| Summary of Fair value Hierarchy |
The following is a summary of the fair value
hierarchy as of December 31, 2025, and December 31, 2024:
| December 31, 2025 | |
Level 1 | | |
Level 2 | | |
Level 3 | | |
Total | |
| Assets | |
| | | |
| | | |
| | | |
| | |
| Investment in ETH | |
$ | 157,608,454 | | |
$ | — | | |
$ | — | | |
$ | 157,608,454 | |
| | |
| | | |
| | | |
| | | |
| | |
| December 31, 2024 | |
Level 1 | | |
Level 2 | | |
Level 3 | | |
Total | |
| Assets | |
| | | |
| | | |
| | | |
| | |
| Investment in ETH | |
$ | 146,428,902 | | |
$ | — | | |
$ | — | | |
$ | 146,428,902 | |
|
| Changes in Quantity of ETH and Fair Value |
The following represents the changes in quantity
of ETH and the respective fair value:
| | |
ETH | | |
Fair Value | |
| Beginning balance as of January 1, 2025 | |
| 43,935.83 | | |
$ | 146,428,902 | |
| ETH purchased | |
| 47,219.32 | | |
| 172,013,256 | |
| ETH sold | |
| (38,106.28) | | |
| (127,280,000) | |
| Net change in unrealized appreciation (depreciation) from investment in ETH | |
| — | | |
| (34,062,356) | |
| Net realized gain on investment in ETH | |
| — | | |
| 508,652 | |
| Ending balance as of December 31, 2025 | |
| 53,048.87 | | |
$ | 157,608,454 | |
| | |
| | | |
| | |
| | |
ETH | | |
Fair Value | |
| Beginning balance as of May 20, 2024(a) | |
| — | | |
$ | — | |
| ETH purchased | |
| 49,793.94 | | |
| 154,052,853 | |
| ETH sold | |
| (5,858.11) | | |
| (16,251,349) | |
| Net change in unrealized appreciation (depreciation) from investment in ETH | |
| — | | |
| 10,194,816 | |
| Net realized loss on investment in ETH | |
| — | | |
| (1,567,418) | |
| Ending balance as of December 31, 2024 | |
| 43,935.83 | | |
$ | 146,428,902 | |
| | |
| | | |
| | |
| (a) | Date of seeding, the Trust did not hold any ETH as of May 20, 2024. |
|