v3.26.1
Fair Value of Ether
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Fair Value of Ether

3. Fair Value of Ether

As of June 30, 2026, the Trust held a net closing balance of 106,742.1564 ether with a total market value of $168,280,077 based on the CME CF Ether - Dollar Reference Rate - New York Variant ("ETHUSD_NY") price of $1,576.51, used to determine the Trust's NAV. The total market value of the Trust's ether held was $168,495,696 based on the price of ether (Lukka Prime Rate) in the principal market (Crypto.com) of $1,578.53, used to determine the Trust's Principal Market NAV.

 

The following represents the changes in quantity of ether and the respective fair value for the six-month period ended June 30, 2026:

 

 

Quantity of ether

 

 

Fair Value
(amounts in thousands)

 

Beginning balance as of December 31, 2025

 

 

115,663.9141

 

 

$

343,746

 

Purchases

 

 

45,314.6338

 

 

 

119,880

 

In-Kind Redemptions

 

 

(2,504.9565

)

 

 

(5,123

)

Sales for the redemption of Shares

 

 

(51,612.9369

)

 

 

(124,611

)

Ether transferred for Sponsor Fee

 

 

(118.4981

)

 

 

(279

)

Net realized gain (loss) from investment in ether transferred to pay Sponsor Fee

 

 

—

 

 

 

78

 

Net realized gain (loss) from In-Kind Redemptions of ether

 

 

—

 

 

 

868

 

Net realized gain (loss) from investment in ether sold for redemptions

 

 

—

 

 

 

(45,336

)

Change in unrealized appreciation (depreciation) from investment in ether

 

 

—

 

 

 

(120,727

)

Ending balance as of June 30, 2026

 

 

106,742.1564

 

 

$

168,496

 

 

Additions during the year primarily represent ether purchased due to creations into the Trust and In-Kind Creations. Dispositions during the year represent ether sold as a result of shareholder redemptions from the Trust and in-kind redemptions. In addition, ether was transferred to pay the Sponsor Fee of the Trust. For the six months ended June 30, 2026, the Trust recognized net realized losses of $44,389,730, which represents the net of cumulative realized gains of $945,688 and cumulative realized losses of $45,335,418.

 

As of December 31, 2025, the Trust held a net closing balance of 115,663.9141 ether with a total market value of $342,919,216 based on the ETHUSD_NY price per ether of $2,964.79, used to determine the Trust's NAV. The total market value of the Trust's ether held was $343,746,213 based on the price per ether (Lukka Prime Rate) in the principal market (Crypto.com) of $2,971.94, used to determine the Trust's Principal Market NAV.

 

The following represents the changes in quantity of ether and the respective fair value for the period from December 31, 2024 to December 31, 2025:

 

 

Quantity of ether

 

 

Fair Value
(amounts in thousands)

 

Beginning balance as of December 31, 2024

 

 

121,101.8582

 

 

$

404,529

 

Purchases

 

 

156,792.8617

 

 

 

576,881

 

Sales for the redemption of Shares

 

 

(162,038.8128

)

 

 

(582,989

)

Ether transferred for Sponsor Fee

 

 

(191.9930

)

 

 

(599

)

Net realized gain (loss) from investment in ether transferred to pay Sponsor Fee

 

 

—

 

 

 

249

 

Net realized gain (loss) from investment in ether sold for redemptions

 

 

—

 

 

 

(54,632

)

Change in unrealized appreciation (depreciation) from investment in ether

 

 

—

 

 

 

307

 

Ending balance as of December 31, 2025

 

 

115,663.9141

 

 

$

343,746