Invesco Galaxy Ethereum ETF
For the period ended Dec 31, 2025. Filed Mar 2, 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 Mar 2, 2026
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-K
Period ended 2024-12-31; filed 2025-02-28.
0000950170-25-029445
Item 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSCurrent report: 10-K
Period ended 2025-12-31; filed 2026-03-02.
0001193125-26-083578
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 40 previous paragraphs and 51 current paragraphs.
35 unchanged; 4 reworded; 6 added; 1 removed; 0 previous and 6 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 (6)
Current report
Operating Activities
Current report
Net cash flow provided by (used in) operating activities was $(4.1) million and $(19.5) million for the year ended December 31, 2025 and the period June 17, 2024 to December 31, 2024, respectively. During the year ended December 31, 2025, $38.9 million was paid to purchase ether and $34.8 million was received from sales of ether for redemptions. During the period June 17, 2024 to December 31, 2024, $30.2 million was paid to purchase ether and $10.7 million was received from sales of ether for redemptions.
Current report
Financing Activities
Current report
The Trust’s net cash flow provided by (used in) financing activities was $4.1 million and $19.5 million during the year ended December 31, 2025 and the period June 17, 2024 to December 31, 2024, respectively. This included $38.9 million and $30.3 million from Shares purchased by Authorized Participants and $34.8 million and $10.8 million from Shares redeemed by Authorized Participants during the year ended December 31, 2025 and the period June 17, 2024 to December 31, 2024, respectively.
Current report
FOR THE YEAR ENDED DECEMBER 31, 2025 AND THE PERIOD JULY 23, 2024 TO DECEMBER 31, 2024
Current report
Ether ended 2025 with a full‑year loss despite a strong mid‑year recovery. The token suffered steep declines of more than 45% in the first quarter, driven by deteriorating macroeconomic conditions, a broad selloff across risk assets, and the ByBit hack, which further weakened crypto market sentiment. Momentum shifted meaningfully in the second and third quarters, as ether staged a strong rebound supported by growing institutional demand, renewed ETP inflows, and improving risk appetite following the resumption of Federal Reserve rate easing. Confidence in the Ethereum ecosystem also strengthened after the successful Pectra upgrade in the second quarter, which improved network efficiency and bolstered investor conviction in ether’s long‑term roadmap. On the policy front, the U.S. regulatory environment became a tailwind—especially in July—when passage of the GENIUS Act provided clarity and legitimacy for stablecoins, a category for which Ethereum remains the leading blockchain platform. However, ether was unable to sustain these gains into year‑end. The fourth quarter brought a sharp reversal as a broad risk‑off environment took hold. Hawkish Federal Reserve messaging ahead of the December rate cut, the U.S. government shutdown, widespread forced liquidations of leveraged positions, and a series of technical breakdowns at key support levels all contributed to renewed selling pressure. By November, market sentiment had deteriorated significantly, leaving ether unable to move back into positive territory into the close of 2025.
Removed paragraphs (1)
Previous report
FOR THE FISCAL PERIOD JULY 23, 2024 TO DECEMBER 31, 2024
Reworded paragraphs (4)
Previous wording
You should not place undue reliance on any forward-looking statements. Except as expressly required by the Federal securities laws, the Trust and the Managing Owner undertake no obligation to publicly update or revise any forward-looking statements or the risks, uncertainties or other factors described in this Report, as a result of new information, future events or changed circumstances or for any other reason after the date of this Report.
Current wording
You should not place undue reliance on any forward-looking statements. Except as expressly required by the Federal securities laws, the Trust and the Sponsor undertake no obligation to publicly update or revise any forward-looking statements or the risks, uncertainties or other factors described in this Report, as a result of new information, future events or changed circumstances or for any other reason after the date of this Report.
Previous wording
The following graph illustrates the percentage changes in (i) the market price of the Shares (as reflected by the line “Market”), (ii) the Trust’s NAV (as reflected by the line “NAV”), and (iii) the closing levels of the Benchmark (as reflected by the line “Lukka Prime Ethereum Reference Rate (USD)”). There can be no assurances that the price of the Shares or the Trust’s NAV will exceed the Benchmark levels. No representation is being made that the Benchmark will or is likely to achieve closing levels consistent with or similar to those set forth herein.
Current wording
The following graph illustrates the percentage changes in (i) the market price of the Shares (as reflected by the line “Market”), (ii) the Trust’s NAV (as reflected by the line “NAV”), and (iii) the closing levels of the Benchmark (as reflected by the line “Lukka Prime Ethereum Reference Rate (USD)”). There can be no assurances that the price of the Shares or the Trust’s NAV will exceed the Benchmark levels.
Previous wording
FOR THE PERIOD JULY 23, 2024 TO DECEMBER 31, 2024
Current wording
FOR THE YEAR ENDED DECEMBER 31, 2025 AND FOR THE PERIOD JULY 23, 2024 TO DECEMBER 31, 2024
Previous wording
For the period July 23, 2024, through December 31, 2024, Ethereum (ETH) was initially pressured by broader risk aversion and generally lackluster ETP demand. The US equity market selloff to end July, reignited hard landing concerns in the US, the Chinese economic overhang, and rising geopolitical tensions in the Middle East all played a role. However, the start of the Federal Reserve’s interest rate easing cycle in September was a positive performance catalyst. Another influencing factor was expectations for a second Trump term, especially prior to Vice President Harris joining the race in August, as he was viewed as more pro-crypto. However, ETH made a strong comeback in the fourth quarter following President Trump’s re-election as President of the United States. In addition to saying that he would be a “crypto president”, he also touted major plans for the crypto industry that, if implemented, could lead to significant regulatory progress, increased institutional adoption, and formal legitimization of the asset class in traditional finance, all of which would support prices. For ETH specifically, the prospect of a crypto-friendly stance in the new administration sparked optimism that more innovation and capital could return to the United States.
Current wording
For the period July 23, 2024, through December 31, 2024, ether was initially pressured by broader risk aversion and generally lackluster ETP demand. The U.S. equity market selloff 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. However, the start of the Federal Reserve’s interest rate easing cycle in September was a positive performance catalyst. Another influencing factor was expectations for a second Trump term, especially prior to Vice President Harris joining the race in August, as he was viewed as more pro-crypto. However, ether made a strong comeback in the fourth quarter following President Trump’s re-election as President of the United States. In addition to saying that he would be a “crypto president”, he also touted major plans for the crypto industry that, if implemented, could lead to significant regulatory progress, increased institutional adoption, and formal legitimization of the asset class in traditional finance, all of which would support prices. For ether specifically, the prospect of a crypto-friendly stance in the new administration sparked optimism that more innovation and capital could return to the United States.
Rearranged current paragraphs (6)
Current report — wording carried from elsewhere
No representation is being made that the Benchmark will or is likely to achieve closing levels consistent with or similar to those set forth herein.
Current report — wording carried from elsewhere
NEITHER THE PAST PERFORMANCE OF THE TRUST NOR THE PRIOR BENCHMARK LEVELS AND CHANGES,
Current report — wording carried from elsewhere
POSITIVE OR NEGATIVE, SHOULD BE TAKEN AS AN INDICATION OF THE TRUST’S FUTURE PERFORMANCE.
Current report — wording carried from elsewhere
For the year ended December 31, 2025, the Exchange market value of each Share decreased from $33.39 per Share to $29.59 per Share. The Share price low and high for the year ended December 31, 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. Therefore, the total return for the Trust on a market value basis was -11.38%.
Current report — wording carried from elsewhere
For the year ended December 31, 2025, the NAV of each Share decreased from $33.37 per Share to $29.61 per Share. Falling price for ether during the year ended December 31, 2025 contributed to an overall 11.03% decrease in the level of the Benchmark. Therefore, the total return for the Trust on a NAV basis was -11.27%.
Current report — wording carried from elsewhere
Net income (loss) for the year ended December 31, 2025 was $(1.8) million, primarily resulting from net realized gain (loss) of $(1.4) million, net change in unrealized gain (loss) of $(0.3) million and net operating expenses of $0.1 million.