Grayscale Ethereum Staking Mini 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
ETH$21.21-0.9%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-03-31; filed 2026-05-08.
0001193125-26-214599
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.
0002020455-26-000016
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 47 previous paragraphs and 49 current paragraphs.
42 unchanged; 5 reworded; 2 added; 0 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 (2)
Current report
Net realized and unrealized loss on investment in Ether for the three months ended June 30, 2026 was ($466,704), which includes a realized loss of ($93,456) on the sale of Ether to meet redemptions, a realized loss of ($365) on the transfer of Ether sold to pay the Sponsor’s Fee, a realized loss on the transfer of Ether sold to pay the Sponsor’s Staking Fee of ($144), net change in unrealized appreciation/depreciation on investment in Ether of ($372,739). 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 ($459,129) for the three months ended June 30, 2026, which consisted of the net realized and unrealized loss on investment in Ether, plus the net investment loss of ($946). Net assets decreased to $1,349,077 at June 30, 2026, a 25% decrease for the three-month period. The decrease in net assets resulted from the aforementioned Ether price depreciation, the redemption of approximately 73,084 Ether with a value of $136,736 from the Trust, the withdrawal of approximately 462 Ether to pay the foregoing Sponsor’s Fee, the withdrawal of approximately 130 Ether to pay the foregoing Sponsor’s Staking Fee and the payable of approximately 2 Ether to pay the foregoing Sponsor’s Staking Fee, partially offset by the contribution of approximately 62,608 Ether with a value of $140,171 to the Trust in connection with Share creations during the period and the contribution of approximately 4,243 Ether with a value of $8,521 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 $328,962, which includes a realized loss of ($6,067) on the sale of Ether to meet redemptions, a realized loss of ($188) on the transfer of Ether sold to pay the Sponsor’s Fee, and net change in unrealized appreciation/depreciation on investment in Ether of $335,217. 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 $328,556 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 $406. Net assets increased to $1,330,256 at June 30, 2025, a 59% increase for the three-month period. The increase in net assets resulted from the aforementioned Ether price appreciation and the contribution of approximately 78,927 Ether with a value of $182,637 to the Trust in connection with Share creations during the period, partially offset by the withdrawal of approximately 183 Ether to pay the foregoing Sponsor’s Fee, and the redemption of approximately 6,499 Ether with a value of $14,976 from the Trust.
Reworded paragraphs (5)
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 ($688,510), which includes a realized loss of ($276) on the transfer of Ether to pay expenses, a realized loss of ($83,340) on the sale of Ether to meet redemptions, a realized loss on investment in Ether sold to pay the Sponsor’s Staking Fee of ($115), net change in unrealized appreciation/depreciation on investment in Ether of ($604,760) and net change in unrealized appreciation/depreciation on the Sponsor’s Staking Fee payable in Ether of ($19). 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 ($681,101) for the three months ended March 31, 2026, which consisted of the net realized and unrealized loss on investment in Ether, plus the net investment income of $7,409. Net assets decreased to $1,804,771 at March 31, 2026, a 17% decrease for the three-month period. The decrease in net assets resulted from the aforementioned Ether price depreciation, the redemption of approximately 94,195 Ether with a value of $232,953 from the Trust, the withdrawal of approximately 297 Ether to pay the foregoing Sponsor’s Fee, the withdrawal of approximately 184 Ether to pay the foregoing Sponsor’s Staking Fee and the payable of approximately 1 Ether to pay the foregoing Sponsor’s Staking Fee, partially offset by the contribution of approximately 218,564 Ether with a value of $537,670 to the Trust in connection with Share creations during the period and the contribution of approximately 3,496 Ether with a value of $8,375 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 ($1,155,214), which includes a realized loss of ($176,796) on the sale of Ether to meet redemptions, a realized loss of ($641) on the transfer of Ether sold to pay the Sponsor’s Fee, a realized loss on the transfer of Ether sold to pay the Sponsor’s Staking Fee of ($259), net change in unrealized appreciation/depreciation on investment in Ether of ($977,499) and net change in unrealized appreciation/depreciation on the Sponsor’s Staking Fee payable in Ether of ($19). 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 ($1,140,230) for the six months ended June 30, 2026, which consisted of the net realized and unrealized loss on investment in Ether, plus the net investment income of ($1,912). Net assets decreased to $1,349,077 at June 30, 2026, a 38% decrease for the six-month period. The decrease in net assets resulted from the aforementioned Ether price depreciation, the redemption of approximately 167,279 Ether with a value of $369,689 from the Trust, the withdrawal of approximately 944 Ether to pay the foregoing Sponsor’s Fee, the withdrawal of approximately 314 Ether to pay the foregoing Sponsor’s Staking Fee and the payable of approximately 2 Ether to pay the foregoing Sponsor’s Staking Fee, partially offset by the contribution of approximately 281,172 Ether with a value of $677,841 to the Trust in connection with Share creations during the period and the contribution of approximately 7,699 Ether with a value of $16,896 in connection with Staking Rewards.
Previous wording
Net realized and unrealized loss on investment in Ether for the three months ended March 31, 2025 was ($716,962), which includes a realized loss of ($122) on the transfer of Ether to pay the Sponsor’s Fee, a realized loss of ($35,193) on the sale of Ether to meet redemptions and net change in unrealized appreciation/depreciation on investment in Ether of ($681,647). 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 $1,827.33 per Ether as of March 31, 2025. Net decrease in net assets resulting from operations was ($717,285) 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 $323. Net assets decreased to $834,039 at March 31, 2025, a 47% decrease for the three-month period. The decrease in net assets resulted from the aforementioned Ether price depreciation, the withdrawal of approximately 132 Ether to pay the foregoing Sponsor’s Fee, and the redemption of approximately 41,456 Ether with a value of $104,416 from the Trust, partially offset by the contribution of approximately 27,137 Ether with a value of $82,826 to the Trust in connection with Share creations during the period.
Current wording
Net realized and unrealized loss on investment in Ether for the six months ended June 30, 2025 was ($388,000), which includes a realized loss of ($310) on the transfer of Ether sold to pay the Sponsor’s Fee, a realized loss of ($41,260) on the sale of Ether to meet redemptions and net change in unrealized appreciation/depreciation on investment in Ether of ($346,430). 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 ($388,729) for the six months ended June 30, 2025, which consisted of the net realized and unrealized loss on investment in Ether, plus the Sponsor’s Fee of $729. Net assets decreased to $1,330,256 at June 30, 2025, a 15% decrease for the six-month period. The decrease in net assets resulted from the aforementioned Ether price depreciation, the withdrawal of approximately 315 Ether to pay the foregoing Sponsor’s Fee, and the redemption of approximately 47,955 Ether with a value of $119,392 from the Trust, partially offset by the contribution of approximately 106,064 Ether with a value of $265,463 to the Trust in connection with Share creations during the period.
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.