Q - iShares Ethereum Trust ETF

For the period ended Jun 30, 2025. Filed Aug 5, 2025.

About 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.

Jun 30, 2025 · Filed Aug 5, 2025

ETHA$50.33-0.9%Stored close · as of Nov 6, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

See the whole filing, with its images and exhibits

Contents

Item 1. Financial Statements

Statements of Assets and Liabilities (Unaudited)

At June 30, 2025 and December 31, 2024

	June 30, 2025	December 31, 2024
Assets
Investment in ether, at fair value(a)	$4,396,336,194	$3,571,669,777
Cash	20,811	37,023
Receivable for capital shares sold	6,067,847	—
Total Assets	4,402,424,852	3,571,706,800
Liabilities
Sponsor’s fees payable	561,369	444,633
Payable for investments purchased	6,067,675	—
Total Liabilities	6,629,044	444,633
Commitments and contingent liabilities (Note 6)	—	—
Net Assets	$4,395,795,808	$3,571,262,167
Shares issued and outstanding(b)	233,720,000	141,480,000
Net asset value per Share (Note 2C)	$18.81	$25.24

(a)	Cost of investment in ether: $5,242,898,137 and $3,543,902,275, respectively.
(b)	No par value, unlimited amount authorized.

Statements of Operations (Unaudited)

For the three and six months ended June 30, 2025 and the period from May 21, 2024 (Date of Seeding) to June 30, 2024

Three Months Ended June 30, 2025 · For the Period from May 21, 2024 (Date of Seeding) to June 30, 2024 · Six Months Ended June 30, 2025 · For the Period from May 21, 2024 (Date of Seeding) to June 30, 2024
Expenses
Sponsor’s fees	$1,882,114		$420	$3,920,616		$420
Sponsor’s fees waived	(751,364)		—	(1,543,217)		—
Total expenses	1,130,750		420	2,377,399		420
Net investment loss	(1,130,750)		(420)	(2,377,399)		(420)
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Ether sold to pay expenses	(423,236)		—	(736,407)		—
Ether sold for the redemption of Shares	(93,180,835)		—	(296,522,510)		—
Net realized gain (loss)	(93,604,071	)(a)	—	(297,258,917	)(b)	—
Net change in unrealized appreciation/depreciation	854,250,640		590,295	(874,329,445)		590,295
Net realized and unrealized gain (loss)	760,646,569		590,295	(1,171,588,362)		590,295
Net increase (decrease) in net assets resulting from operations	$759,515,819		$589,875	$(1,173,965,761)		$589,875
Net increase (decrease) in net assets per Share(c)	$4.22		$1.47	$(6.83)		$1.47

(a)	Includes $807,973 of realized gains and $(94,412,044) of realized losses.
(b)	Includes $1,244,204 of realized gains and $(298,503,121) of realized losses.
(c)	Net increase (decrease) in net assets per Share based on average shares outstanding during the period.

Statements of Changes in Net Assets (Unaudited)

For the three and six months ended June 30, 2025

Operations:
Net Assets at December 31, 2024	$3,571,262,167
Net investment loss	(1,246,649)
Net realized loss	(203,654,846)
Net change in unrealized appreciation/depreciation	(1,728,580,085)
Net decrease in net assets resulting from operations	(1,933,481,580)
Capital Share Transactions:
Contributions for Shares issued	938,716,000
Distributions for Shares redeemed	(390,105,968)
Net increase in net assets from capital share transactions	548,610,032
Decrease in net assets	(1,384,871,548)
Net Assets at March 31, 2025	$2,186,390,619
Operations:
Net investment loss	(1,130,750)
Net realized loss	(93,604,071)
Net change in unrealized appreciation/depreciation	854,250,640
Net increase in net assets resulting from operations	759,515,819
Capital Share Transactions:
Contributions for Shares issued	1,594,046,863
Distributions for Shares redeemed	(144,157,493)
Net increase in net assets from capital share transactions	1,449,889,370
Increase in net assets	2,209,405,189
Net Assets at June 30, 2025	$4,395,795,808
Shares issued and redeemed
Shares issued	126,120,000
Shares redeemed	(33,880,000)
Net increase in Shares issued and outstanding	92,240,000

Statement of Changes in Net Assets (Unaudited)

For the Period from May 21, 2024 (Date of Seeding) to June 30, 2024

Operations:
Net Assets at May 21, 2024	$—
Net investment loss	(420)
Net realized gain	—
Net change in unrealized appreciation/depreciation	590,295
Net increase in net assets resulting from operations	589,875
Capital Share Transactions:
Contributions for Shares issued	10,000,000
Distributions for Shares redeemed	—
Net increase in net assets from capital share transactions	10,000,000
Increase in net assets	10,589,875
Net Assets at June 30, 2024	$10,589,875
Shares issued and redeemed
Shares issued	400,000
Shares redeemed	—
Net increase in Shares issued and outstanding	400,000

Statements of Cash Flows (Unaudited)

For the six months ended June 30, 2025 and For the Period from May 21, 2024 (Date of Seeding) to June 30, 2024

	Six Months Ended June 30, 2025	Period from May 21, 2024 (Date of Seeding) to June 30, 2024
Cash Flows from Operating Activities
Net increase (decrease) in net assets resulting from operations	$(1,173,965,761)	$589,875
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
Purchases of ether	(2,526,542,897)	(10,000,000)
Proceeds from ether sold	536,355,793	—
Net realized gain/(loss)	297,258,917	—
Net change in unrealized appreciation/depreciation	874,329,445	(590,295)
Change in operating assets and liabilities:
Sponsor’s fees payable	116,736	420
Net cash used in operating activities	$(1,992,447,767)	$(10,000,000)
Cash Provided by Financing Activities
Proceeds from issuance of Shares	$2,526,695,016	$10,000,000
Payments for Shares redeemed	(534,263,461)	—
Net cash provided by financing activities	$1,992,431,555	$10,000,000
Cash
Net decrease in cash	$(16,212)	$—
Cash, beginning of period	37,023	—
Cash, end of period	$20,811	$—

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.