Bitwise Ethereum ETF (NYSE Arca: ETHW) is a digital asset investment trust that holds ether as its sole asset, giving shareholders exchange-traded exposure to the price of ether without directly owning the cryptocurrency. The Trust generates no investment income; its only economic activity is passive ownership of ether, with expenses funded by transferring ether to the Sponsor. Bitwise Investment Advisers, LLC serves as Sponsor, with Paul Fusaro as Principal Executive Officer. The Trust commenced operations on July 22, 2024, and files annual reports with the SEC. For the year ended December 31, 2025, the Sponsor Fee totaled $703 thousand (gross), partially offset by $43 thousand in waivers, resulting in net expenses of $660 thousand. The Trust recorded a net decrease in net assets from operations of $54,736 thousand for the year ended December 31, 2025, driven primarily by realized losses on ether sold for redemptions. Delaware Trust Company serves as Trustee, and ether is priced using the CME CF Ether Reference Rate Pricing Index, a volume-weighted composite rate drawn from regulated Constituent Platforms.

Revenue model

The Trust earns no revenue. It charges shareholders a Sponsor Fee, paid in-kind by transferring ether from Trust holdings to the Sponsor. Net expenses were $660 thousand for the year ended December 31, 2025, after $43 thousand in waivers. Investment income was $0 for both the year ended December 31, 2025 and the period from commencement of operations (July 22, 2024) through December 31, 2024.

Products and services

A single exchange-traded product: shares of the Bitwise Ethereum ETF, each representing a fractional interest in ether held in custody. Ether is held in a Trust Ether Account with an Ether Custodian. Share creation and redemption occurs through a Trust-Directed Trade Model using an Ether Trading Counterparty. The net asset value per share is calculated by reference to the CME CF Ether Reference Rate Pricing Index, introduced February 28, 2022, which is based on the same methodology as the CME CF Ether Reference Rate (ERR), first introduced June 4, 2018.

Customers and end markets

Institutional and retail investors seeking exchange-traded ether price exposure without direct cryptocurrency custody. Shares are created and redeemed by authorized participants. The Trust is listed on a national securities exchange, making shares accessible to brokerage account holders.

Value-chain role

Passive holding vehicle. The Trust takes custody of ether, references an external pricing benchmark, and issues exchange-traded shares. Service providers include the Sponsor (Bitwise Investment Advisers, LLC), Trustee (Delaware Trust Company), Ether Custodian, Cash Custodian, Administrator, Prime Execution Agent, and Ether Trading Counterparty.

Geographic exposure

Domiciled in the United States. Shares trade on a U.S. national securities exchange. The Trust's ether holdings are subject to U.S. regulatory requirements. The filing notes cryptocurrency regulatory activity in China, India, and Russia as risk factors but does not describe non-U.S. operations.

Source: SEC 10-K, filed 2026-03-12

Industry: Finance Services