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Grayscale Ethereum Mini Trust ETF

For the period ended Sep 30, 2025. Filed Nov 5, 2025.

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About 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 5, 2025

ETH$21.21-0.9%Stored close · as of Nov 6, 2026
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30,2025

or

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ______ to ______

Commission File Number 001-42184

Grayscale Ethereum Mini Trust ETF

SPONSORED BY GRAYSCALE INVESTMENTS SPONSORS, LLC

(Exact Name of Registrant as Specified in Its Charter)

Delaware99-6547880
(State or Other Jurisdiction ofIncorporation or Organization)(I.R.S. EmployerIdentification No.)

c/o Grayscale Investments Sponsors, LLC

290 Harbor Drive, 4 th Floor

Stamford, Connecticut 06902

(Address of Principal Executive Offices) (Zip Code)

(212)668-1427

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each classTrading Symbol(s)Name of each exchange on which registered
Grayscale Ethereum Mini Trust ETF SharesETHNYSE Arca, Inc.

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer☐Accelerated filer☐
Non-accelerated filer☒Smaller reporting company☒
Emerging growth company☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☒

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes☐ No ☒

Number of Shares of the registrant outstanding as of October 31, 2025:78,390,788

Grayscale® ETHEREUM MINI Trust ETF

Table of Contents

Page
Forward-Looking Statements3
Industry and Market Data3
PART I – FINANCIAL INFORMATION
Item 1.Financial Statements (Unaudited)4
Statements of Assets and Liabilities at September 30, 2025 and December 31, 20244
Schedules of Investment at September 30, 2025 and December 31, 20245
Statements of Operations for the Three and Nine Months Ended September 30, 2025 and the Period from July 23, 2024 (the Commencement of the Trust’s Operations) to September 30, 20246
Statements of Changes in Net Assets for the Three and Nine Months Ended September 30, 2025 and the Period from May 31, 2024 (Date of Seeding) to September 30, 20247
Statements of Cash Flows for the Nine Months Ended September 30, 2025 and the Period from May 31, 2024 (Date of Seeding) to September 30, 20248
Notes to the Unaudited Financial Statements9
Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations20
Item 3.Quantitative and Qualitative Disclosures about Market Risk28
Item 4.Controls and Procedures28
PART II – OTHER INFORMATION
Item 1.Legal Proceedings29
Item 1A.Risk Factors29
Item 2.Unregistered Sales of Equity Securities and Use of Proceeds29
Item 3.Defaults Upon Senior Securities30
Item 4.Mine Safety Disclosures30
Item 5.Other Information30
Item 6.Exhibits31
GLOSSARY OF DEFINED TERMS32
SIGNATURES38
ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.