Bitwise Ethereum ETF

Previous wording

From July 23, 2024 to March 31, 2025, the Shares of the Trust traded at an average discount, based on closing prices at 4:00 p.m. ET, and an estimated, unaudited, NAV per-share of 0.001%. During that same period, the highest premium was 1.65% on January 13, 2025, and the lowest premium was 0.001% on August 19, 2024. During that same period, the highest discount was 1.34% on March 4, 2025, and the lowest discount was 0.01% on February 18, 2025.

Current wording

From July 23, 2024 to June 30, 2025, the Shares of the Trust traded at an average discount, based on closing prices at 4:00 p.m. ET, and an estimated, unaudited, NAV per-share of 0.001%. During that same period, the highest premium was 1.87% on May 8, 2025, and the lowest premium was 0.001% on August 19, 2024. During that same period, the highest discount was 1.34% on March 4, 2025, and the lowest discount was 0.01% on May 15, 2025.

Previous wording

As of March 31, 2025*, the Trust held a net closing balance of 95,108.4265 ether with a total market value of $174,674,234 based on the Pricing Index price of $1,836.58, used to determine the Trust's NAV. The total market value of the Trust's ether held was $173,794,481 based on the price of an ether (Lukka Prime Rate) in the principal market (Crypto.com) of $1,827.33, used to determine the Trust's Principal Market NAV.

Current wording

As of June 30, 2025*, the Trust held a net closing balance of 106,889.0042 ether with a total market value of $267,775,127 based on the CME CF Ether - Dollar Reference Rate - New York Variant ("Pricing Index") price of $2,505.17, used to determine the Trust's NAV. The total market value of the Trust's ether held was $268,957,319 based on the price per ether (Lukka Prime Rate) in the principal market (Crypto.com) of $2,516.23, used to determine the Trust's Principal Market NAV.

Previous wording

Net realized and unrealized loss on investment in ether for the three months ended March 31, 2025 was approximately $149,835, which includes a net realized gain of $2 on the sale of ether to pay the Sponsor Fee, net realized loss on investment in ether sold for redemptions of $13,641 and net change in unrealized depreciation on investment in ether of approximately $136,196. Net realized and unrealized loss on investment in ether for the period was driven by ether price depreciation from $3,340.40 per ether as of December 31, 2024 to $1,827.33 per ether as of March 31, 2025. Net decrease in net assets resulting from operations was approximately $149,928 for the three months ended March 31, 2025, which primarily consisted of the net realized and unrealized loss on investment in ether of approximately 149,835, plus the Sponsor Fee of $93. Net assets decreased to approximately $173,762 at March 31, 2025 and the NAV per-share decreased approximately 45.33% for the three months ended March 31, 2025. The decrease in net assets primarily resulted from the aforementioned ether price depreciation, the net decrease in capital share transactions of approximately $80,839, and a net decrease resulting from operations of $149,928.

Current wording

Net realized and unrealized loss on investment in ether for the six months ended June 30, 2025, was approximately $87,854, which includes a realized gain of $11 on the sale of ether to pay the Sponsor Fee, net realized loss on investment in ether sold for redemptions of $30,348 and net change in unrealized depreciation on investment in ether of approximately $57,517. Net realized and unrealized loss on investment in ether for the period was driven by ether price depreciation from $3,340.40 per ether as of December 31, 2024 to $2,516.23 per ether as of June 30, 2025. Net decrease in net assets resulting from operations was approximately $(88,052) for the six months ended June 30, 2025, which primarily consisted of the net realized and unrealized gain on investment in ether, and a decrease in net assets resulting from the net capital share transactions was approximately $47,562.

Previous wording

The Trust agreed to pay the unitary Sponsor Fee of 0.20% per annum of the Trust’s ether holdings. The Sponsor contractually waived the Sponsor Fee on the first $500 million of Trust assets through January 22, 2025, and has been accruing at an annual rate of 0.20% of the Trust’s net assets since then. As a result, the only ordinary expense of the Trust is expected to be the Sponsor Fee. In exchange for the Sponsor Fee, the Sponsor has agreed to assume and pay the normal operating expenses of the Trust, which include the Trustee’s monthly fee and out-of-pocket expenses, the fees of the Trust’s regular service providers (Cash Custodian, Ether Custodian, Prime Execution Agent, Marketing Agent, Transfer Agent and Administrator), exchange listing fees, tax reporting fees, SEC registration fees, printing and mailing costs, audit fees and up to $500,000 per annum in ordinary legal fees and expenses. The Sponsor may determine in its sole discretion to assume legal fees and expenses of the Trust in excess of $500,000 per annum. The Sponsor also agreed to pay the costs of the Trust’s organization.

Current wording

The Trust pays the unitary Sponsor Fee of 0.20% per annum of the Trust’s ether holdings. The Sponsor contractually waived the Sponsor Fee on the first $500 million of Trust assets through January 22, 2025, and has been accruing at an annual rate of 0.20% of the Trust’s Ether holdings since then. As a result, the only ordinary expense of the Trust is expected to be the Sponsor Fee. In exchange for the Sponsor Fee, the Sponsor has agreed to assume and pay the normal operating expenses of the Trust, which include the Trustee’s monthly fee and out-of-pocket expenses, the fees of the Trust’s regular service providers (Cash Custodian, Ether Custodian, Prime Execution Agent, Marketing Agent, Transfer Agent and Administrator), exchange listing fees, tax reporting fees, SEC registration fees, printing and mailing costs, audit fees and up to $500,000 per annum in ordinary legal fees and expenses. The Sponsor may determine in its sole discretion to assume legal fees and expenses of the Trust in excess of $500,000 per annum. The Sponsor also agreed to pay the costs of the Trust’s organization.

Previous wording

No material changes have occurred during the three months ended March 31, 2025.

Current wording

No material changes have occurred during the six months ended June 30, 2025.