Invesco Galaxy Ethereum ETF
For the period ended Sep 30, 2025. Filed Nov 7, 2025.
View on SEC.govAbout 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 7, 2025
QETH$22.11-1.1%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-08-07.
0000950170-25-105149
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-07.
0001193125-25-270284
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 50 previous paragraphs and 50 current paragraphs.
32 unchanged; 8 reworded; 10 added; 10 removed; 0 previous and 0 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.
Added paragraphs (10)
Current report
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2025 AND FOR THE PERIOD JULY 23, 2024 TO SEPTEMBER 30, 2024
Current report
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2025 AND FOR THE PERIOD JULY 23, 2024 TO SEPTEMBER 30, 2024
Current report
For the three months ended September 30, 2025, the Exchange market value of each Share increased from $25.13 per Share to $41.48 per Share. The Share price low and high for the three months ended September 30, 2025 and related change from the Share price on June 30, 2025 was as follows: Shares traded at a low of $23.98 per Share (-4.58%) on July 1, 2025, and a high of $48.23 per Share (+91.92%) on August 22, 2025. The total return for the Trust on a market value basis was +65.06%.
Current report
Ethereum was a standout in the third quarter of 2025, rallying by over 65%, far outpacing bitcoin’s 7% gain. Crypto broadly benefited from supportive regulatory developments, particularly the passage of the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act, which solidified the regulation of stablecoins and put Ethereum at the forefront given it is the leading platform for stablecoins. Corporate launches of new layer-1 networks, President Trump's executive order permitting retirement accounts to hold digital assets, and a more positive macroeconomic backdrop leading into the September Federal Reserve (Fed) rate cut also provided optimism for digital assets. US exchange-traded product (“ETP”) inflows also continued to pick up.
Current report
Ethereum posted positive results of over 25% in the first three quarters of 2025. While it experienced sharp losses in the first quarter of 2025 of over 45% due to deteriorating macroeconomics and a broad selloff in digital assets, as well as the ByBit hack feeding negative sentiment on crypto, prices rebounded strongly in the second and third quarters. Growing institutional demand and ETP inflows amid improving risk appetite and the resumption of Fed easing drove positive momentum. The Pectra upgrade in the second quarter of 2025 also significantly improved investor confidence in the Ethereum network. Lastly, the US regulatory environment was a tailwind, particularly in July when the GENIUS Act was adopted, establishing a federal regulatory regime for stablecoins and Ethereum is the leading blockchain platform for stablecoins.
Current report
For the period July 23, 2024 (commencement of trading) to September 30, 2024, the Exchange market value of each Share decreased from $34.60 per Share to $25.94 per Share. The Share price low and high for the period ended September 30, 2024 and related change from the Share price on July 23, 2024 was as follows: Shares traded at a low of $22.21 per Share (-35.82%) on September 6, 2024, and a high of $34.60 per Share (+0.00%) on July 23, 2024. The total return for the Trust on a market value basis was -25.03%.
Current report
Since the Trust’s launch on July 23, 2024, Ethereum has been pressured by broader risk-off moves and generally lackluster ETP demand. The U.S. equity market sell-off to end July, reignited hard landing concerns in the U.S., the Chinese economic overhang, and rising geopolitical tensions in the Middle East all played a role, though the start of the Federal Reserve’s easing cycle in September 2024 was a positive catalyst. Another influencing factor was market expectations for a potential second term as president by former President Trump, especially prior to Vice President Harris joining the presidential race in August. In this respect, former President Trump was generally viewed as more “pro-crypto” and could potentially seek relaxed regulations and more innovation-focused projects.
Current report
Net income (loss) for the nine months ended September 30, 2025 was $8.2 million, primarily resulting from net realized gain (loss) of $(0.4) million and net change in unrealized gain (loss) of $8.7 million.
Current report
For the period July 23, 2024 (Commencement of Trading) to September 30, 2024, the NAV of each Share decreased from $34.60 per Share to $25.93 per Share. Falling price for ether during the period ended September 30, 2024 contributed to an overall 25.01% decrease in the level of the Benchmark. The total return for the Trust on a NAV basis was -25.06%.
Current report
Net income (loss) for the period ended September 30, 2024 was $(3.5) million, primarily resulting from net change in unrealized gain (loss) of $(3.5) million.
Removed paragraphs (10)
Previous report
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2025
Previous report
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2025
Previous report
NEITHER THE PAST PERFORMANCE OF THE TRUST NOR THE PRIOR BENCHMARK LEVELS AND CHANGES,
Previous report
POSITIVE OR NEGATIVE, SHOULD BE TAKEN AS AN INDICATION OF THE TRUST’S FUTURE PERFORMANCE.
Previous report
NEITHER THE PAST PERFORMANCE OF THE TRUST NOR THE PRIOR BENCHMARK LEVELS AND CHANGES,
Previous report
POSITIVE OR NEGATIVE, SHOULD BE TAKEN AS AN INDICATION OF THE TRUST’S FUTURE PERFORMANCE.
Previous report
Ethereum (ETH) posted a strong recovery in the second quarter of 2025, climbing over 35% and delivering meaningful gains for the Trust. The rebound followed a challenging first quarter and was largely driven by improving investor sentiment after President Trump delayed the implementation of his “Liberation Day” tariffs by 90 days, easing macroeconomic pressures. A surge in stablecoin issuance and the expansion of real-world asset tokenization also helped boost demand across the Ethereum ecosystem. Staking activity reached all-time highs, introducing deflationary dynamics that supported price momentum and underscored long-term conviction among holders. Confidence was further reinforced by progress on the Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act), signaling a more constructive regulatory environment. Meanwhile, the Pectra upgrade, with enhancements to security, user experience, and scalability, marked Ethereum’s most significant enhancement since its transition to Proof-of-Stake and was well received by the market. Institutional interest in Ethereum also continued to build, contributing to positive momentum throughout the quarter.
Previous report
For the six months ended June 30, 2025, the Exchange market value of each Share decreased from $33.39 per Share to $25.13 per Share. The Share price low and high for the six months ended June 30, 2025 and related change from the Share price on December 31, 2024 was as follows: Shares traded at a low of $14.60 per Share (-56.28%) on April 8, 2025, and a high of $36.82 per Share (+10.29%) on January 6, 2025. The total return for the Trust on a market value basis was -24.74%.
Previous report
Ethereum (ETH) experienced a volatile first half of 2025, with sharp losses in the first quarter followed by a strong rebound in the second quarter. Ether declined by over 45% in the first quarter, driven by deteriorating macroeconomic conditions, a broad selloff in risky assets, and the ByBit hack in late February, which severely dented investor confidence in the Ethereum network. Despite these headwinds, the second quarter saw a meaningful recovery, with ether rising more than 35% as broad market risk sentiment improved. The delay of President Trump’s “Liberation Day” tariffs helped ease market pressures, while a surge in stablecoin issuance, real-world asset tokenization, and record high staking activity supported renewed demand. Regulatory developments also played a key role, with continued momentum from the President’s “Strengthening American Leadership in Digital Financial Technology” executive order and progress on the GENIUS Act reinforcing optimism. The Pectra upgrade, Ethereum’s most notable improvement since its transition to Proof-of-Stake, further boosted confidence with enhancements to security, user experience, and scalability. Lastly, institutional participation continued to grow as illustrated by renewed inflows into U.S. spot Ethereum exchange-traded products in the second quarter, helping ether regain its ground.
Previous report
Net income (loss) for the three months ended June 30, 2025 was $5.5 million, primarily resulting from net change in unrealized gain (loss) of $5.6 million.
Reworded paragraphs (8)
Previous wording
The following discussion and analysis was prepared to supplement information contained in the accompanying financial statements and is intended to explain certain items regarding the Trust's financial condition as of June 30, 2025, and its results of operations for the period January 1, 2025 through June 30, 2025. It should be read in conjunction with the unaudited financial statements and related notes thereto contained in this Report.
Current wording
The following discussion and analysis was prepared to supplement information contained in the accompanying financial statements and is intended to explain certain items regarding the Trust's financial condition as of September 30, 2025, and its results of operations for the three and nine months ended September 30, 2025 and the period July 23, 2024 to September 30, 2024. It should be read in conjunction with the unaudited financial statements and related notes thereto contained in this Report.
Previous wording
Net cash flow provided by (used in) operating activities was $(5.0) million and $0.0 million for the six months ended June 30, 2025 and 2024, respectively. During the six months ended June 30, 2025, $6.4 million was paid to purchase ether and $1.5 million was received from sales of ether for redemptions.
Current wording
Net cash flow provided by (used in) operating activities was $(7.2) million and $(23.9) million for the nine months ended September 30, 2025 and the period June 17, 2024 to September 30, 2024, respectively. During the nine months ended September 30, 2025, $33.4 million was paid to purchase ether and $26.2 million was received from sales of ether for redemptions. During the period June 17, 2024 to September 30, 2024, $23.9 million was paid to purchase ether and $0 million was received from sales of ether for redemptions.
Previous wording
The Trust’s net cash flow provided by (used in) financing activities was $5.0 million and $0.1 million during the six months ended June 30, 2025 and 2024, respectively. This included $6.4 million and $0.1 million from Shares purchased by Authorized Participants and $1.5 million and $0.0 million from Shares redeemed by Authorized Participants during the six months ended June 30, 2025 and 2024, respectively.
Current wording
The Trust’s net cash flow provided by (used in) financing activities was $7.2 million and $23.9 million during the nine months ended September 30, 2025 and the period June 17, 2024 to September 30, 2024, respectively. This included $33.4 million and $24.0 million from Shares purchased by Authorized Participants and $26.2 million and $0.1 million from Shares redeemed by Authorized Participants during the nine months ended September 30, 2025 and the period June 17, 2024 to September 30, 2024, respectively.
Previous wording
For the three months ended June 30, 2025, the Exchange market value of each Share increased from $18.24 per Share to $25.13 per Share. The Share price low and high for the three months ended June 30, 2025 and related change from the Share price on March 31, 2025 was as follows: Shares traded at a low of $14.60 per Share (-19.96%) on April 8, 2025, and a high of $28.07 per Share (+53.93%) on June 11, 2025. The total return for the Trust on a market value basis was +37.77%.
Current wording
For the nine months ended September 30, 2025, the Exchange market value of each Share increased from $33.39 per Share to $41.48 per Share. The Share price low and high for the nine months ended September 30, 2025 and related change from the Share price on December 31, 2024 was as follows: Shares traded at a low of $14.60 per Share (-56.27%) on April 8, 2025, and a high of $48.23 per Share (+44.44%) on August 22, 2025. The total return for the Trust on a market value basis was +24.23%.
Previous wording
For the three months ended June 30, 2025, the NAV of each Share increased from $18.24 per Share to $25.10 per Share. The rising price of ether during the three months ended June 30, 2025 contributed to an overall 37.70% increase in the level of the Benchmark. The total return for the Trust on a NAV basis was +37.61%.
Current wording
For the three months ended September 30, 2025, the NAV of each Share increased from $25.10 per Share to $41.49 per Share. The rising price of ether during the three months ended September 30, 2025 contributed to an overall 65.39% increase in the level of the Benchmark. The total return for the Trust on a NAV basis was +65.30%.
Previous wording
Net income (loss) for the six months ended June 30, 2025 was $(5.9) million, primarily resulting from net realized gain (loss) of $(0.9) million and net change in unrealized gain (loss) of $(5.0) million.
Current wording
Net income (loss) for the three months ended September 30, 2025 was $14.1 million, primarily resulting from net realized gain (loss) of $0.4 million and net change in unrealized gain (loss) of $13.7 million.
Previous wording
For the six months ended June 30, 2025, the NAV of each Share decreased from $33.37 per Share to $25.10 per Share. The falling price of ether during the three months ended June 30, 2025 contributed to an overall 24.67% decrease in the level of the Benchmark. The total return for the Trust on a NAV basis was -24.78%.
Current wording
For the nine months ended September 30, 2025, the NAV of each Share increased from $33.37 per Share to $41.49 per Share. The rising price of ether during the nine months ended September 30, 2025 contributed to an overall 24.58% increase in the level of the Benchmark. The total return for the Trust on a NAV basis was +24.33%.
Previous wording
The preparation of financial statements in conformity with U.S. GAAP requires the Sponsor to make estimates and assumptions that affect the reported amounts of the assets and liabilities and disclosures of contingent liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the period covered by this report. A description of the valuation of ether, a critical accounting policy that the Trust believes is important to understanding its results of operations and financial position, is provided in the section entitled “Valuation of Ether,” above. In addition, please refer to Note 2 to the financial statements of the Trust for further discussion of the Trust’s accounting policies and Part II, Item 7 – “Management’s Discussions and Analysis of Financial Condition and Results of Operations – Critical Accounting Estimates” in the Annual Report on Form 10-K for the period ended December 31, 2024.
Current wording
The preparation of financial statements in conformity with U.S. GAAP requires the Sponsor to make estimates and assumptions that affect the reported amounts of the assets and liabilities and disclosures of contingent liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the period covered by this report. A description of the valuation of ether, a critical accounting policy that the Trust believes is important to understanding its results of operations and financial position, is provided in the section entitled “Valuation of Ether,” above. In addition, please refer to Note 2 to the financial statements of the Trust for further discussion of the Trust’s accounting policies and Part II, Item 7 – “Management’s Discussions and Analysis of Financial Condition and Results of Operations – Critical Accounting Estimates” in the Annual Report on Form 10-K for the period ended December 31, 2024, as filed with the SEC on February 28, 2025.