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$48.06-4.5%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Item 1. Financial Statements
Statements of Assets and Liabilities (Unaudited)
At September 30, 2025 and December 31, 2024
| September 30, 2025 | December 31, 2024 | |
|---|---|---|
| Assets | ||
| Investment in ether, at fair value(a) | $15,874,086,142 | $3,571,669,777 |
| Cash | 45,679 | 37,023 |
| Receivable for capital shares sold | 127,490,911 | — |
| Total Assets | 16,001,622,732 | 3,571,706,800 |
| Liabilities | ||
| Sponsor’s fees payable | 3,356,165 | 444,633 |
| Payable for investments purchased | 127,488,045 | — |
| Total Liabilities | 130,844,210 | 444,633 |
| Commitments and contingent liabilities (Note 6) | — | — |
| Net Assets | $15,870,778,522 | $3,571,262,167 |
| Shares issued and outstanding(b) | 508,080,000 | 141,480,000 |
| Net asset value per Share (Note 2C) | $31.24 | $25.24 |
| (a) | Cost of investment in ether: $13,483,951,930 and $3,543,902,275, respectively. |
|---|---|
| (b) | No par value, unlimited amount authorized. |
Statements of Operations (Unaudited)
For the three and nine months ended September 30, 2025 the three months ended September 30, 2024 and the period from May 21, 2024 (Date of Seeding) to September 30, 2024
| Three Months Ended September 30, 2025 · Three Months Ended September 30, 2024 · Nine Months Ended September 30, 2025 · Period from May 21, 2024 (Date of Seeding) to September 30, 2024 | ||||||
|---|---|---|---|---|---|---|
| Expenses | ||||||
| Sponsor’s fees | $7,917,727 | $358,491 | $11,838,343 | $358,911 | ||
| Sponsor’s fees waived | (204,795) | (186,634) | (1,748,012) | (186,634) | ||
| Total expenses | 7,712,932 | 171,857 | 10,090,331 | 172,277 | ||
| Net investment loss | (7,712,932) | (171,857) | (10,090,331) | (172,277) | ||
| Net Realized and Unrealized Gain (Loss) | ||||||
| Net realized gain (loss) from: | ||||||
| Ether sold to pay expenses | 730,372 | (21,660) | (6,035) | (21,660) | ||
| Ether sold for the redemption of Shares | 327,082,377 | — | 30,559,867 | — | ||
| Net realized gain (loss) | 327,812,749(a) | (21,660 | )(b) | 30,553,832(c) | (21,660 | )(b) |
| Net change in unrealized appreciation/depreciation | 3,236,696,155 | (138,509,122) | 2,362,366,710 | (137,918,827) | ||
| Net realized and unrealized gain (loss) | 3,564,508,904 | (138,530,782) | 2,392,920,542 | (137,940,487) | ||
| Net increase (decrease) in net assets resulting from operations | $3,556,795,972 | $(138,702,639) | $2,382,830,211 | $(138,112,764) | ||
| Net increase (decrease) in net assets per Share(d) | $8.59 | $(4.67) | $9.40 | $(6.69) | ||
| (a) | Includes $352,587,218 of realized gains and $(24,774,469) of realized losses. |
|---|---|
| (b) | Includes $82 of realized gains and $(21,742) of realized losses. |
| (c) | Includes $353,831,422 of realized gains and $(323,277,590) of realized losses. |
| (d) | 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, six and nine months ended September 30, 2025
| Net Assets at December 31, 2024 | $3,571,262,167 |
|---|---|
| Operations: | |
| 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 |
| Operations: | |
| Net investment loss | (7,712,932) |
| Net realized gain | 327,812,749 |
| Net change in unrealized appreciation/depreciation | 3,236,696,155 |
| Net increase in net assets resulting from operations | 3,556,795,972 |
| Capital Share Transactions: | |
| Contributions for Shares issued | 9,717,095,182 |
| Distributions for Shares redeemed | (1,798,908,440) |
| Net increase in net assets from capital share transactions | 7,918,186,742 |
| Increase in net assets | 11,474,982,714 |
| Net Assets at September 30, 2025 | $15,870,778,522 |
| Shares issued and redeemed | |
| Shares issued | 458,800,000 |
| Shares redeemed | (92,200,000) |
| Net increase in Shares issued and outstanding | 366,600,000 |
Statement of Changes in Net Assets (Unaudited)
For the three months ended September 30, 2024 and the period from May 21, 2024 (Date of Seeding) to September 30, 2024
| Net Assets at May 21, 2024 | $— |
|---|---|
| Operations: | |
| Net investment loss | (420) |
| 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 |
| 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 |
| Operations: | |
| Net investment loss | (171,857) |
| Net realized loss | (21,660) |
| Net change in unrealized appreciation/depreciation | (138,509,122) |
| Net decrease in net assets resulting from operations | (138,702,639) |
| Capital Share Transactions: | |
| Contributions for Shares issued | 1,147,455,307 |
| Net increase in net assets from capital share transactions | 1,147,455,307 |
| Increase in net assets | 1,008,752,668 |
| Net Assets at September 30, 2024 | $1,019,342,543 |
| Shares issued and redeemed | |
| Shares issued | 51,200,000 |
| Shares redeemed | — |
| Net increase in Shares issued and outstanding | 51,200,000 |
Statements of Cash Flows (Unaudited)
For the nine months ended September 30, 2025 and For the Period from May 21, 2024 (Date of Seeding) to September 30, 2024
| Nine Months Ended September 30, 2025 | Period from May 21, 2024 (Date of Seeding) to September 30, 2024 | |
|---|---|---|
| Cash Flows from Operating Activities | ||
| Net increase (decrease) in net assets resulting from operations | $2,382,830,211 | $(138,112,764) |
| Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities: | ||
| Purchases of ether | (12,121,785,057) | (1,157,427,156) |
| Proceeds from ether sold | 2,339,777,279 | 63,328 |
| Net realized (gain) loss | (30,553,832) | 21,660 |
| Net change in unrealized appreciation/depreciation | (2,362,366,710) | 137,918,827 |
| Change in operating assets and liabilities: | ||
| Sponsor’s fees payable | 2,911,532 | 84,058 |
| Net cash used in operating activities | $(9,789,186,577) | $(1,157,452,047) |
| Cash Provided by Financing Activities | ||
| Proceeds from issuance of Shares | $12,122,367,134 | $1,157,455,307 |
| Payments for Shares redeemed | (2,333,171,901) | — |
| Net cash provided by financing activities | $9,789,195,233 | $1,157,455,307 |
| Cash | ||
| Net increase in cash | $8,656 | $3,260 |
| Cash, beginning of period | 37,023 | — |
| Cash, end of period | $45,679 | $3,260 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.