Bitwise Ethereum ETF
For the period ended Sep 30, 2025. Filed Nov 10, 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 10, 2025
ETHW$15.91-0.8%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-08-07.
0000950170-25-105121
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-10.
0001193125-25-274499
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 33 previous paragraphs and 60 current paragraphs.
22 unchanged; 7 reworded; 30 added; 4 removed; 0 previous and 1 current paragraphs rearranged.
Tables are not compared: 0 previous and 1 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 (30)
Current report
The following table sets forth statements of operations data for the three months and nine months ended September 30, 2025 and the period from July 22, 2024 (commencement of operations) to September 30, 2024.
Current report
Statements of Operations (Unaudited)
Current report
No comparative financial statements have been provided as the Trust’s operations commenced on July 22, 2024.
Current report
Three-Month Period ended September 30, 2025*
Current report
The following provides a discussion of the material items that impacted the Trust’s financial condition during the applicable period:
Current report
Sponsor Fee
Current report
The Trust pays a 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 the 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. The Sponsor Fee for the three months ended September 30, 2025 was approximately $251. The increase in Sponsor Fee was primarily related to an increase in the Trust’s net assets value due to an increase in the fair value of ether held by the Trust and the expiration of the Sponsor Fee waiver as of January 22, 2025.
Current report
Net Realized Gain (Loss) from Ethereum
Current report
Net realized gain on the sale of ether to pay the Sponsor Fee for the three months ended September 30, 2025 was approximately $109. The increase was due to an increase in the fair value of ether sold or transferred by the Trust.
Current report
Net realized gain on investment in ether sold for redemptions for the three months ended September 30, 2025 was approximately $146. The increase was primarily due to an increase in the fair value of ether sold by the Trust.
Current report
Net Change in Unrealized Appreciation (Depreciation) from Ethereum
Current report
Net change in unrealized appreciation on investment in ether for the three months ended September 30, 2025 was approximately $187,615. The increase was primarily due to an increase in the fair value of ether held by the Trust.
Current report
Net Increase (Decrease) in Net Assets resulting from Operations
Current report
Net increase in net assets resulting from operations for the three months ended September 30, 2025 was approximately $187,619. This increase was primarily due to an increase in net realized loss and an increase in unrealized appreciation on investments in ether, with a net realized and unrealized gain on investment in ether of approximately $187,870 less the Sponsor Fee of $251, for the three months ended September 30, 2025.
Current report
The change in net realized and unrealized gain (loss) was primarily due to fluctuations in the ether price during the respective period. For the three-month period ended September 30, 2025, the net realized and unrealized gain on investment in ether was driven by appreciation in the ETHUSD_NY price of ether from $2,505.17 per ether as of June 30, 2025 to $4,131.76 per ether as of September 30, 2025.
Current report
Comparison of the Nine-Month Period ended September 30, 2025 and the Period from July 10, 2024 (Commencement of operations) to September 30, 2024
Current report
The following provides a discussion of the material items that impacted the Trust’s financial condition during the applicable period:
Current report
Sponsor Fee
Current report
The Trust pays a 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 the 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. The Sponsor Fee for the nine months ended September 30, 2025 was approximately $492, of which $43 was contractually waived, resulting in a net Sponsor Fee of approximately $449 compared to the Sponsor Fee for the period from July 22, 2024 (commencement of operations) to September 30, 2024 of approximately $91, of which $91 was contractually waived, resulting in a net Sponsor Fee of $0. The increase in Sponsor Fee was primarily related to an increase in the Trust’s net assets value due to an increase in the fair value of ether held by the Trust and the expiration of the Sponsor Fee waiver as of January 22, 2025.
Current report
Net Realized Gain (Loss) from Ethereum
Current report
Net realized gain on the sale of ether to pay the Sponsor Fee for the nine months ended September 30, 2025 was approximately $120, compared to net realized gain on the sale of ether to pay the Sponsor Fee for the period from July 22, 2024 (commencement of operations) to September 30, 2024 of approximately $0 due to the Sponsor Fee being contractually waived. This change was primarily due to the expiration of the Sponsor Fee waiver as of January 22, 2025 and an increase in the fair value of ether sold or transferred by the Trust.
Current report
Net realized loss on investment in ether sold for redemptions for the nine months ended September 30, 2025 was approximately $30,202, compared to net realized loss on investment in ether sold for redemptions for the period from July 22, 2024 (commencement of operations) to September 30, 2024 of approximately $1,116. This change was primarily due to an increase in the fair value of ether sold by the Trust.
Current report
Net Change in Unrealized Appreciation (Depreciation) from Ethereum
Current report
Net change in unrealized appreciation on investment in ether for the nine months ended September 30, 2025 was approximately $130,098, compared to net change in unrealized depreciation on investment in ether for the period from July 22, 2024 (commencement of operations) to September 30, 2024 of approximately $68,271. This change was primarily due to an increase in the fair value of ether held by the Trust.
Current report
Net Increase (Decrease) in Net Assets resulting from Operations
Current report
Net increase in net assets resulting from operations for the nine months ended September 30, 2025 was approximately $99,567, compared to net decrease in net assets resulting from operations for the period from July 22, 2024 (commencement of operations) to September 30, 2024 of approximately $69,387. This change was primarily due to an increase in net realized loss and an increase in unrealized appreciation on investments in ether, with a net realized and unrealized gain on investment in ether of approximately $100,016, less the Sponsor Fee of $449, for the nine months ended September 30, 2025, compared to a net realized and unrealized loss on investment in ether of approximately $69,387, for the period from July 22, 2024 (commencement of operations) to September 30, 2024.
Current report
The change in net realized and unrealized gain (loss) was primarily due to fluctuations in the ether price during the respective period. For the nine-month period ended September 30, 2025, the net realized and unrealized gain on investment in ether was driven by appreciation in the ETHUSD_NY price of ether from $3,345.85 per ether as of December 31, 2024 to $4,131.76 per ether as of September 30, 2025. For the period from July 22, 2024 (commencement of operations) to September 30, 2024, the net realized and unrealized loss on investment in ether was driven by the depreciation in the ETHUSD_NY price of ether from $3,484.67 per ether as of July 22, 2024 (commencement of operations) to $2,591.07 per ether as of September 30, 2024.
Current report
Net Assets
Current report
Net assets increased to approximately $499,703 at September 30, 2025, with a 24.46% increase in Principal Market NAV per-share for the nine months ended September 30, 2025. The increase in net assets primarily resulted from the aforementioned appreciation in the price of ether, the net decrease in capital share transactions of approximately $4,393, and a net increase resulting from operations of $99,567.
Current report
Net assets increased to approximately $259,851 at September 30, 2024, with a 25.56% decrease in Principal Market NAV per-share for the period from July 22, 2024 (commencement of operations) to September 30, 2024. The increase in net assets primarily resulted from the aforementioned depreciation in the price of ether, the net increase in capital share transactions of approximately $329,238, and a net decrease resulting from operations of $69,387.
Removed paragraphs (4)
Previous report
Net realized and unrealized gain on investment in ether for the three months ended June 30, 2025, was approximately $61,981, which includes a realized gain of $9 on the sale of ether to pay the Sponsor Fee, net realized loss on investment in ether sold for redemptions of $(16,707) and net change in unrealized appreciation on investment in ether of approximately $78,679. Net realized and unrealized gain on investment in ether for the period was driven by ether price appreciation from $1,827.33 per ether as of March 31, 2025 to $2,516.23 per ether as of June 30, 2025. Net increase in net assets resulting from operations was approximately $61,876 for the three months ended June 30, 2025, which primarily consisted of the net realized and unrealized gain on investment in ether, and an increase in net assets resulting from the net capital share transactions of approximately $33,277.
Previous report
For the six months ended June 30, 2025*^
Previous report
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 report
No comparative period presented as the Trust commenced operations on July 22, 2024.
Reworded paragraphs (7)
Previous wording
The Trust’s investment objective is to seek to provide shareholders of the Trust (“Shareholders”) with exposure to the value of ether held by the Trust that is reflective of the actual ether market in which investors can purchase or sell ether, less the expenses of the Trust’s operations and other liabilities. In seeking to achieve its investment objective, the Trust holds ether and establishes its net asset value (“NAV") by reference to the CME CF Ether – Dollar Reference Rate – New York Variant (“Pricing Index”). The Pricing Index was designed to provide a daily, 4:00 p.m. ET reference rate of the U.S. dollar price of one ether that may be used to develop financial products and is calculated by CF Benchmarks Ltd. (the “Benchmark Provider”) based on an aggregation of executed trade flow of major ether trading platforms (“Constituent Platforms”).
Current wording
The Trust’s investment objective is to seek to provide shareholders of the Trust (“Shareholders”) with exposure to the value of ether held by the Trust that is reflective of the actual ether market in which investors can purchase or sell ether, less the expenses of the Trust’s operations and other liabilities. In seeking to achieve its investment objective, the Trust holds ether and establishes its net asset value (“NAV") by reference to the CME CF Ether – Dollar Reference Rate – New York Variant (“ETHUSD_NY”). The ETHUSD_NY was designed to provide a daily, 4:00 p.m. ET reference rate of the U.S. dollar price of one ether that may be used to develop financial products and is calculated by CF Benchmarks Ltd. (the “Benchmark Provider”) based on an aggregation of executed trade flow of major ether trading platforms (“Constituent Platforms”).
Previous 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.
Current wording
From July 23, 2024 to September 30, 2025, the Shares of the Trust traded at an average premium, based on closing prices at 4:00 p.m. ET, and an estimated, unaudited, NAV per-share of 0.003%. 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 1.91% on August 25, 2025, and the lowest discount was 0.01% on May 15, 2025.
Previous wording
The following chart shows the price of ether for the period January 1, 2024 through June 30, 2025, as quoted by the Benchmark Provider, using the Pricing Index.
Current wording
The following chart shows the price of ether for the period January 1, 2024 through September 30, 2025, as quoted by the Benchmark Provider, using the ETHUSD_NY.
Previous wording
For the three months ended June 30, 2025*^
Current wording
Financial Information for the Three Months and Nine Months ended September 30, 2025 and the Period from July 22, 2024 (Commencement of Operations) to September 30, 2024^
Previous 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.
Current wording
As of September 30, 2025, the Trust held a net closing balance of 120,095.5620 ether with a total market value of $496,206,039 based on the CME CF Ether - Dollar Reference Rate - New York Variant ("ETHUSD_NY") price of $4,131.76, used to determine the Trust's NAV. The total market value of the Trust's ether held was $499,790,892 based on the price of ether (Lukka Prime Rate) in the principal market (Crypto.com) of $4,161.61, used to determine the Trust's Principal Market NAV.
Previous wording
No material changes have occurred during the six months ended June 30, 2025.
Current wording
No material changes have occurred during the nine months ended September 30, 2025.
Previous wording
Please refer to Note 2 to the financial statements included in this Quarterly Report for further discussion of the Trust’s accounting policies.
Current wording
Please refer to Note 2 to the financial statements included in this Quarterly Report for further discussion of the Trust’s Significant Accounting Policies.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
As of September 30, 2024, the Trust held a net closing balance of 100,152.9571 ether with a total market value of $259,503,322 based on the CME CF Ether – Dollar Reference Rate –New York Variant ("ETHUSD_NY") price of $2,591.07, used to determine the Trust's NAV. The total market value of the Trust's ether held was $259,850,853 based on the price of ether (Lukka Prime Rate) in the principal market (Crypto.com) of $2,594.54, used to determine the Trust's Principal Market NAV.