iShares Ethereum Trust ETF
For the period ended Sep 30, 2025. Filed Nov 6, 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 6, 2025
ETHA$50.33-0.9%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 2025-08-05.
0001437749-25-024883
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-06.
0001437749-25-033432
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 25 previous paragraphs and 25 current paragraphs.
16 unchanged; 9 reworded; 0 added; 0 removed; 0 previous and 0 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.
Reworded paragraphs (9)
Previous wording
The Trust’s net asset value increased from $2,186,390,619 at March 31, 2025 to $4,395,795,808 at June 30, 2025, a 101.05% increase. The increase in the Trust’s net asset value resulted primarily from an increase in the number of outstanding Shares, which rose from 157,440,000 Shares at March 31, 2025 to 233,720,000 Shares at June 30, 2025, a consequence of 86,160,000 Shares (2,154 Baskets) being created and 9,880,000 Shares (247 Baskets) being redeemed during the quarter. The increase in the Trust’s net asset value also benefited from an increase in the price of ether, which rose 35.48% from $1,834.80 at March 31, 2025 to $2,485.81 at June 30, 2025.
Current wording
The Trust’s net asset value increased from $4,395,795,808 at June 30, 2025 to $15,870,778,522 at September 30, 2025, a 261.04% increase. The increase in the Trust’s net asset value resulted primarily from an increase in the number of outstanding Shares, which rose from 233,720,000 Shares at June 30, 2025 to 508,080,000 Shares at September 30, 2025, a consequence of 332,680,000 Shares (8,317 Baskets) being created and 58,320,000 Shares (1,458 Baskets) being redeemed during the quarter. The increase in the Trust’s net asset value also benefited from an increase in the price of ether, which rose 66.18% from $2,485.81 at June 30, 2025 to $4,130.84 at September 30, 2025.
Previous wording
The 35.42% increase in the NAV for purposes of the Trust’s periodic financial statements (“Financial Statement NAV”) from $13.89 at March 31, 2025 to $18.81 at June 30, 2025 is directly related to the 35.48% increase in the price of ether. The Financial Statement NAV increased slightly less than the price of ether on a percentage basis due to the net Sponsor’s fee, which was $1,130,750 for the quarter, or 0.04% of the Trust’s average weighted assets of $3,019,655,662 during the quarter.
Current wording
The 66.08% increase in the NAV for purposes of the Trust’s periodic financial statements (“Financial Statement NAV”) from $18.81 at June 30, 2025 to $31.24 at September 30, 2025 is directly related to the 66.18% increase in the price of ether. The Financial Statement NAV increased slightly less than the price of ether on a percentage basis due to the net Sponsor’s fee, which was $7,712,932 for the quarter, or 0.06% of the Trust’s average weighted assets of $12,565,170,179 during the quarter.
Previous wording
The NAV of $21.31 on June 11, 2025 was the highest during the quarter, compared with a low during the quarter of $11.09 on April 8, 2025.
Current wording
The NAV of $36.46 on August 22, 2025 was the highest during the quarter, compared with a low during the quarter of $18.28 on July 1, 2025.
Previous wording
Net increase in net assets resulting from operations for the quarter ended June 30, 2025 was $759,515,819, resulting from an unrealized gain on investment in ether of $854,250,640, partially offset by a net investment loss of $1,130,750, a net realized loss of $423,236 from ether sold to pay expenses and a net realized loss of $93,180,835 from ether sold for the redemption of Shares. Other than the net Sponsor’s fees of $1,130,750, the Trust had no expenses during the quarter.
Current wording
Net increase in net assets resulting from operations for the quarter ended September 30, 2025 was $3,556,795,972, resulting from a net realized gain of $730,372 from ether sold to pay expenses, a net realized gain of $327,082,377 from ether sold for the redemption of Shares and an unrealized gain on investment in ether of $3,236,696,155, partially offset by a net investment loss of $7,712,932. Other than the Sponsor’s fee of $7,712,932, the Trust had no expenses during the quarter.
Previous wording
The Six-Month Period Ended June 30, 2025
Current wording
The Nine-Month Period Ended September 30, 2025
Previous wording
The Trust’s net asset value increased from $3,571,262,167 at December 31, 2024 to $4,395,795,808 at June 30, 2025, a 23.09% increase. The increase in the Trust’s net asset value resulted primarily from an increase in the number of outstanding Shares, which rose from 141,480,000 Shares at December 31, 2024 to 233,720,000 Shares at June 30, 2025, a consequence of 126,120,000 Shares (3,153 Baskets) being created and 33,880,000 Shares (847 Baskets) being redeemed during the period. The increase in the Trust’s net asset value was partially offset by a decrease in the price of ether, which fell 25.43% from $3,333.60 at December 31, 2024 to $2,485.81 at June 30, 2025.
Current wording
The Trust’s net asset value increased from $3,571,262,167 at December 31, 2024 to $15,870,778,522 at September 30, 2025, a 344.40% increase. The increase in the Trust’s net asset value resulted primarily from an increase in the number of outstanding Shares, which rose from 141,480,000 Shares at December 31, 2024 to 508,080,000 Shares at September 30, 2025, a consequence of 458,800,000 Shares (11,470 Baskets) being created and 92,200,000 Shares (2,305 Baskets) being redeemed during the quarter. The increase in the Trust’s net asset value also benefited from an increase in the price of ether, which rose 23.92% from $3,333.60 at December 31, 2024 to $4,130.84 at September 30, 2025.
Previous wording
The 25.48% decrease in the Financial Statement NAV from $25.24 at December 31, 2024 to $18.81 at June 30, 2025 is directly related to the 25.43% decrease in the price of ether. The Financial Statement NAV decreased slightly more than the price of ether on a percentage basis due to the net Sponsor’s fee, which was $2,377,399 for the period, or 0.08% of the Trust’s average weighted assets of $3,162,484,711 during the period.
Current wording
The 23.77% increase in the Financial Statement NAV from $25.24 at December 31, 2024 to $31.24 at September 30, 2025 is directly related to the 23.92% increase in the price of ether. The Financial Statement NAV increased slightly less than the price of ether on a percentage basis due to the net Sponsor’s Fee, which was $10,090,331 for the period, or 0.16% of the Trust’s average weighted assets of $6,331,492,268 during the period.
Previous wording
The NAV of $27.95 on January 6, 2025 was the highest during the period, compared with a low during the period of $11.09 on April 8, 2025.
Current wording
The NAV of $36.46 on August 22, 2025 was the highest during the period, compared with a low during the period of $11.09 on April 8, 2025.
Previous wording
Net decrease in net assets resulting from operations for the six months ended June 30, 2025 was $1,173,965,761, resulting from a net investment loss of $2,377,399, a net realized loss of $736,407 from ether sold to pay expenses, a net realized loss of $296,522,510 from ether sold for the redemption of Shares and an unrealized loss on investment in ether of $874,329,445 during the period. Other than the net Sponsor’s fee of $2,377,399, the Trust had no expenses during the period.
Current wording
Net increase in net assets resulting from operations for the nine months ended September 30, 2025 was $2,382,830,211, resulting from an unrealized gain on investment in ether of $2,362,366,710, a net realized gain of $30,559,867 on ether distributed for the redemption of Shares, a net realized loss of $6,035 from ether sold to pay expenses during the period and a net investment loss of $10,090,331. Other than the Sponsor’s fee of $10,090,331, the Trust had no expenses during the period.