21Shares Ethereum ETF (TETH) is a digital asset investment trust that holds ether as its sole asset, providing investors with exchange-traded exposure to ether without direct custody. The Trust issues shares backed by ether held with qualified custodians, including BitGo and Anchorage, with 21Shares US LLC serving as Sponsor. As of the 10-K filed 2026-03-31, the Trust had entered into staking agreements with Figment Inc. and Twinstake Ltd. (both dated February 4, 2026), enabling the Trust to delegate ether to validators on the Ethereum proof-of-stake network and earn staking rewards. The Trust operates in the spot ether ETP market, competing with other registered digital asset investment vehicles. Authorized Participants, which must be registered broker-dealers, handle share creations and redemptions. The Sponsor, 21Shares US LLC, also manages other digital asset investment vehicles and allocates its resources across those products.

Revenue model

The Trust does not generate operating revenue in the traditional sense. Shareholders bear a sponsor fee charged against Trust assets. Staking rewards, when generated, are shared with staking providers, with Figment receiving a low single-digit percentage of overall rewards as compensation per the Figment Agreement (effective February 4, 2026).

Products and services

Single-asset exchange-traded trust holding ether. Shares are created and redeemed by Authorized Participants. Staking services initiated February 4, 2026 via agreements with Figment Inc. and Twinstake Ltd., allowing the Trust to delegate ether for Ethereum network participation and earn staking rewards.

Customers and end markets

Exchange-traded product investors seeking ether price exposure through a regulated, exchange-listed structure. Authorized Participants (registered broker-dealers) interact directly with the Trust for share creation and redemption.

Value-chain role

Passive holding vehicle and issuer of exchange-traded shares backed by ether. Ether custody provided by BitGo and Anchorage as Ether Custodians. Staking infrastructure provided by Figment Inc. and Twinstake Ltd. under agreements dated February 4, 2026. 21Shares US LLC acts as Sponsor and investment manager.

Geographic exposure

United States. Registered with the SEC and subject to U.S. federal securities laws. No geographic diversification disclosed in the filing excerpts.

Source: SEC 10-K, filed 2026-03-31

Industry: Commodity Contracts Brokers & Dealers