Grayscale Ethereum Trust ETF
grayscale.coWhat Do They Do?
Offers investors listed shares representing interests in Ether, designed to track the value of the Trust’s holdings after expenses.
10-K for FY2025, filed Feb 25, 2026As a passive investment vehicle, the Trust’s investment objective is for the value of the Shares (based on Ether per Share) to reflect the…View ↗
While an investment in the Shares is not a direct investment in Ether, the Shares are designed to provide investors with a cost-effective…View ↗
The Shares are intended to offer investors an opportunity to gain exposure to digital assets through an investment in securities. As of…View ↗
How Do They Make Money?
The Trust earns Ether rewards by letting staking providers use its Ether to validate network activity. It receives rewards as validations are completed during each staking period, after validator fees.
10-K for FY2025, filed Feb 25, 2026The Trust recognizes staking rewards as revenue in accordance with ASC Topic 606, Revenue from Contracts with Customers (“ASC 606”). Under…View ↗
Staking rewards represent variable consideration, as the amount of rewards is not known until the applicable validation activities are…View ↗
Because the Trust is not the principal to the block validation service, it does not control the full output of the reward-generating…View ↗
$12.2M
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10-K for FY2025, filed Feb 25, 2026
$12.2M ↗
Who Are Their Customers?
Investors can buy listed Shares on NYSE Arca; authorized participants place creation and redemption orders with the Trust in blocks through cash transactions.
10-K for FY2025, filed Feb 25, 2026On January 5, 2026, the Trust changed its name from Grayscale Ethereum Trust ETF to Grayscale Ethereum Staking ETF and previously, on…View ↗
The Trust issues Shares only in one or more blocks of 10,000 Shares (a block of 10,000 Shares is called a “Basket”) to certain authorized…View ↗
The Trust creates Baskets of Shares only upon receipt of Ether and redeems Shares only by distributing Ether or proceeds from the…View ↗
Do Revenues Turn Into Profits?
No. It lost $618.8M in FY2025.
10-K for FY2025, filed Feb 25, 2026
10-K for FY2025, filed Feb 25, 2026
−$618.8MView ↗
How Are They Changing?
- Net income
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Sources
10-Q for Q2 FY2026, filed Aug 7, 2026
−$402.5MView ↗
- ▼ Now a loss
- vs $754.4M in Q2 FY2025
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Aug 7, 2026
Trust adopts regular cash distributions of staking rewards
Net proceeds after the staking fee and applicable Trust expenses are intended for monthly distributions, at least quarterly.
Sources
8-K, filed Aug 7, 2026
The Fourth A&R Trust Agreement amends and restates certain provisions of the Trust Agreement to, among other things, (i) provide for the…View ↗
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Jul 2, 2026
CFO steps down as interim co-CFOs are appointed
Edward McGee stepped down; Kathryn Masci and Daniel Plourde were appointed interim co-CFOs.
Sources
8-K, filed Jul 2, 2026
On July 2, 2026, Grayscale Investments Sponsors, LLC (together with its affiliates as the context may require, “Grayscale”, or “the…View ↗
Trading and redemptions
The older report describes Shares issued through private placements and quoted on OTCQX, with no redemption program. The latest report describes continuous issuance, NYSE Arca listing and ongoing redemptions.
10-K for FY2022, filed Mar 1, 2023 10-K for FY2025, filed Feb 25, 2026
Who Do They Compete With?
Competes with CoinShares and TeraExchange
10-K for FY2025, filed Feb 25, 2026Minimal Credit Risk. The Shares represent an interest in actual Ether owned by the Trust. The Trust’s Ether are not subject to borrowing…View ↗
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