations and the delivery of Ether for Share redemptions or for payment of expenses in Ether. As of June 30, 2024, the Trust was not accepting redemption requests. However, the Sponsor has since authorized the commencement of the Trust’s redemption program on July 22, 2024 in connection with the uplisting of the Shares to NYSE Arca. The Trust records its investment transactions on a trade date basis and changes in fair value are reflected as net change in unrealized appreciation or depreciation on investments. Realized gains and losses are calculated using the specific identification method. Realized gains and losses are recognized in connection with transactions including settling obligations for the Sponsor’s Fee in Ether.
Previous wording
Financial Highlights for the Three Months Ended March 31, 2024 and 2023
Current wording
Financial Highlights for the Three and Six Months Ended June 30, 2024 and 2023
Previous wording
The Trust has not had a cash balance at any time since inception. When selling Ether, Incidental Rights and/or IR Virtual Currency in the Digital Asset Market to pay Additional Trust Expenses on behalf of the Trust, the Sponsor endeavors to sell the exact amount of Ether, Incidental Rights and/or IR Virtual Currency needed to pay expenses in order to minimize the Trust’s holdings of assets other than Ether. As a consequence, the Sponsor expects that the Trust will not record any cash flow from its operations and that its cash balance will be zero at the end of each reporting period. Furthermore, the Trust is not a party to anyoff-balance sheet arrangements.
Current wording
The Trust has not had a cash balance at any time since inception. When selling Ether in the Digital Asset Market to pay Additional Trust Expenses on behalf of the Trust, the Sponsor endeavors to sell the exact amount of Ether needed to pay expenses in order to minimize the Trust’s holdings of assets other than Ether. As a consequence, the Sponsor expects that the Trust will not record any cash flow from its operations and that its cash balance will be zero at the end of each reporting period. Furthermore, the Trust is not a party to any off-balance sheet arrangements.
Previous wording
As of March 31, 2024, the Trust had a net closing balance with a value of $10,710,962,523, based on the Index Price(non-GAAP methodology). As of March 31, 2024, the Trust had a total market value of $10,711,109,737, based on the Digital Asset Market price of Ether on the Trust’s principal market (Coinbase).
Current wording
As of June 30, 2024, the Trust had a net closing balance with a value of $10,016,283,542, based on the Index Price (non-GAAP methodology). As of June 30, 2024, the Trust had a total market value of $10,015,786,118, based on the Digital Asset Market price of Ether on the Trust’s principal market (Coinbase).
Previous wording
As of March 31, 2023, the Trust had a net closing balance with a value of $5,522,106,455, based on the Index Price(non-GAAP methodology). As of March 31, 2023, the Trust had a total market value of $5,521,623,421, based on the Digital Asset Market price of Ether on the Trust’s principal market (Coinbase).
Current wording
As of June 30, 2023, the Trust had a net closing balance with a value of $5,781,783,736, based on the Index Price (non-GAAP methodology). As of June 30, 2023, the Trust had a total market value of $5,777,883,471, based on the Digital Asset Market price of Ether on the Trust’s principal market (Coinbase).
Previous wording
The following table illustrates the movements in the Index Price from April 1, 2019 to March 31, 2024. During such period, the Index Price has ranged from $109.83 to $4,776.32, with the straight average being $1,546.49 through March 31, 2024. The Sponsor has not observed a material difference between the Index Price and average prices from the constituent Digital Asset Trading Platforms individually or as a group.
Current wording
The following table illustrates the movements in the Index Price from July 1, 2019 to June 30, 2024. During such period, the Index Price has ranged from $109.83 to $4,776.32, with the straight average being $1,703.32 through June 30, 2024. The Sponsor has not observed a material difference between the Index Price and average prices from the constituent Digital Asset Trading Platforms individually or as a group.
Previous wording
The following table illustrates the movements in the Digital Asset Market price of Ether, as reported on the Trust’s principal market, from April 1, 2019 to March 31, 2024. During such period, the price of Ether has ranged from $110.29 to $4,776.95, with the straight average being $1,546.52 through March 31, 2024.
Current wording
The following table illustrates the movements in the Digital Asset Market price of Ether, as reported on the Trust’s principal market, from July 1, 2019 to June 30, 2024. During such period, the price of Ether has ranged from $110.29 to $4,776.95, with the straight average being $1,703.36 through June 30, 2024.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
Historically, and as of June 30, 2024, the Trust had not met its investment objective and, prior to their uplisting to NYSE Arca on July 22, 2024, the Shares quoted on OTCQX have not reflected the value of Ether held by the Trust, less the Trust’s expenses and other liabilities, but instead have traded at both premiums and discounts to such value, which at times have been substantial, although the Sponsor has observed that the Trust has begun to meet its investment objective more closely following the uplisting of the Shares to NYSE Arca. The Trust is not managed like a business corporation or an active investment vehicle.