Grayscale Ethereum Mini Trust ETF
For the period ended Dec 31, 2024. Filed Feb 28, 2025.
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FY2024 · Filed Feb 28, 2025
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Schedule of Investment at December 31, 2024
SCHEDULE OFINVESTMENT
(Amounts in thousands, except quantity of Ether and percentages)
| December 31, 2024(1) | |||||||
|---|---|---|---|---|---|---|---|
| Quantity of Ether · Cost · Fair Value · % of NetAssets | |||||||
| Investment in Ether | 470,875.75775088 | $1,590,413 | $1,572,914 | 100% | |||
| Total Investment | $1,590,413 | $1,572,914 | 100% | ||||
| Net assets | $1,590,413 | $1,572,914 | 100% | ||||
(1)
No comparative financial statements have been provided as the Trust’s operations commenced on July 23, 2024. Prior to the commencement of operations on July 23, 2024, the Sponsor redeemed the initial seed capital of 10,000 shares for $100,000.
STATEMENT OF OPERATIONS
(Amounts in thousands)
| July 23, 2024 (the Commencement of the Trust’s Operations) to December 31, 2024(1) | |
|---|---|
| Investment income: | |
| Investment income · $ · - | |
| Expenses: | |
| Sponsor’s Fee, related party | 770 |
| Gross expenses | 770 |
| Sponsor’s Fee Waiver, related party | (770) |
| Net expenses | - |
| Net investment loss | - |
| Net realized and unrealized loss from: | |
| Net realized loss on investment in Ether sold to pay expenses | - |
| Net realized loss on investment in Ether sold for redemption of Shares | (15,313) |
| Net change in unrealized depreciation on investment in Ether | (17,499) |
| Net realized and unrealized loss on investment | (32,812) |
| Net decrease in net assets resulting from operations | $(32,812) |
(1)
No comparative financial statements have been provided as the Trust’s operations commenced on July 23, 2024. Prior to the commencement of operations on July 23, 2024, the Sponsor redeemed the initial seed capital of 10,000 shares for $100,000.
STATEMENT OF CHANGES IN NET ASSETS
(Amounts in thousands, except change in Shares outstanding)
| July 23, 2024 (the Commencement of the Trust’s Operations) to December 31, 2024(1) | |
|---|---|
| Decrease in net assets from operations: | |
| Net investment loss · $ · - | |
| Net realized loss on investment in Ether sold to pay expenses | - |
| Net realized loss on investment in Ether sold for redemption of Shares | (15,313) |
| Net change in unrealized depreciation on investment in Ether | (17,499) |
| Net decrease in net assets resulting from operations | (32,812) |
| Increase in net assets from capital share transactions: | |
| Shares issued | 706,933 |
| Shares issued from Initial Distribution(2) | 1,010,935 |
| Shares redeemed | (112,142) |
| Net increase in net assets resulting from capital share transactions | 1,605,726 |
| Total increase in net assets from operations and capital share transactions | 1,572,914 |
| Net assets: | |
| Beginning of period | - |
| End of period | $1,572,914 |
| Change in Shares outstanding:(3) | |
| Shares outstanding at beginning of period | - |
| Shares issued | 22,995,000 |
| Shares issued from Initial Distribution(2) | 31,015,850 |
| Shares redeemed | (4,040,062) |
| Net increase in Shares | 49,970,788 |
| Shares outstanding at end of period | 49,970,788 |
(1)
No comparative financial statements have been provided as the Trust’s operations commenced on July 23, 2024. Prior to the commencement of operations on July 23, 2024, the Sponsor redeemed the initial seed capital of 10,000 shares for $100,000.
(2)
Represents the impact of the Initial Distribution of 292,262.98913350 Ether, with a value of approximately $1,010.9 million from Grayscale Ethereum Trust ETF, completed on July 23, 2024, as discussed in Note 4.
(3)
STATEMENT OF CASH FLOWS
(Amounts in thousands)
| July 23, 2024 (the Commencement of the Trust’s Operations) to December 31, 2024(1) | ||
|---|---|---|
| Cash used in operating activities | ||
| Net decrease in net assets resulting from operations | $(32,812) | |
| Adjustments to reconcile net decrease in net assets resulting from operations to net cash used in operating activities: | ||
| Purchases of Ether(2) | $(705,170) | |
| Proceeds from Ether sold to pay redemptions(2) | 113,899 | |
| Net realized (gain) loss | 15,313 | |
| Net change in unrealized depreciation | 17,499 | |
| Change in operating assets and liabilities: | - | |
| Sponsor’s Fee payable | - | |
| Net cash used in operating activities | $(591,271) | |
| Cash provided by financing activities | ||
| Proceeds from issuance of capital shares(2) | $705,170 | |
| Payments for capital shares redeemed(2) | (113,899) | |
| Net cash provided by financing activities | $591,271 | |
| Cash | ||
| Net increase in cash | $ | - |
| Cash, beginning of period | - | |
| Cash, end of period | $ | - |
| Supplemental disclosure of noncash financing activities | ||
| Transfer of Ether from Initial Distribution(3) | $1,010,935 | |
(1)
No comparative financial statements have been provided as the Trust’s operations commenced on July 23, 2024. Prior to the commencement of operations on July 23, 2024, the Sponsor redeemed the initial seed capital of 10,000 shares for $100,000.
(2)
The proceeds collected by an Authorized Participant from the sale of Shares and the payments for Shares redeemed by an Authorized Participant do not correlate with the amounts in the Statement of Operations and the Statement of Changes in Net Assets for the period due to creations and redemptions occurring at the Index Price as defined in the Trust Agreement.
(3)
Represents the impact of the Initial Distribution of 292,262.98913350 Ether, with a value of approximately $1,010.9 million from Grayscale Ethereum Trust ETF, completed on July 23, 2024, as discussed in Note 4.
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