Fidelity Ethereum Fund
For the period ended Dec 31, 2025. Filed Feb 25, 2026.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Feb 25, 2026
FETH$22.17-0.9%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-K
Period ended 2024-12-31; filed 2025-03-14.
0000950170-25-039374
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-K
Period ended 2025-12-31; filed 2026-02-25.
0001193125-26-071486
Item 7. 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 41 previous paragraphs and 53 current paragraphs.
28 unchanged; 11 reworded; 6 added; 2 removed; 0 previous and 8 current paragraphs rearranged.
Tables are not compared: 2 previous and 4 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 (6)
Current report
In addition, in order to provide updated information relating to the Trust for use by Shareholders and market professionals, a third-party financial data provider calculates and disseminates throughout the core trading session on each trading day an updated intraday indicative value (“IIV”). The IIV is calculated based on the Trust’s ether holdings and any other assets expected to comprise that day’s Trust’s NAV calculation. The third-party financial data provider uses the Blockstream Crypto Data Feed Streaming Level 1 as the pricing source for the spot ether. The Blockstream Crypto Data Feed Streaming Level 1 calculates an average of current ether price levels of the ether trading platforms that are available on its feed. The Trust will provide an IIV per Share updated every 15 seconds, as calculated by the Exchange or a third-party financial data provider during the Exchange’s regular trading hours of 9:30 a.m. to 4:00 p.m. EST (“Regular Trading Hours”). The IIV disseminated during Regular Trading Hours should not be viewed as an actual real-time update of the Trust’s NAV, which will be calculated only once at the end of each trading day as described herein.
Current report
Results of Operation
Current report
The Trust’s commencement of operations was July 23, 2024. The Trust had no operations prior to July 23, 2024, other than matters relating to its organization and the registration of the Shares under the 1933 Act.
Current report
The Year Ended December 31, 2025
Current report
The Trust’s net assets increased from $1.6 billion as of December 31, 2024, to $2.2 billion as of December 31, 2025. The change in the Trust's net assets resulted primarily from an increase in outstanding Shares, which rose from 47,175,000 as of December 31, 2024 to 74,550,000 as of December 31, 2025, as a result of 126,050,000 Shares (5,042 Baskets), being issued exceeding 98,675,000 Shares (3,947 Baskets) being redeemed during the year ended December 31, 2025, partially offset by a decrease in the price of ether, which fell 10.86% from $3,333.60 as of December 31, 2024 to $2,971.55 as of December 31, 2025.
Current report
The NAV per Share decreased 11.08% from $33.34 as of December 31, 2024 to $29.64 as of December 31, 2025. The Trust’s NAV per Share decreased 11.60% from $33.44 as of December 31, 2024 to $29.56 as of December 31, 2025.
Removed paragraphs (2)
Previous report
Results of Operations
Previous report
Prior to July 23, 2024, the Trust had no operations other than matters relating to the sale and issuance of one share of the Trust to an affiliate for an aggregate purchase price of $40 on May 24, 2024. On June 4, 2024, the seed share was redeemed for cash and the Seed Capital Investor purchased 125,000 Shares at a per-Share price of $38 (the “Seed Baskets”). On June 4, 2024, the Trust purchased 1,250 ether with the proceeds of the Seed Baskets. On July 22, 2024, the Trust’s registration statement was declared effective. On July 23, 2024, the Trust commenced operations and Shares commenced trading on the Exchange.
Reworded paragraphs (11)
Previous wording
The Administrator calculates the Trust’s NAV once each Exchange trading day. The Trust’s NAV for a normal trading day is released after 4:00 p.m. Eastern time (“EST”). Trading during the core trading session on the Exchange typically closes at 4:00 p.m. EST. However, the Trust’s NAVs are not officially struck until after 4:00 p.m. EST. The pause after 4:00 p.m. EST provides an opportunity for the Sponsor to algorithmically detect, flag, investigate, and correct unusual pricing should it occur. The Sponsor has established a Valuation Committee to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Valuation Committee. If the Valuation Committee determines in good faith that the Index does not reflect an accurate ether price, then the Valuation Committee instructs the Administrator to employ an alternative method to determine the fair value of the Trust’s assets. In determining an alternative fair value method, the Valuation Committee generally considers such criteria as observable market-based inputs, including market quotations and last sale information from third-party pricing services and/or trading platforms on which ether are traded. The Valuation Committee’s selection of third-party pricing services used considers the qualifications, experience, and history of the pricing services and whether their valuation methodologies and procedures are reasonably designed to produce prices that reflect fair value under the prevailing market conditions.
Current wording
The Administrator calculates the Trust’s NAV once each Exchange trading day. The Trust’s NAV for a normal trading day is released after 4:00 p.m. Eastern time (“EST”). Trading during the core trading session on the Exchange typically closes at 4:00 p.m. EST. However, the Trust’s NAVs are not officially struck until after 4:00 p.m. EST. The pause after 4:00 p.m. EST provides an opportunity for the Sponsor to algorithmically detect, flag, investigate, and correct unusual pricing should it occur. The Sponsor has established a Valuation and Liquidity Committee to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Valuation and Liquidity Committee. If the Valuation and Liquidity Committee determines in good faith that the Index does not reflect an accurate ether price, then the Valuation and Liquidity Committee instructs the Administrator to employ an alternative method to determine the fair value of the Trust’s assets. In determining an alternative fair value method, the Valuation and Liquidity Committee generally considers such criteria as observable market-based inputs, including market quotations and last sale information from third-party pricing services and/or trading platforms on which ether are traded. The Valuation and Liquidity Committee’s selection of third-party pricing services used considers the qualifications, experience, and history of the pricing services and whether their valuation methodologies and procedures are reasonably designed to produce prices that reflect fair value under the prevailing market conditions.
Previous wording
The Trust’s net assets increased from $4.4 million on June 30, 2024, to $1.6 billion on December 31, 2024. The change in the Trust’s net assets was driven by an increase in outstanding Shares, which rose from 125,000 on June 30, 2024 to 47,175,000 on December 31, 2024 as a result of 54,575,000 Shares (2,183 Baskets) being issued and 7,525,000 Shares (301 Baskets) being redeemed during the period July 23, 2024 (commencement of operations) through December 31, 2024 offset by a decrease in the price of ether, which fell 3.34% from $3,448.77 on July 23, 2024 to $3,333.60 on December 31, 2024.
Current wording
The Trust’s net assets increased from $4.4 million as of June 30, 2024, to $1.6 billion as of December 31, 2024. The change in the Trust’s net assets was driven by an increase in outstanding Shares, which rose from 125,000 as of June 30, 2024 to 47,175,000 as of December 31, 2024 as a result of 54,575,000 Shares (2,183 Baskets) being issued and 7,525,000 Shares (301 Baskets) being redeemed during the period July 23, 2024 (commencement of operations) through December 31, 2024 offset by a decrease in the price of ether, which fell 3.34% from $3,448.77 as of July 23, 2024 to $3,333.60 as of December 31, 2024.
Previous wording
The Trust’s NAV per Share decreased 3.88% from $34.79 on July 23, 2024 to $33.44 on December 31, 2024 (last business day).
Current wording
The NAV per Share decreased 4.39% from $34.87 as of July 23, 2024 to $33.34 as of December 31, 2024. The Trust’s NAV per Share decreased 3.88% from $34.79 as of July 23, 2024 to $33.44 as of December 31, 2024.
Previous wording
During the period ended December 31, 2024, the quantity of ether owned by the Trust and held by the ether custodian increased from 1,250 on June 30, 2024, to 471,750 on December 31, 2024. The increase in quantity resulted from using net cash proceeds received from the increase in capital transactions to purchase ether.
Current wording
During the period ended December 31, 2024, the quantity of ether owned by the Trust and held by the ether custodian increased from 1,250 as of June 30, 2024, to 471,750 as of December 31, 2024. The increase in quantity is the result of the net increase from capital share transactions.
Previous wording
In exchange for the Sponsor Fee, the Sponsor has agreed to assume most of the expenses incurred by the Trust. The Sponsor contractually waived the Sponsor Fee until December 31, 2024, and will accrue at an annual rate of 0.25% of the Trust’s Ether Holdings after the Waiver period ends.
Current wording
In exchange for the Sponsor Fee, the Sponsor has agreed to assume most of the expenses incurred by the Trust. The Sponsor contractually waived the Sponsor Fee until December 31, 2024. On January 1, 2025, the Sponsor Fee began accruing at an annual rate of 0.25% of the Trust’s Ether Holdings.
Previous wording
(3) The Trust’s NAV per Share is derived from the Index Price as represented by the Index as of 4:00 p.m., EST, on the last business day of the period. The Trust’s NAV per Share is calculated using a non-GAAP methodology. Refer to the “Overview of the Trust” and “Valuation of Ether and Computation of Net Asset Value” sections of Item 7 herein for a description of the Index methodology and calculation of the Trust’s NAV per Share. The ether spot markets included in the Index as of the last business day of the quarter were Bitstamp, Coinbase, Gemini, itBit, Kraken, and LMAX Digital.
Current wording
The Trust’s NAV per Share is derived from the Index Price as represented by the Index as of 4:00 p.m., EST, on the last business day of the period. The Trust’s NAV per Share is calculated using a non-GAAP methodology. Refer to the “Overview of the Trust” and “Valuation of Ether and Computation of Net Asset Value” sections of Item 7 herein for a description of the Index methodology and calculation of the Trust’s NAV per Share.
Previous wording
As of 4:00 p.m., EST, on the last business day of the quarter ended December 31, 2024, the Trust’s total value of ether based on the Index Price (non-GAAP methodology) was $1,577,725,418 and the total market value of the Trust’s ether based on the price of ether at 4:00 p.m., EST, in the principal market was $1,575,833,700.
Current wording
As of 4:00 p.m., EST, on the last business day of the quarter ended December 31, 2025, the Trust’s total value of ether based on the Index Price (non-GAAP methodology) was $2,204,520,518, a difference of $5,704,911 to the GAAP value, which was $2,210,225,429, and the total market value of the Trust’s ether based on the price of an ether at 4:00 p.m., EST, in the principal market (non-GAAP methodology) was $2,210,515,510, a difference of $290,081 to the GAAP value, which was $2,210,225,429.
Previous wording
The following chart illustrates the movement in the Index Price, the principal market price, and the Trust’s NAV per Share from July 23, 2024 (commencement of operations) to December 31, 2024.
Current wording
The following chart illustrates the movement in the Index Price, the principal market price, and the Trust’s NAV per Share during the year ended December 31, 2025.
Previous wording
During the period from July 23, 2024, to December 31, 2024, the Index Price has ranged from $2,224.34 on September 6, 2024, to $4,075.14 on December 6, 2024. The Sponsor has not observed a material difference between the Index Price and average prices from the constituent ether spot markets individually or as a group.
Current wording
During the year ended December 31, 2025, the Index Price has ranged from $1,465.30 on April 8, 2025, to $4,822.31 on August 24, 2025. The Sponsor has not observed a material difference between the Index Price and average prices from the constituent ether spot markets individually or as a group.
Previous wording
During the period from July 23, 2024, to December 31, 2024, the 11:59:59 p.m. EST market price of ether, as reported on the Trust’s principal market, has ranged from $2,237.64 on September 6, 2024, to $4,005.79 on December 16, 2024.
Current wording
During the year ended December 31, 2025, the 11:59:59 p.m. EST market price of ether, as reported on the Trust’s principal market, has ranged from 1,417.92 on April 8, 2025, to $4,787.51 on August 23, 2025.
Previous wording
Shares trade in the secondary market on the Exchange. Shares may trade in the secondary market at prices that are lower or higher relative to the Trust’s NAV per Share. The amount of the discount or premium in the trading price relative to the Trust’s NAV per Share may be influenced by various factors, including the number of Shareholders who seek to purchase or sell Shares in the secondary market and the liquidity of ether. The following chart sets out the historical closing prices for the Shares as reported by the Exchange and the Trust’s NAV per Share from July 23, 2024, to December 31, 2024.
Current wording
Shares trade in the secondary market on the Exchange. Shares may trade in the secondary market at prices that are lower or higher relative to the Trust’s NAV per Share. The amount of the discount or premium in the trading price relative to the Trust’s NAV per Share may be influenced by various factors, including the number of Shareholders who seek to purchase or sell Shares in the secondary market and the liquidity of ether. The following chart sets out the historical closing prices for the Shares as reported by the Exchange and the Trust’s NAV per Share during the year ended December 31, 2025.
Rearranged current paragraphs (8)
Current report — wording carried from elsewhere
The Trust’s NAV per Share of $48.12 at August 22, 2025, was the highest during the year ended December 31, 2025, compared with a low of $14.64 at April 8, 2025.
Current report — wording carried from elsewhere
During the year ended December 31, 2025, the quantity of ether owned by the Trust and held by the ether custodian increased from 471,750 as of December 31, 2024, to 743,795 as of December 31, 2025. The increase in quantity is the result of the net increase from capital share transactions.
Current report — wording carried from elsewhere
The net decrease in net assets resulting from operations for the year ended December 31, 2025, was $0.4 billion, resulting from a net unrealized appreciation on investment in ether of $0.1 billion and a net realized loss of $0.5 billion from the sale of the investment in ether for the redemption of Shares.
Current report — wording carried from elsewhere
Index Price as represented by the Index as of 4:00 p.m., EST, on the last business day of the period. The ether spot markets included in the Index as of the last business day of the period were Bitstamp, Coinbase, Crypto.com, Gemini, Kraken, and LMAX Digital.
Current report — wording carried from elsewhere
The Trust performed an assessment of the principal market at 11:59:59 p.m., EST, on December 31, 2024.
Current report — wording carried from elsewhere
Index Price as represented by the Index as of 4:00 p.m., EST, on the last business day of the period. The ether spot markets included in the Index as of the last business day of the period were Bitstamp, Coinbase, Gemini, itBit, Kraken, and LMAX Digital.
Current report — wording carried from elsewhere
The NAV per Share was calculated using the fair value of ether based on the principal market price at 11:59:59 p.m., EST, on December 31, 2024.
Current report — wording carried from elsewhere
The Trust’s NAV per Share is derived from the Index Price as represented by the Index as of 4:00 p.m., EST, on the last business day of the period. The Trust’s NAV per Share is calculated using a non-GAAP methodology. Refer to the “Overview of the Trust” and “Valuation of Ether and Computation of Net Asset Value” sections of Item 7 herein for a description of the Index methodology and calculation of the Trust’s NAV per Share