v3.26.1
Creations and Redemptions of Shares
 6 Months Ended
Jun. 30, 2026
Equity [Abstract]  
Creations and Redemptions of Shares

5. Creations and Redemptions of Shares

The Trust creates and redeems Shares from time to time, but only in one or more Baskets issued to the Authorized Participant in exchange for the delivery of Ether to the Trust or the distribution of Ether by the Trust. The amount of Ether required for each Creation Basket or Redemption Basket is determined by dividing (x) the amount of Ether owned by the Trust at 4:00 p.m., New York time, on such trade date of a creation or redemption order, after deducting the amount of Ether representing the U.S. dollar value of accrued but unpaid fees and expenses of the Trust, by (y) the number of Shares outstanding at such time and multiplying the quotient obtained by 10,000. Each Share represented approximately 0.0081 and 0.0082 of one Ether at June 30, 2026 and December 31, 2025, respectively. The decrease in the amount of Ether represented by each Share is primarily a result of the periodic withdrawal of Ether to pay the Sponsor’s Fee.

As of the date of this Quarterly Report, Authorized Participants may only submit orders to create or redeem Shares through transactions that are referred to as “cash orders”, as the agreements with Authorized Participants do not currently provide for in-kind creations and redemptions.

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Activity in Number of Shares Issued and Redeemed:

 

 

 

 

 

 

 

 

 

 

 

 

Shares issued

 

 

1,690,000

 

 

 

3,040,000

 

 

 

12,330,000

 

 

 

7,010,000

 

Shares redeemed

 

 

(10,560,000

)

 

 

(12,920,000

)

 

 

(27,380,000

)

 

 

(39,960,000

)

Net Change in Number of Shares Issued and Redeemed

 

 

(8,870,000

)

 

 

(9,880,000

)

 

 

(15,050,000

)

 

 

(32,950,000

)

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

(Amounts in thousands)

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Activity in Value of Shares Issued and Redeemed:

 

 

 

 

 

 

 

 

 

 

 

 

Shares issued

 

$

27,261

 

 

$

64,761

 

 

$

261,371

 

 

$

145,024

 

Shares redeemed

 

 

(179,607

)

 

 

(205,781

)

 

 

(541,860

)

 

 

(811,599

)

Shares distributed in sponsor staking rewards

 

 

(6,760

)

 

 

-

 

 

 

(21,150

)

 

 

-

 

Net Change in Value of Shares Issued and Redeemed

 

$

(159,106

)

 

$

(141,020

)

 

$

(301,639

)

 

$

(666,575

)

Ether receivable represents the value of Ether covered by contractually binding orders for the creation of Shares where the Ether has not yet been transferred to the Trust’s account. Generally, ownership of the Ether is transferred within no more than two business days of the trade date.

 

 

As of June 30,

 

(Amounts in thousands)

 

2026

 

 

2025

 

Ether receivable

 

$

-

 

 

$

-

 

Ether payable represents the value of Ether covered by contractually binding orders for the redemption of Shares where the Ether has not yet been transferred out of the Trust’s account. Generally, ownership of the Ether is transferred within no more than two business days of the trade date.

 

 

As of June 30,

 

(Amounts in thousands)

 

2026

 

 

2025

 

Ether payable

 

$

-

 

 

$

-