Bitwise Ethereum ETF
For the period ended Sep 30, 2026. Filed Nov 6, 2026.
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, 2026 · Filed Nov 6, 2026
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 2026-06-30; filed 2026-08-07.
0001193125-26-340188
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-11-06.
0001193125-26-451749
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 54 previous paragraphs and 55 current paragraphs.
36 unchanged; 14 reworded; 5 added; 4 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 1 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 (5)
Current report
$(41,040) during the period.
Current report
Net realized and change in unrealized gain on investment in ether for the three months ended September 30, 2026 was $115,316, which included a realized gain of $13 on the transfer of ether to pay the Sponsor Fee, a realized loss of $(11,472) on the sale of ether to meet redemptions, a realized gain of $377 from the transfer of ether to meet In-Kind Redemptions, and a change in unrealized appreciation on investment in ether of $126,398. Net realized and change in unrealized gain on investment in ether for the period resulted primarily from ether price appreciation from $1,576.51 on June 30, 2026 to $2,673.48 on September 30, 2026. Net increase in net assets resulting from operations for the three months ended September 30, 2026 was $115,197, which consisted of the net realized and unrealized gain on investment in ether, less the Sponsor Fee of $(119).
Current report
During the three months ended September 30, 2025, net realized and change in unrealized gain on investment in ether was $187,870, which included a realized gain of $109 on the transfer of ether to pay the Sponsor Fee, a realized gain of $146 on the sale of ether to meet redemptions, and a change in unrealized appreciation on investment in ether of $187,615. Net realized and change in unrealized gain on investment in ether for the period resulted primarily from ether price appreciation from $2,505.17 on June 30, 2025 to $4,131.76 on September 30, 2025. Net increase in net assets resulting from operations for the three months ended September 30, 2025 was $187,619, which consisted of the net realized and unrealized gain on investment in ether, less the Sponsor Fee of $(251).
Current report
Nine months ended September 30, 2026
Current report
Nine months ended September 30, 2025
Removed paragraphs (4)
Previous report
Net realized and change in unrealized loss on investment in ether for the three months ended June 30, 2026 was $(54,697), which included a realized gain of $24 on the transfer of ether to pay the Sponsor Fee, a realized loss of $(6,838) on the sale of ether to meet redemptions, and a change in unrealized depreciation on investment in ether of $(47,883). Net realized and change in unrealized loss on investment in ether for the period resulted primarily from ether price depreciation from $2,097.12 on March 31, 2026 to $1,576.51 on June 30, 2026. Net decrease in net assets resulting from operations for the three months ended June 30, 2026 was $(54,805), which consisted of the net realized and unrealized loss on investment in ether, less the Sponsor Fee of $(108).
Previous report
During the three months ended June 30, 2025, net realized and change in unrealized gain on investment in ether was $61,981, which included a realized gain of $9 on the transfer of ether to pay the Sponsor Fee, a realized loss of $(16,707) on the sale of ether to meet redemptions, and a change in unrealized appreciation on investment in ether of $78,679. Net realized and change in unrealized gain on investment in ether for the period resulted primarily from ether price appreciation from $1,836.58 on March 31, 2025 to $2,505.17 on June 30, 2025. Net increase in net assets resulting from operations for the three months ended June 30, 2025 was $61,876, which consisted of the net realized and unrealized gain on investment in ether, less the Sponsor Fee of $(105).
Previous report
Six months ended June 30, 2026
Previous report
Six months ended June 30, 2025
Reworded paragraphs (14)
Previous wording
For the three and six months ended June 30, 2026 compared to the three and six months ended June 30, 2025^
Current wording
For the three and nine months ended September 30, 2026 compared to the three and nine months ended September 30, 2025^
Previous wording
During the three months ended June 30, 2026, the Trust's net assets decreased from $219,228 on March 31, 2026 to $168,466 on June 30, 2026. The decrease in the Trust's net assets resulted primarily from dispositions of approximately (55) ether to pay the Sponsor Fee, and approximately (6,296) ether for the redemption of Shares, with a value of $(13,477) from the Trust. Dispositions were partially offset by additions to the Trust of approximately 8,443 ether with a value of $17,404 in connection with Share creations during the period.
Current wording
During the three months ended September 30, 2026, the Trust's net assets increased from $168,466 on June 30, 2026 to $296,910 on September 30, 2026. The increase in the Trust's net assets resulted primarily from additions to the Trust of 22,524.7623 ether with a value of $54,286 in connection with Share creations during the period. Additions were partially offset by dispositions from the Trust of (51.9452) ether with a value of $(101) to pay the Sponsor Fee, and (17,948.1177) ether for the redemption of Shares, with a value of
Previous wording
By comparison, during the three months ended June 30, 2025, the Trust's net assets increased from $173,762 on March 31, 2025 to $268,915 on June 30, 2025. The increase in the Trust's net assets resulted primarily from additions of approximately 21,293 ether with a value of $49,482 in connection with Share creations during the period. Additions were partially offset by dispositions from the Trust of approximately (9,465) ether with a value of $(16,204) in connection with Share redemptions and (47) ether with a value of $(96) to pay the Sponsor Fee during the period.
Current wording
By comparison, during the three months ended September 30, 2025, the Trust's net assets increased from $268,915 on June 30, 2025 to $499,703 on September 30, 2025. The increase in the Trust's net assets resulted primarily from additions of 83,055.5839 ether with a value of $329,713 in connection with Share creations during the period. Additions were partially offset by dispositions from the Trust of (69,792.2132) ether with a value of $(286,543) in connection with Share redemptions and (56.8129) ether with a value of $(206) to pay the Sponsor Fee during the period.
Previous wording
During the six months ended June 30, 2026, the Trust's net assets decreased from $343,685 on December 31, 2025 to $168,466 on June 30, 2026. The decrease in the Trust's net assets resulted primarily from dispositions of approximately (118) ether to pay the Sponsor Fee, and approximately (54,117) ether for the redemption of Shares, with a value of $(130,013) from the Trust. Dispositions were partially offset by additions to the Trust of approximately 45,314 ether with a value of $119,880 in connection with Share creations during the period.
Current wording
During the nine months ended September 30, 2026, the Trust's net assets decreased from $343,685 on December 31, 2025 to $296,910 on September 30, 2026. The decrease in the Trust's net assets resulted primarily from dispositions of (170.4433) ether with a value of $(380) to pay the Sponsor Fee, and (72,066.0111) ether for the redemption of Shares, with a value of $(170,774) from the Trust. Dispositions were partially offset by additions to the Trust of 67,839.3961 ether with a value of $174,166 in connection with Share creations during the period.
Previous wording
Net realized and change in unrealized loss on investment in ether for the six months ended June 30, 2026 was $(165,117), which included a realized gain of $78 on the transfer of ether to pay the Sponsor Fee, a realized loss of $(45,336) on the sale of ether to meet redemptions, a realized gain of $868 from the transfer of ether to meet In-Kind Redemptions, and a change in unrealized depreciation on investment in ether of $(120,727). Net realized and change in unrealized loss on investment in ether for the period resulted primarily from ether price depreciation from $2,964.79 on December 31, 2025 to $1,576.51 on June 30, 2026. Net decrease in net assets resulting from operations for the six months ended June 30, 2026 was $(165,364), which consisted of the net realized and unrealized loss on investment in ether, less the Sponsor Fee of $(247).
Current wording
Net realized and change in unrealized loss on investment in ether for the nine months ended September 30, 2026 was $(49,801), which included a realized gain of $91 on the transfer of ether to pay the Sponsor Fee, a realized loss of $(56,808) on the sale of ether to meet redemptions, a realized gain of $1,245 from the transfer of ether to meet In-Kind Redemptions, and a change in unrealized appreciation on investment in ether of $5,671. Net realized and change in unrealized loss on investment in ether for the period resulted primarily from ether price depreciation from $2,964.79 on December 31, 2025 to $2,673.48 on September 30, 2026. Net decrease in net assets resulting from operations for the nine months ended September 30, 2026 was $(50,167), which consisted of the net realized and unrealized loss on investment in ether, less the Sponsor Fee of $(366).
Previous wording
By comparison, during the six months ended June 30, 2025, the Trust's net assets decreased from $404,529 on December 31, 2024 to $268,915 on June 30, 2025. The decrease in the Trust's net assets resulted primarily from dispositions of approximately (42,608) ether with a value of $(117,896) in connection with Share redemptions and (71) ether with a value of $(155) to pay the Sponsor Fee during the period. Dispositions were partially offset by additions to the Trust of approximately 28,466 ether with a value of $70,334 in connection with Share creations during the period.
Current wording
By comparison, during the nine months ended September 30, 2025, the Trust's net assets increased from $404,529 on December 31, 2024 to $499,703 on September 30, 2025. The increase in the Trust's net assets resulted primarily from additions of 111,521.8095 ether with a value of $400,047 in connection with Share creations during the period. Additions were partially offset by dispositions from the Trust of (112,400.2978) ether with a value of $(404,440) in connection with Share redemptions and (127.8079) ether with a value of $(361) to pay the Sponsor Fee during the period.
Previous wording
During the six months ended June 30, 2025, net realized and change in unrealized loss on investment in ether was $(87,854), which included a realized gain of $11 on the transfer of ether to pay the Sponsor Fee, a realized loss of $(30,348) on the sale of ether to meet redemptions, and a change in unrealized depreciation on investment in ether of $(57,517). Net realized and change in unrealized loss on investment in ether for the period resulted primarily from ether price depreciation from $3,345.85 on December 31, 2024 to $2,505.17 on June 30, 2025. Net decrease in net assets resulting from operations for the six months ended June 30, 2025 was $(88,052), which consisted of the net realized and unrealized loss on investment in ether, less the Sponsor Fee of $(241) and waivers and reimbursements of $43.
Current wording
During the nine months ended September 30, 2025, net realized and change in unrealized gain on investment in ether was $100,016, which included a realized gain of $120 on the transfer of ether to pay the Sponsor Fee, a realized loss of $(30,202) on the sale of ether to meet redemptions, and a change in unrealized appreciation on investment in ether of $130,098. Net realized and change in unrealized gain on investment in ether for the period resulted primarily from ether price appreciation from $3,345.85 on December 31, 2024 to $4,131.76 on September 30, 2025. Net increase in net assets resulting from operations for the nine months ended September 30, 2025 was $99,567, which consisted of the net realized and unrealized gain on investment in ether, less the Sponsor Fee of $(492) and waivers and reimbursements of $43.
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 ETHUSD_NY 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 of 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, 2026, the Trust held a net closing balance of 111,266.8558 ether with a total market value of $297,469,714 based on the ETHUSD_NY price of $2,673.48, used to determine the Trust's NAV. The total market value of the Trust's ether held was $296,956,774 based on the price of ether (Lukka Prime Rate) in the principal market (Coinbase) of $2,668.87, used to determine the Trust's Principal Market NAV.
Previous wording
As of June 30, 2026, the Trust held a net closing balance of 106,742.1564 ether with a total market value of $168,280,077 based on the ETHUSD_NY price of $1,576.51, used to determine the Trust's NAV. The total market value of the Trust's ether held was $168,495,696 based on the price of ether (Lukka Prime Rate) in the principal market (Crypto.com) of $1,578.53, 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 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, 2026.
Current wording
No material changes have occurred during the nine months ended September 30, 2026.
Previous wording
Second, Lukka, Inc. sorts these Digital Asset Markets from high to low by market-based volume and level of activity of ether traded on each Digital Asset Market. For the six months ended June 30, 2026, this sort was performed for Digital Asset Markets for the period mid-May through mid-June 2026.
Current wording
Second, Lukka, Inc. sorts these Digital Asset Markets from high to low by market-based volume and level of activity of ether traded on each Digital Asset Market. For the three months ended September 30, 2026, this sort was performed for Digital Asset Markets for the period mid-August through mid-September 2026.
Previous wording
Third, Lukka, Inc. then reviews pricing fluctuations and the degree of variances in price on each Digital Asset Market during the 60 minutes prior to 4:00 pm. ET for ether to identify any material notable variances that may impact the volume or price information of a particular Digital Asset Market.
Current wording
Third, Lukka, Inc. then reviews pricing fluctuations and the degree of variances in price on each Digital Asset Market during the 60 minutes prior to 4:00 pm. ET for ether to identify any material variances that may impact the volume or price information of a particular Digital Asset Market.
Previous wording
As of June 30, 2026, Lukka, Inc. included Binance, Bitfinex, Bitflyer, Bitstamp, Bullish, Bybit, Coinbase, Crypto.com, Gate.io, Gemini, HitBTC, Huobi, itBit, Kraken, KuCoin, LMAX, MEXC Global, OKX and Poloniex as its primary Exchange Markets in consideration.
Current wording
As of September 30, 2026, Lukka, Inc. included Binance, Bitfinex, Bitflyer, Bitstamp, Bullish, Bybit, Coinbase, Crypto.com, Gate.io, Gemini, HitBTC, Huobi, Kraken, KuCoin, LMAX, MEXC Global, OKX and Poloniex as its primary Exchange Markets under consideration.
Previous wording
At June 30, 2026, the principal market for ether, which comprised the majority of the Trust’s assets for the period ended June 30, 2026, was Crypto.com with a price of $1,578.53.
Current wording
At September 30, 2026, the principal market for ether, which comprised the majority of the Trust’s assets for the period ended September 30, 2026, was Coinbase with a price of $2,668.87. This quoted price is an unadjusted price in an active market for identical ether.