Grayscale Ethereum Staking ETF
For the period ended Jun 30, 2026. Filed Aug 7, 2026.
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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, 2026 · Filed Aug 7, 2026
ETHE$17.83-0.8%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-03-31; filed 2026-05-08.
0001193125-26-214610
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-08-07.
0001725210-26-000016
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 50 previous paragraphs and 52 current paragraphs.
42 unchanged; 6 reworded; 4 added; 2 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 4 previous and 4 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 (4)
Current report
Net realized and unrealized loss on investment in Ether for the three months ended June 30, 2026 was ($398,708), which includes a realized gain of $4,481 on the transfer of Ether to pay the Sponsor’s Fee, a realized gain of $79,779 on the sale of Ether to meet redemptions, a realized gain of $3,082 on the sale of Ether for Income Distribution, a realized gain of $739 on the transfer of Ether to pay the Sponsor’s Staking Fee, and net change in unrealized appreciation/depreciation on investment in Ether of ($486,789). Net realized and unrealized loss on investment in Ether for the period was driven by Ether price depreciation from $2,095.22 per Ether as of March 31, 2026, to $1,578.53 per Ether as of June 30, 2026. Net decrease in net assets resulting from operations was ($402,501) for the three months ended June 30, 2026, which consisted of the net realized and unrealized loss on investment in Ether, and the net investment loss of $3,793. Net assets decreased to $1,223,344 at June 30, 2026, a 31% decrease for the three-month period. The decrease in net assets resulted from the aforementioned Ether price depreciation, the withdrawal of approximately 5,048 Ether to pay the foregoing Sponsor’s Fee, the withdrawal of approximately 834 Ether to pay the foregoing Sponsor’s Staking Fee, the payable of approximately 9 Ether to pay the foregoing Sponsor’s Staking Fee, and the redemption of approximately 85,655 Ether with a value of $179,607 from the Trust, partially offset by the contribution of approximately 13,725 Ether with a value of $27,261 to the Trust in connection with Share creations during the period and the contribution of approximately 4,046 Ether with a value of $8,286 in connection with Staking Rewards.
Current report
Net realized and unrealized gain on investment in Ether for the three months ended June 30, 2025 was $770,042, which includes a realized gain of $12,074 on the transfer of Ether to pay the Sponsor’s Fee, a realized gain of $153,517 on the sale of Ether to meet redemptions, and net change in unrealized appreciation/depreciation on investment in Ether of $604,451. Net realized and unrealized gain on investment in Ether for the period was driven by Ether price appreciation from $1,827.33 per Ether as of March 31, 2025, to $2,516.23 per Ether as of June 30, 2025. Net increase in net assets resulting from operations was $754,396 for the three months ended June 30, 2025, which consisted of the net realized and unrealized gain on investment in Ether, less the Sponsor’s Fee of $15,646. Net assets increased to $2,836,933 at June 30, 2025, a 28% increase for the three-month period. The increase in net assets resulted from the aforementioned Ether price appreciation and the contribution of approximately 25,227 Ether, with a value of $64,761 to the Trust in connection with Share creations during the period, partially offset by the withdrawal of approximately 7,159 Ether to pay the foregoing Sponsor’s Fee, and the redemption of approximately 107,448 Ether, with a value of $205,781 from the Trust during the period.
Current report
Net realized and unrealized loss on investment in Ether for the six months ended June 30, 2025 was ($1,195,026), which includes a realized gain of $30,214 on the transfer of Ether to pay the Sponsor’s Fee, a realized gain of $657,896 on the sale of Ether to meet redemptions, and net change in unrealized appreciation/depreciation on investment in Ether of ($1,883,136). Net realized and unrealized loss on investment in Ether for the period was driven by Ether price depreciation from $3,340.40 per Ether as of December 31, 2024, to $2,516.23 per Ether as of June 30, 2025. Net decrease in net assets resulting from operations was ($1,232,472) for the six months ended June 30, 2025, which consisted of the net realized and unrealized loss on investment in Ether, less the Sponsor’s Fee of $37,446. Net assets decreased to $2,836,933 at June 30, 2025, a 40% decrease for the six-month period. The decrease in net assets resulted from the aforementioned Ether price depreciation, the withdrawal of approximately 15,230 Ether to pay the foregoing Sponsor’s Fee, and the redemption of approximately 333,499 Ether with a value of $811,599 from the Trust, partially offset by the contribution of approximately 58,395 Ether with a value of $145,024 to the Trust in connection with Share creations during the period.
Current report
The following chart sets out the historical closing prices for the Shares as reported by OTC Markets and the Trust’s NAV per Share from June 20, 2019 to July 22, 2024.
Removed paragraphs (2)
Previous report
Net realized and unrealized loss on investment in Ether for the three months ended March 31, 2025 was ($1,965,068), which includes a realized gain of $18,140 on the transfer of Ether to pay the Sponsor’s Fee, a realized gain of $504,379 on the sale of Ether to meet redemptions, and net change in unrealized appreciation/depreciation on investment in Ether of ($2,487,587). Net realized and unrealized loss on investment in Ether for the period was driven by Ether price depreciation from $3,340.40 per Ether as of December 31, 2024, to $1827.33 per Ether as of March 31, 2025. Net decrease in net assets resulting from operations was ($1,986,868) for the three months ended March 31, 2025, which consisted of the net realized and unrealized loss on investment in Ether, plus the Sponsor’s Fee of $21,800. Net assets decreased to $2,223,557 at March 31, 2025, a 53% decrease for the three-month period. The decrease in net assets resulted from the aforementioned Ether price depreciation, the withdrawal of approximately 8,071 Ether to pay the foregoing Sponsor’s Fee, and the redemption of approximately 226,051 Ether, with a value of $605,818 from the Trust, partially offset by the contribution of approximately 33,168 Ether, with a value of $80,263 to the Trust in connection with Share creations during the period.
Previous report
The following chart sets out the historical closing prices for the Shares as reported by OTCQX and the Trust’s NAV per Share from June 20, 2019 to July 22, 2024.
Reworded paragraphs (6)
Previous wording
Financial Highlights for the Three Months Ended March 31, 2026 and 2025
Current wording
Financial Highlights for the Three and Six Months Ended June 30, 2026 and 2025
Previous wording
Net assets is calculated in accordance with U.S. GAAP based on the Digital Asset Market price of Ether on the Digital Asset Trading Platform that the Trust considered its principal market, as of 4:00 p.m., New York time, on the valuation date.
Current wording
Net assets in the above table and subsequent paragraphs are calculated in accordance with U.S. GAAP based on the Digital Asset Market price of Ether on the Digital Asset Trading Platform that the Trust considered its principal market, as of 4:00 p.m., New York time, on the valuation date.
Previous wording
Net realized and unrealized loss on investment in Ether for the three months ended March 31, 2026 was ($771,006), which includes a realized gain of $6,960 on the transfer of Ether to pay the Sponsor’s Fee, a realized gain of $212,803 on the sale of Ether to meet redemptions, a realized gain of $8,853 on the sale of Ether for Income Distribution, a realized gain of $2,855 on the transfer of Ether to pay the Sponsor’s Staking Fee, net change in unrealized appreciation/depreciation on investment in Ether of ($1,002,296) and net change in unrealized appreciation/depreciation on the Sponsor’s Staking Fee payable of ($181). Net realized and unrealized loss on investment in Ether for the period was driven by Ether price depreciation from $2,971.94 per Ether as of December 31, 2025, to $2,095.22 per Ether as of March 31, 2026. Net decrease in net assets resulting from operations was ($775,631) for the three months ended March 31, 2026, which consisted of the net realized and unrealized loss on investment in Ether, and the net investment loss of $4,625. Net assets decreased to $1,784,951 at March 31, 2026, a 34% decrease for the three-month period. The decrease in net assets resulted from the aforementioned Ether price depreciation, the withdrawal of approximately 5,380 Ether to pay the foregoing Sponsor’s Fee, the withdrawal of approximately 1,667 Ether to pay the foregoing Sponsor’s Staking Fee, the payable of approximately 9 Ether to pay the foregoing Sponsor’s Staking Fee, and the redemption of approximately 137,299 Ether with a value of $362,253 from the Trust, partially offset by the contribution of approximately 86,913 Ether with a value of $234,110 to the Trust in connection with Share creations during the period and the contribution of approximately 4,332 Ether with a value of $10,522 in connection with Staking Rewards.
Current wording
Net realized and unrealized loss on investment in Ether for the six months ended June 30, 2026 was ($1,169,714), which includes a realized gain of $11,441 on the transfer of Ether to pay the Sponsor’s Fee, a realized gain of $292,582 on the sale of Ether to meet redemptions, a realized gain of $11,935 on the sale of Ether for Income Distribution, a realized gain of $3,594 on the transfer of Ether to pay the Sponsor’s Staking Fee, net change in unrealized appreciation/depreciation on investment in Ether of ($1,489,085), and net change in unrealized appreciation/depreciation on the Sponsor’s Staking Fee payable of ($181). Net realized and unrealized loss on investment in Ether for the period was driven by Ether price depreciation from $2,971.94 per Ether as of December 31, 2025, to $1,578.53 per Ether as of June 30, 2026. Net decrease in net assets resulting from operations was ($1,178,132) for the six months ended June 30, 2026, which consisted of the net realized and unrealized loss on investment in Ether, and the net investment loss of $8,418. Net assets decreased to $1,223,344 at June 30, 2026, a 55% decrease for the six-month period. The decrease in net assets resulted from the aforementioned Ether price depreciation, the withdrawal of approximately 10,428 Ether to pay the foregoing Sponsor’s Fee, the withdrawal of approximately 2,501 Ether to pay the foregoing Sponsor’s Staking Fee, the payable of approximately 9 Ether to pay the foregoing Sponsor’s Staking Fee, and the redemption of approximately 222,954 Ether with a value of $541,860 from the Trust, partially offset by the contribution of approximately 100,638 Ether with a value of $261,371 to the Trust in connection with Share creations during the period and the contribution of approximately 8,333 Ether with a value of $18,808 in connection with Staking Rewards.
Previous wording
The Trust’s NAV and NAV per Share are derived from the Index Price as represented by the Index as of 4:00 p.m., New York time, on the valuation date. The Trust’s NAV per Share is calculated using a non-GAAP methodology where the price is derived from multiple Digital Asset Trading Platforms. The Digital Asset Trading Platforms included in the Index (the “Constituent Trading Platforms”) as of March 31, 2026, were Coinbase, Kraken, Crypto.com, LMAX Digital, Bullish, and Bitstamp by Robinhood. The Digital Asset Trading Platforms included in the Index as of March 31, 2025, were Coinbase, Kraken, Bullish, and Crypto.com. The Digital Asset Trading Platforms included in the Index as of May 4, 2026, were Binance, Bitstamp by Robinhood, Bullish, Bybit, Crypto.com, GATE, Gemini, Hashkey, Kraken, LMAX Digital, and OKX. See “Item 1. Business—Overview of the Ethereum Industry and Market—Ether Value—The Index and the Index Price” in our Annual Report for a description of the Index and the Index Price.
Current wording
The Trust’s NAV and NAV per Share are derived from the Index Price as represented by the Index as of 4:00 p.m., New York time, on the valuation date. The Trust’s NAV per Share is calculated using a non-GAAP methodology where the price is derived from multiple Digital Asset Trading Platforms. The Digital Asset Trading Platforms included in the Index (the “Constituent Trading Platforms”) as of June 30, 2026, were Binance, Bitstamp by Robinhood, Bullish, Bybit, Crypto.com, Gate, Gemini, HashKey, Kraken, LMAX Digital, OKX, and OSL. The Digital Asset Trading Platforms included in the Index as of June 30, 2025, were Coinbase, Kraken, Bullish, Crypto.com, and LMAX Digital. See “Item 1. Business—Overview of the Ethereum Industry and Market—Ether Value—The Index and the Index Price” in our Annual Report for a description of the Index and the Index Price.
Previous wording
The Trust’s performance prior to July 23, 2024 is based on market-determined prices on the OTCQX marketplace and on the Trust’s performance without an ongoing share creation and redemption program. Prior to July 23, 2024, the Trust’s Shares traded at both premiums and discounts to the value of the Trust’s assets, less its expenses and other liabilities, which at times were substantial, in part due to the lack of an ongoing redemption program. Effective as of July 23, 2024, the Trust established an ongoing share creation and redemption program and the Shares of the Trust were listed to NYSE Arca. Hence, the Trust’s performance for periods prior to July 23, 2024 is not directly comparable to, and should not be used to make conclusions in conjunction with, the Trust’s performance for periods subsequent to July 23, 2024.
Current wording
The Trust’s performance prior to July 23, 2024 is based on market-determined prices on OTC Markets and on the Trust’s performance without an ongoing share creation and redemption program. Prior to July 23, 2024, the Trust’s Shares traded at both premiums and discounts to the value of the Trust’s assets, less its expenses and other liabilities, which at times were substantial, in part due to the lack of an ongoing redemption program. Effective as of July 23, 2024, the Trust established an ongoing share creation and redemption program and the Shares of the Trust were listed to NYSE Arca. Hence, the Trust’s performance for periods prior to July 23, 2024 is not directly comparable to, and should not be used to make conclusions in conjunction with, the Trust’s performance for periods subsequent to July 23, 2024.
Previous wording
The following chart sets out the historical premium and discount for the Shares calculated as a percentage of the historical closing prices for the Shares as reported by OTCQX divided by the Trust’s NAV per Share from June 20, 2019 to July 22, 2024.
Current wording
The following chart sets out the historical premium and discount for the Shares calculated as a percentage of the historical closing prices for the Shares as reported by OTC Markets divided by the Trust’s NAV per Share from June 20, 2019 to July 22, 2024.