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Item 1. Financial Statements

2025-05-02 compared with 2024-11-01 · 143 added, 152 removed, 286 unchanged (51% of the section changed)

Financial Statements (Unaudited)

GRAYSCALE ETHEREUM MINI TRUST (ETH)

STATEMENT OF ASSETS AND LIABILITIES (UNAUDITED)

GRAYSCALE ETHEREUM MINI TRUST ETF

STATEMENTS OF ASSETS AND LIABILITIES (UNAUDITED)

(Amounts in thousands, except Share and per Share amounts)

September 30, 2024 (1)

Investment in Ether, at fair value (cost $ 1,301,240 as of September 30, 2024)

March 31, 2025

December 31, 2024

Investment in Ether, at fair value (cost $ 1,533,185 and $ 1,590,413 as of March 31, 2025 and December 31, 2024, respectively)

Sponsor’s Fee payable, related party

1 unchanged sentence

Shares issued and outstanding, no par value ( unlimited Shares authorized)

Principal market net asset value per Share

(1) No comparative financial statements have been provided as the Trust’s operations commenced on July 23, 2024.

Prior to the commencement of operations on July 23, 2024, the Sponsor redeemed the initial seed capital of 10,000 shares for $ 100,000 .

Principal Market NAV per Share

See accompanying notes to the unaudited financial statements.

GRAYSCALE ETHEREUM MINI TRUST (ETH)

SCHE DULE OF INVESTMENT (UNAUDITED)

GRAYSCALE ETHEREUM MINI TRUST ETF

SCHE DULES OF INVESTMENT (UNAUDITED)

(Amounts in thousands, except quantity of Ether and percentages)

September 30, 2024 (1)

March 31, 2025

Investment in Ether

1 unchanged sentence

Total Investment

(1) No comparative financial statements have been provided as the Trust’s operations commenced on July 23, 2024.

Prior to the commencement of operations on July 23, 2024, the Sponsor redeemed the initial seed capital of 10,000 shares for $ 100,000 .

December 31, 2024

Investment in Ether

470,875.75775088

Total Investment

See accompanying notes to the unaudited financial statements.

GRAYSCALE ETHEREUM MINI TRUST (ETH)

GRAYSCALE ETHEREUM MINI TRUST ETF

STATEMEN T OF OPERATIONS (UNAUDITED)

(Amounts in thousands)

July 23, 2024 (the commencement of the Trust’s operations) to September 30, 2024 (1)

Three Months Ended March 31, 2025 (1)

Investment income:

13 unchanged sentences

See accompanying notes to the unaudited financial statements.

G RAYSCALE ETHEREUM MINI TRUST (ETH)

G RAYSCALE ETHEREUM MINI TRUST ETF

STATEMENT OF CHANGES IN NET ASSETS (UNAUDITED)

(Amounts in thousands, except change in Shares outstanding)

July 23, 2024 (the commencement of the Trust’s operations) to September 30, 2024 (1)

Three Months Ended March 31, 2025 (1)

Decrease in net assets from operations:

4 unchanged sentences

Net decrease in net assets resulting from operations

Increase in net assets from capital share transactions:

Decrease in net assets from capital share transactions:

Shares issued

Shares issued from Initial Distribution (2)

Shares redeemed

Net increase in net assets resulting from capital share transactions

Total increase in net assets from operations and capital share transactions

Net decrease in net assets resulting from capital share transactions

Total decrease in net assets from operations and capital share transactions

Beginning of period

3 unchanged sentences

Shares issued

Shares issued from Initial Distribution (2)

Shares redeemed

3 unchanged sentences

Prior to the commencement of operations on July 23, 2024, the Sponsor redeemed the initial seed capital of 10,000 shares for $ 100,000 .

(2) Represents the impact of the Initial Distribution of 292,262.98913350 Ether, with a value of approximately $ 1,010.9 million from Grayscale Ethereum Trust (ETH), completed on July 23, 2024, as discussed in Note 4.

See accompanying notes to the unaudited financial statements.

GRAYSCALE ETHEREUM MINI TRUST (ETH)

GRAYSCALE ETHEREUM MINI TRUST ETF

STATEMENT OF CASH FLOWS (UNAUDITED)

(Amounts in thousands)

July 23, 2024 (the commencement of the Trust’s operations) to September 30, 2024 (1)

Cash used in operating activities

Three Months Ended March 31, 2025 (1)

Cash provided by operating activities

Net decrease in net assets resulting from operations

Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash used in operating activities:

Adjustments to reconcile net decrease in net assets resulting from operations to net cash provided by operating activities:

Purchases of Ether (2)

Proceeds from Ether sold to pay redemptions and expenses

Net realized (gain) loss

Net change in unrealized depreciation

Proceeds from Ether sold to pay redemptions (2)

Proceeds from Ether sold to pay expenses

Net realized loss

Net change in unrealized depreciation on investment in Ether

Change in operating assets and liabilities:

Sponsor’s Fee payable

Net cash used in operating activities

Cash provided by financing activities

Net cash provided by operating activities

Cash used in financing activities

Proceeds from issuance of capital shares (2)

Payments for capital shares redeemed (2)

Net cash provided by financing activities

Net increase in cash

Net cash used in financing activities

Net increase (decrease) in cash

Cash, beginning of period

Cash, end of period

Supplemental disclosure of noncash financing activities

Transfer of Ether from Initial Distribution (2)

Supplemental disclosure of noncash operating activities

Transfer of Ether to pay for Sponsor’s Fee

(1) No comparative financial statements have been provided as the Trust’s operations commenced on July 23, 2024.

Prior to the commencement of operations on July 23, 2024, the Sponsor redeemed the initial seed capital of 10,000 shares for $ 100,000 .

(2) The proceeds collected by an Authorized Participant from the sale of Shares and the payments for Shares redeemed by an Authorized Participant do not correlate with the amounts in the Statement of Operations and the Statement of Changes in Net Assets for the period due to creations and redemptions occurring at the Index Price as defined in the Trust Agreement.

See accompanying notes to the unaudited financial statements.

GRAYSCALE ETHEREUM MINI TRUST (ETH)

GRAYSCALE ETHEREUM MINI TRUST ETF

N OTES TO THE UNAUDITED FINANCIAL STATEMENTS

Grayscale Ethereum Mini Trust (ETH) (the “Trust”) is a Delaware Statutory Trust that was formed on April 23, 2024 and commenced operations on July 23, 2024.

Grayscale Ethereum Mini Trust ETF (the “Trust”) is a Delaware Statutory Trust that was formed on April 23, 2024 and commenced operations on July 23, 2024.

In general, the Trust holds Ethereum tokens (“Ether”) and, from time to time, issues common units of fractional undivided beneficial interest (“Shares”) in exchange for Ether.

On July 18, 2024, the Securities and Exchange Commission (the “SEC”) approved an application under Rule 19b-4 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) by NYSE Arca, Inc.

(“NYSE Arca”) to list the Shares of the Trust, which began trading on NYSE Arca on July 23, 2024, following the effectiveness of the Registration Statement.

(“NYSE Arca”) to list the Shares of the Trust, which began trading on NYSE Arca on July 23, 2024, following the effectiveness of the Trust’s registration statement on Form S-1, as amended (File No.

As of July 23, 2024, the Trust is an SEC reporting company with its Shares registered pursuant to Section 12(b) of the Exchange Act.

4 unchanged sentences

Effective July 23, 2024, the Trust creates and redeems Shares at such times and for such periods as determined by the Sponsor, but only in one or more whole “Baskets.” A Basket equals 10,000 Shares.

The creation of a Basket requires the delivery to the Trust of the amount of Ether represented by one Share immediately prior to such creation multiplied by 10,000 .

The creation of a Basket requires the delivery to the Trust of the amount of Ether (or cash to acquire such amount of Ether) represented by one Share immediately prior to such creation multiplied by 10,000 .

The redemption of a Basket requires distribution by the Trust of the amount of Ether represented by one Share immediately prior to such redemption multiplied by 10,000 .

1 unchanged sentence

Prior to July 23, 2024, the Trust had no operations other than matters relating to the sale, issuance and redemption of the Seed Shares.

The Trust’s investment objective is for the value of the Shares (based on Ether per Share) to reflect the value of Ether held by the Trust, less the Trust’s expenses and other liabilities.

The Trust may also receive Incidental Rights and/or IR Virtual Currency as a result of the Trust’s investment in Ether, in accordance with the terms of the Trust Agreement.

Incidental Rights are rights to claim, or otherwise establish dominion and control over, any virtual currency or other asset or right, which rights are incident to the Trust’s ownership of Ether and arise without any action of the Trust, or of the Sponsor or Trustee on behalf of the Trust;

IR Virtual Currency is any virtual currency tokens, or other asset or right, received by the Trust through the exercise (subject to the applicable provisions of the Trust Agreement) of any Incidental Right.

The Sponsor has committed to cause the Trust not to take any Affirmative Action to acquire any Incidental Rights or IR Virtual Currency, thereby irrevocably abandoning any Incidental Rights and IR Virtual Currency to which the Trust may become entitled in the future.

Because the Sponsor has now committed to causing the Trust to irrevocably abandon all Incidental Rights and IR Virtual Currency to which the Trust otherwise would become entitled in the future, and causing the Trust not to take any Affirmative Actions, the Trust will not receive any direct or indirect consideration for the Incidental Rights or IR Virtual Currency and thus the value of the Shares will not reflect the value of the Incidental Rights or IR Virtual Currency.

In addition, in the event the Sponsor seeks to change the Trust’s policy with respect to Incidental Rights or IR Virtual Currency, an application would need to be filed with the SEC by NYSE Arca seeking approval to amend its listing rules to permit the Trust to distribute the Incidental Rights or IR Virtual Currency in-kind to an agent of the shareholders for resale by such agent.

Grayscale Investments, LLC acts as the Sponsor of the Trust and is a wholly owned subsidiary of Digital Currency Group, Inc.

The Trust’s investment objective is for the value of the Shares (based on Ether per Share) to reflect the value of the Ether held by the Trust, less the Trust’s expenses and other liabilities.

Grayscale Investments, LLC (“GSI”), the sponsor of the Trust before January 1, 2025, Grayscale Operating, LLC (“GSO”), the co-sponsor of the Trust from January 1, 2025 to May 3, 2025, and Grayscale Investments Sponsors, LLC (“GSIS”), the co-sponsor of the Trust from January 1, 2025 to May 3, 2025 and the sole remaining sponsor thereafter (each of GSI, GSO and GSIS, the “Sponsor”, as the context may require, and GSO and GSIS, together, the “Co-Sponsors”) are each an indirect wholly owned subsidiary of Digital Currency Group, Inc.

The Sponsor is responsible for the day-to-day administration of the Trust pursuant to the provisions of the Trust Agreement.

Grayscale is responsible for preparing and providing annual and quarterly reports on behalf of the Trust to investors and is also responsible for selecting and monitoring the Trust’s service providers.

As partial consideration for the Sponsor’s services, the Trust pays Grayscale a Sponsor’s Fee as discussed in Note 7.

The Sponsor also acts as the sponsor and manager of other investment products including Grayscale Aave Trust (AAVE), Grayscale Avalanche Trust (AVAX), Grayscale Basic Attention Token Trust (BAT) (OTCQB:

GBAT), Grayscale Bitcoin Trust (BTC) (NYSE Arca:

GBTC), Grayscale Bitcoin Cash Trust (BCH) (OTCQX:

BCHG), Grayscale Bitcoin Mini Trust (BTC) (NYSE Arca:

BTC), Grayscale Bittensor Trust (TAO), Grayscale Chainlink Trust (LINK) (OTCQX:

GLNK), Grayscale Decentraland Trust (MANA) (OTCQX:

MANA), Grayscale Ethereum Classic Trust (ETC) (OTCQX:

ETCG), Grayscale Ethereum Trust (ETH) (NYSE Arca:

ETHE), Grayscale Filecoin Trust (FIL) (OTC Markets:

FILG), Grayscale Horizen Trust (ZEN) (OTCQX:

HZEN), Grayscale Litecoin Trust (LTC) (OTCQX:

LTCN), Grayscale Livepeer Trust (LPT) (OTCQX:

GLIV), Grayscale MakerDao Trust (MKR), Grayscale NEAR Trust (NEAR), Grayscale Solana Trust (SOL) (OTCQX:

GSOL), Grayscale Stacks Trust (STX), Grayscale Stellar Lumens Trust (XLM) (OTCQX:

GXLM), Grayscale Sui Trust (SUI), Grayscale XRP Trust, Grayscale Zcash Trust

(ZEC) (OTCQX:

ZCSH), Grayscale Decentralized AI Fund LLC, Grayscale Decentralized Finance (DeFi) Fund LLC (OTCQB:

DEFG), Grayscale Digital Large Cap Fund LLC (OTCQX:

GDLC), and Grayscale Smart Contract Platform Ex Ethereum (ETH) Fund LLC, each of which is an affiliate of the Trust.

The following investment products sponsored or managed by the Sponsor are SEC reporting companies with their shares registered pursuant to Section 12(g) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”):

Grayscale Bitcoin Cash Trust (BCH), Grayscale Ethereum Classic Trust (ETC), Grayscale Horizen Trust (ZEN), Grayscale Litecoin Trust (LTC), Grayscale Stellar Lumens Trust (XLM), Grayscale Zcash Trust (ZEC), and Grayscale Digital Large Cap Fund LLC.

The following investment products sponsored by the Sponsor are also SEC reporting companies with their shares registered pursuant to Section 12(b) of the Exchange Act:

Grayscale Bitcoin Trust (BTC), Grayscale Ethereum Trust (ETH), and Grayscale Bitcoin Mini Trust (BTC).

Grayscale Advisors, LLC, a Registered Investment Advisor and an affiliate of the Sponsor, is the advisor to the Grayscale Future of Finance (NYSE Arca:

GFOF) product.

The Sponsor is responsible for preparing and providing annual and quarterly reports on behalf of the Trust to investors and is also responsible for selecting and monitoring the Trust’s service providers.

As partial consideration for the Sponsor’s services, the Trust pays the Sponsor a Sponsor’s Fee as discussed in Note 7.

The Sponsor also acts as the sponsor and manager of other single-asset and diversified investment products, each of which is an affiliate of the Trust.

Information related to the affiliated investment products can be found on the Sp onsor’s website https://www.grayscale.com/resources/regulatory-filings.

Any information contained on or linked from such website is not part of nor incorporated by reference into these unaudited financial statements.

Several of the affiliated investments products are SEC reporting companies with their shares registered pursuant to Section 12(g) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”).

In addition, the following affiliated investment products are also SEC reporting companies with their shares registered pursuant to Section 12(b) of the Exchange Act:

Grayscale Bitcoin Trust ETF, Grayscale Ethereum Trust ETF, and Grayscale Bitcoin Mini Trust ETF.

Authorized Participants of the Trust are the only entities who may place orders to create or redeem Baskets.

The Sponsor, on behalf of the Trust, and the Transfer Agent entered into Participant Agreements with a number of unaffiliated Authorized Participants in connection with the approval of NYSE Arca’s application under Rule 19b-4 of the Exchange Act, and the Trust has also since engaged other Authorized Participants.

T he Sponsor, on behalf of the Trust, and the Transfer Agent entered into Participant Agreements with a number of unaffiliated Authorized Participants in connection with the approval of NYSE Arca’s application under Rule 19b-4 of the Exchange Act, and the Trust has also since engaged other Authorized Participants.

Additional Authorized Participants may be added at any time, subject to the discretion of the Sponsor.

Liquidity Providers facilitate the purchase and sale of Ether in connection with cash orders for creations or redemptions of Baskets.

The Liquidity Providers with which Grayscale Investments, LLC, acting in its capacity as the “Liquidity Engager,” will engage in Ether transactions are third parties that are not affiliated with the Sponsor or the Trust and are not acting as agents of the Trust, the Sponsor, or any Authorized Participant, and all transactions will be done on an arms-length basis.

Except for the contractual relationships between each Liquidity Provider and Grayscale Investments, LLC in its capacity as the Liquidity Engager, there is no contractual relationship between each Liquidity Provider and the Trust, the Sponsor, or any Authorized Participant.

The Liquidity Providers with which GSIS, acting in its capacity as the “Liquidity Engager,” will engage in Ether transactions are third parties that are not affiliated with the Sponsor or the Trust and are not acting as agents of the Trust, the Sponsor, or any Authorized Participant, and all transactions will be done on an arms-length basis.

Except for the contractual relationships between each Liquidity Provider and GSIS in its capacity as the Liquidity Engager, there is no contractual relationship between each Liquidity Provider and the Trust, the Sponsor, or any Authorized Participant.

The Liquidity Engager may engage additional Liquidity Providers who are unaffiliated with the Trust in the future.

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and (4) make periodic reports to the Trust.

The co-transfer agent for the Trust (the “Co-Transfer Agent”) is Continental Stock Transfer & Trust Company.

The administrator for the Trust (the “Administrator”) is BNY Mellon Asset Servicing, a division of The Bank of New York Mellon.

2 unchanged sentences

The marketing agent for the Trust (the “Marketing Agent”) is Foreside Fund Services, LLC.

Effective July 22, 2024, the Marketing Agent provides the following services to the Sponsor:

The Marketing Agent provides the following services to the Sponsor:

(i) assist the Sponsor in facilitating Participation Agreements between and among Authorized Participants, the Sponsor, on behalf of the Trust, and the Transfer Agent;

3 unchanged sentences

On July 18, 2024, the SEC approved an application under Rule 19b-4 of the Exchange Act by NYSE Arca to list the Shares of the Trust.

Shares of the Trust began trading on NYSE Arca on July 23, 2024, following the effectiveness of the Registration Statement.

Shares of the Trust began trading on NYSE Arca on July 23, 2024, following the effectiveness of the Trust’s registration statement on Form S-1, as amended (File No.

The Trust’s trading symbol on NYSE Arca is “ETH” and the CUSIP number for its Shares is 38964R203.

On November 19, 2024, the Trust completed a 1-for-10 Reverse Share Split of the Trust’s issued and outstanding Shares.

In connection with the Reverse Share Split, shareholders of record on November 19, 2024 received one Share of the Trust for every ten Shares held.

The number of outstanding Shares and per-Share amounts disclosed for periods prior to November 20, 2024 have been retroactively adjusted to reflect the effects of the Reverse Share Split, as applicable.

The Trust may also receive Incidental Rights and/or IR Virtual Currency as a result of the Trust’s investment in Ether, in accordance with the terms of the Trust Agreement.

The Sponsor has committed to cause the Trust to abandon irrevocably for no direct or indirect consideration, effective immediately prior to each time at which the Trust creates or redeems Shares, all Incidental Rights and IR Virtual Currency to which it would otherwise be entitled as of such time.

In furtherance of that commitment, the Prime Broker Agreement provides that the Trust is abandoning irrevocably, for no direct or indirect consideration, effective immediately prior to each Creation Time and each Redemption Time, all Incidental Rights or IR Virtual Currency to which it would otherwise be entitled as of such time.

Summary of Significant Accounting Policies

In the opinion of management of the Sponsor of the Trust, all adjustments (which include normal recurring adjustments) necessary to present fairly the financial position as of September 30, 2024 and results of operations for the period from July 23, 2024 (the commencement of the Trust’s operations) to September 30, 2024 have been made.

As the Trust had no operations other than matters relating to the sale, issuance and redemption of the Seed Shares prior to July 23, 2024, the results of operations for the period presented are not necessarily indicative of the results of operations expected for the full period.

These unaudited financial statements should be read in conjunction with the audited financial statements as of May 31, 2024 included in the Registration Statement.

In the opinion of management of the Sponsor of the Trust, all adjustments (which include normal recurring adjustments) necessary to present fairly the financial position as of March 31, 2025 and December 31, 2024 and results of operations for the three months ended March 31, 2025 have been made.

The results of operations for the period presented are not necessarily indicative of the results of operations expected for the full year.

These unaudited financial statements should be read in conjunction with the audited financial statements for the year ended December 31, 2024 included in our Annual Report.

The following is a summary of significant accounting policies followed by the Trust:

6 unchanged sentences

The Trust conducts its transactions in Ether, including receiving Ether for the creation of Shares and delivering Ether for the redemption of Shares and for the payment of the Sponsor’s Fee.

The Sponsor will determine the Trust’s net asset value (“NAV”) on each business day as of 4:00 p.m., New York time, or as soon thereafter as practicable.

Cash and Cash Equivalents

22 unchanged sentences

The Trust determines its principal market (or in the absence of a principal market the most advantageous market) annually and conducts a quarterly analysis to determine (i) if there have been recent changes to each Digital Asset Market’s trading volume and level of activity in the trailing twelve months, (ii) if any Digital Asset Markets have developed that the Trust has access to, or (iii) if recent changes to each Digital Asset Market’s price stability have occurred that would materially impact the selection of the principal market and necessitate a change in the Trust’s determination of its principal market.

The cost basis of Ether received in connection with a creation order is recorded by the Trust at the fair value of Ether at 4:00 p.m., New York time, on the creation date for financial reporting purposes.

The cost basis of the Ether received by the Trust in connection with a creation order is recorded by the Trust at the fair value of Ether at 4:00 p.m., New York time, on the creation date for financial reporting purposes.

The cost basis recorded by the Trust may differ from proceeds collected by the Authorized Participant from the sale of the corresponding Shares to investors.

19 unchanged sentences

(Amounts in thousands)

September 30, 2024

March 31, 2025

Investment in Ether

Recently Issued Accounting Pronouncements

In December 2023, the FASB issued Accounting Standards Update (“ASU”) 2023-08, Intangibles—Goodwill and Other—Crypto Assets (Subtopic 350-60):

Accounting for and Disclosure of Crypto Assets (“ASU 2023-08”).

ASU 2023-08 is intended to improve the accounting for certain crypto assets by requiring an entity to measure those crypto assets at fair value each reporting period with changes in fair value recognized in net income.

The amendments also improve the information provided to investors about an entity’s crypto asset holdings by requiring disclosure about significant holdings, contractual sale restrictions, and changes during the reporting period.

ASU 2023-08 is effective for annual and interim reporting periods beginning after December 15, 2024.

Early adoption is permitted for both interim and annual financial statements that have not yet been issued.

The Sponsor of the Trust is evaluating this new guidance as of September 30, 2024.

If the Sponsor elects to adopt in a subsequent interim period prior to the effective date, such adoption would be reflected retroactive to the beginning of the fiscal year.

The Sponsor does not anticipate any material impact on its financial statements and disclosures as the Trust historically used fair value as its method of accounting for Ether in accordance with its classification as an investment company for accounting purposes.

Fair Value Measurement Using

(Amounts in thousands)

December 31, 2024

Investment in Ether

Segment Reporting

The Chief Executive Officer and Chief Financial Officer of the Sponsor act as the Trust’s chief operating decision maker (“CODM”).

The Trust represents a single operating segment, as the CODM monitors the operating results of the Trust as a whole and the Trust’s passive investment objective is pre-determined in accordance with the terms of the Trust Agreement.

The financial information in the form of the Trust’s total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations and capital share transactions), which are used by the CODM to assess the segment’s performance, are consistent with that presented within the Trust’s financial statements.

Segment assets are reflected on the accompanying Statements of Assets and Liabilities as Total assets and the only significant segment expense, the Sponsor’s fee, related party, is included in the accompanying Statement of Operations.

Fair Value of Ether

Ether is held by the Custodian on behalf of the Trust and is carried at fair value.

As of September 30, 2024 , the Trust held 391,232.97302030 Ether.

The Trust determined the fair value per Ether to be $ 2,594.43 on September 30, 2024 , using the price provided at 4:00 p.m., New York time, by the Digital Asset Trading Platform Market considered to be the Trust’s principal market (Coinbase).

As of March 31, 2025 and December 31, 2024 , the Trust held 456,425.17192874 and 470,875.75775088 Ether, respectively.

The Trust determined the fair value per Ether to be $ 1,827.33 and $ 3,340.40 on March 31, 2025 and December 31, 2024 , respectively, using the price provided at 4:00 p.m., New York time, by the Digital Asset Trading Platform Market considered to be the Trust’s principal market (Crypto.com).

The following represents the changes in quantity of Ether and the respective fair value:

9 unchanged sentences

Net change in unrealized depreciation on investment in Ether

Net realized gain on investment in Ether sold to pay expenses

Net realized loss on investment in Ether sold to pay expenses

Net realized loss on investment in Ether sold for redemption of Shares

Balance at September 30, 2024

Balance at December 31, 2024

470,875.75775088

(1) Represents the impact of the Initial Distribution of 292,262.98913350 Ether, with a value of approximately $ 1,010.9 million from Grayscale Ethereum Trust (ETH), completed on July 23, 2024, as discussed in Note 4.

The Initial Distribution from the Grayscale Ethereum Trust (ETH)

On July 8, 2024, the Sponsor of the Trust issued a press release announcing that its board of directors declared a pro rata distribution on the Shares of the Trust, pursuant to which each holder of Grayscale Ethereum Trust (ETH) (“ETHE”) shares as of 4:00 PM ET on July 18, 2024 (the “Record Date,” and such holders, the “ETHE Record Holders”) was entitled to receive Shares of the Trust, in connection with its previously announced initial creation and distribution of Shares of the Trust (such transactions collectively, the “Initial Distribution”), as described in a definitive information statement on Schedule 14C filed with the Securities and Exchange Commission on July 18, 2024 by ETHE.

In the Initial Distribution, ETHE contributed approximately 10 % of the Ether that it held as of 4:00 PM ET on the Record Date to the Trust, and each ETHE Record Holder was entitled to receive Shares pro rata based on a 1 :1 ratio, such that for each one (1) ETHE share held by an ETHE Record Holder, such ETHE Record Holder was entitled to receive one (1) Share on the Distribution Date.

In connection therewith, on July 23, 2024, ETHE completed its previously announced pro rata distribution of 310,158,500 Shares of the Trust to shareholders of ETHE as of 4:00 PM ET on the Record Date and contributed to the Trust an amount of Ether equal to approximately 10 % of the total Ether held by ETHE as of the Record Date, equal to 292,262.98913350 Ether, with a value of $ 1,010,934,757 , as consideration and in exchange for the issuance of 310,158,500 Shares of the Trust at $ 3.26 per Share.

It is expected that neither the ETHE Trust nor any beneficial owner of the ETHE shares will recognize any gain or loss for U.S.

federal income tax purposes as a result of the Initial Distribution.

Ether contributed

27,137.15738644

Ether redeemed

( 41,455.92122604

Ether distributed for Sponsor’s Fee, related party

( 131.82198254

Net change in unrealized depreciation on investment in Ether

Net realized loss on investment in Ether sold to pay expenses

Net realized loss on investment in Ether sold for redemption of Shares

Balance at March 31, 2025

456,425.17192874

(1) Represents the impact of the Initial Distribution of 292,262.98913350 Ether, with a value of approximately $ 1,010.9 million from Grayscale Ethereum Trust ETF, completed on July 23, 2024, as discussed in Note 4.

The Initial Distribution from the Grayscale Ethereum Trust ETF

On July 8, 2024, the Sponsor of the Trust at the direction of its board of directors declared a pro rata distribution on the Shares of the Trust, pursuant to which each holder of Grayscale Ethereum Trust ETF (“ETHE”) shares as of 4:00 PM ET on July 18, 2024 (the “Record Date”) was entitled to receive Shares of the Trust, in connection with its previously announced initial creation and distribution of Shares of the Trust (such transactions collectively, the “Initial Distribution”).

On July 23, 2024, ETHE completed its previously announced pro rata distribution of 31,015,850 Shares of the Trust (retroactively adjusted to reflect the 1-for-10 Reverse Share Split of the Trust’s issued and outstanding Shares completed on November 19, 2024) to the shareholders of ETHE as of the Record Date and contributed to the Trust an amount of Ether equal to approximately 10 % of the total Ether held by ETHE as of the Record Date, equal to 292,262.98913350 Ether, with a value of $ 1,010,934,757 , as consideration and in exchange for the issuance of 31,015,850 Shares of the Trust at $ 32.59 per Share (retroactively adjusted to reflect the 1-for-10 Reverse Share Split of the Trust’s issued and outstanding Shares completed on November 19, 2024).

Creations and Redemptions of Shares

At September 30, 2024 , there were an unlimited number of Shares authorized by the Trust.

At March 31, 2025 and December 31, 2024, there were an unlimited number of Shares authorized by the Trust.

The Trust creates and redeems Shares from time to time, but only in one or more Baskets.

2 unchanged sentences

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 0.0009 of one Ether at September 30, 2024.

Each Share represented approximately 0.0094 of one Ether at both March 31, 2025 and December 31, 2024.

The cost basis of investments in Ether recorded by the Trust is the fair value of Ether, as determined by the Trust, at 4:00 p.m., New York time, on the date of transfer to the Trust by the Authorized Participant, or Liquidity Provider, based on the Creation Baskets.

4 unchanged sentences

On July 17, 2024, the SEC approved NYSE Arca’s 19b-4 application to list the Shares of the Trust on NYSE Arca as an exchange-traded product and on July 22, 2024, the Sponsor authorized the commencement of a redemption program once the registration statement on Form S-1, as amended, was declared effective.

July 23, 2024 (the commencement of the Trust’s operations) to September 30, 2024

Three Months Ended March 31, 2025

Activity in Number of Shares Issued and Redeemed:

Shares issued

Shares issued from Initial Distribution (1)

Shares redeemed

1 unchanged sentence

(Amounts in thousands)

July 23, 2024 (the commencement of the Trust’s operations) to September 30, 2024

Three Months Ended March 31, 2025

Activity in Value of Shares Issued and Redeemed:

Shares issued

Shares issued from Initial Distribution (1)

Shares redeemed

Net Change in Value of Shares Issued and Redeemed

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 March 31,

(Amounts in thousands)

As of September 30, 2024

Ether receivable

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Generally, ownership of the Ether is transferred within no more than two business days of the trade date.

As of March 31,

(Amounts in thousands)

As of September 30, 2024

Ether payable

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federal income tax.

Rather, if the Trust is a grantor trust, each beneficial owner of Shares will be treated as directly owning its pro rata Share of the Trust’s assets and a pro rata portion of the Trust’s income, gain, losses and deductions will “flow through” to each beneficial owner of Shares.

Rather, if the Trust is a grantor trust, each beneficial owner of Shares will be treated as directly owning its pro rata Share of the Trust’s assets and a pro rata portion of the Trust’s income, gains, losses and deductions will “flow through” to each beneficial owner of Shares.

If the Trust were not properly classified as a grantor trust, the Trust might be classified as a partnership for U.S.

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In accordance with U.S.

GAAP, the Trust has defined the threshold for recognizing the benefits of tax return positions in the financial statements as “more-likely-than-not” to be sustained by the applicable taxing authority and requires measurement of a tax position meeting the “more-likely-than-not” threshold, based on the largest benefit that is more than 50% likely to be realized.

GAAP, the Trust has defined the threshold for recognizing the benefits of tax positions in the financial statements as “more-likely-than-not” to be sustained by the applicable taxing authority and requires measurement of a tax position meeting the “more-likely-than-not” threshold, based on the largest benefit that is more than 50% likely to be realized.

Tax positions not deemed to meet the “more-likely-than-not” threshold are recorded as a tax benefit or expense in the current period.

As of, and during the period from July 23, 2024 (the commencement of the Trust’s operations) to September 30, 2024, the Trust did not have a liability for any unrecognized tax amounts.

As of, and during the periods ended March 31, 2025 and December 31, 2024, the Trust did no t have a liability for any unrecognized tax amounts.

However, the Sponsor’s conclusions concerning its determination of “more-likely-than-not” tax positions may be subject to review and adjustment at a later date based on factors including, but not limited to, further implementation guidance, and ongoing analyses of and changes to tax laws, regulations and interpretations thereof.

The Sponsor of the Trust has evaluated whether or not there are uncertain tax positions that require financial statement recognition and has determined that no reserves for uncertain tax positions related to federal, state and local income taxes existed as of September 30, 2024 .

Related Parties

The Trust considered the following entities, their directors, and certain employees to be related parties of the Trust as of September 30, 2024 :

DCG, Grayscale, and Grayscale Securities, LLC.

As of September 30, 2024 , 23,058 Shares of the Trust were held by related parties of the Trust.

Genesis Global Trading, Inc.

filed a certificate of dissolution during the three months ended September 30, 2024, and has therefore been removed from the list of related parties.

The Sponsor’s indirect parent, an affiliate of the Trust, holds a minority interest in Coinbase, Inc., the parent company of the Custodian, that represents less than 1.0 % of Coinbase, Inc.’s ownership.

as calculated and published by the Sponsor or its delegates in the manner set forth in the Trust Agreement (the “Sponsor’s Fee”).

The Trust considered the following entities, their directors, and certain employees to be related parties of the Trust as of March 31, 2025 :

DCG, GSO, GSIS, and Grayscale Securities, LLC.

As of both March 31, 2025 and December 31, 2024 , 2,505 Shares of the Trust were held by related parties of the Trust.

In accordance with the Trust Agreement governing the Trust, the Trust pays a fee to the Sponsor, calculated as 0.15 % of the aggregate value of the Trust’s assets, less its liabilities (which include any accrued but unpaid expenses up to, but excluding, the date of calculation), as calculated and published by the Sponsor or its delegates in the manner set forth in the Trust Agreement (the “Sponsor’s Fee”).

The Sponsor’s Fee accrues daily in U.S.

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dollar value of Ether is determined by reference to the Digital Asset Trading Platform Market that the Trust considers its principal market as of 4:00 p.m., New York time, on each valuation date.

The Trust held no Incidental Rights or IR Virtual Currency as of September 30, 2024 .

No Incidental Rights or IR Virtual Currencies have been distributed in payment of the Sponsor’s Fee during the period from July 23, 2024 (the commencement of the Trust’s operations) to September 30, 2024 .

The Trust held no Incidental Rights or IR Virtual Currency as of March 31, 2025 and December 31, 2024 .

No Incidental Rights or IR Virtual Currencies have been distributed in payment of the Sponsor’s Fee during the three months ended March 31, 2025.

As partial consideration for receipt of the Sponsor’s Fee, the Sponsor is obligated under the Trust Agreement to assume and pay all fees and other expenses incurred by the Trust in the ordinary course of its affairs, excluding taxes, but including marketing fees;

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The Sponsor, from time to time, may temporarily waive all or a portion of the Sponsor’s Fee of the Trust in its discretion for stated periods of time.

Effective July 23, 2024, the Sponsor has determined to waive a portion of the Sponsor’s Fee for the first six months, so that the fee will be 0 % of the NAV of the Trust for the first $ 2.0 billion of the Trust’s assets.

If the Trust’s assets exceed $2.0 billion prior to the end of the six-month period, the Sponsor’s Fee charged on assets over $2.0 billion will be 0.15 %.

All investors will incur the same Sponsor’s Fee, which is the weighted average of those fee rates.

After the six-month waiver period is over, the Sponsor’s Fee will be 0.15 %.

As of the date of this Quarterly Report, the Trust’s assets did not exceed $ 2.0 billion and no Sponsor’s Fee has been incurred.

Effective July 23, 2024, the Sponsor determined to waive a portion of the Sponsor’s Fee for the first six months of the Trust’s operation, so that the fee was 0 % of the NAV of the Trust for the first $ 2.0 billion of the Trust’s assets.

If the Trust’s assets exceeded $2.0 billion prior to the end of the six-month period, the Sponsor’s Fee charged on assets over $2.0 billion would have become 0.15 %.

Following the expiration date of the six-month waiver period on January 23, 2025 (the “Sponsor’s Fee Waiver Expiration Date”), the Sponsor’s Fee is 0.15 %.

For the period from the Sponsor’s Fee Waiver Expiration Date through March 31, 2025 , the Trust incurred Sponsor’s Fees of $ 322,439 .

As of March 31, 2025 , there were no accrued and unpaid Sponsor’s Fees.

In addition, the Sponsor may pay Additional Trust Expenses on behalf of the Trust, which are reimbursable by the Trust to the Sponsor.

For the three months ended March 31, 2025, the Sponsor did not pay any Additional Trust Expenses on behalf of the Trust.

On May 31, 2024, the Sponsor purchased 10,000 Shares for $ 100,000 ($ 10.00 per share).

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Subsequently, on July 16, 2024, the Sponsor caused the Trust to distribute $ 100,000 to the Sponsor in redemption of the 10,000 Shares held by the Sponsor.

As previously described in Note 4, on July 23, 2024, ETHE completed its previously announced pro rata distribution of 310,158,500 Shares of the Trust to shareholders of ETHE as of 4:00 PM ET on the Record Date and contributed to the Trust an amount of Ether equal to approximately 10 % of the total Ether held by ETHE as of the Record Date, equal to 292,262.98913350 Ether, as consideration and in exchange for the issuance of Shares of the Trust.

As previously described in Note 4, on July 23, 2024, ETHE completed its previously announced pro rata distribution of 31,015,850 Shares of the Trust (retroactively adjusted to reflect the 1-for-10 Reverse Share Split of the Trust’s issued and outstanding Shares completed on November 19, 2024) to the shareholders of ETHE as of 4:00 PM ET on the Record Date and contributed to the Trust an amount of Ether equal to approximately 10 % of the total Ether held by ETHE as of the Record Date, equal to 292,262.98913350 Ether, as consideration and in exchange for the issuance of Shares of the Trust.

Risks and Uncertainties

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The Principal Market NAV of the Trust, calculated by reference to the principal market price in accordance with U.S.

GAAP, relates primarily to the value of Ether held by the Trust, and fluctuations in the price of Ether could materially and adversely affect an investment in the Shares of the Trust.

GAAP, relates primarily to the value of the Ether held by the Trust, and fluctuations in the price of Ether could materially and adversely affect an investment in the Shares of the Trust.

The price of Ether has a limited history.

During such history, Ether prices have been volatile and subject to influence by many factors, including the levels of liquidity.

If the Digital Asset Markets continue to experience significant price fluctuations, the Trust may experience losses.

If Digital Asset Markets continue to experience significant price fluctuations, the Trust may experience losses.

Several factors may affect the price of Ether, including, but not limited to, global Ether supply and demand, theft of Ether from global trading platforms or vaults, competition from other forms of digital currency or payment services, global or regional political, economic or financial conditions, and other unforeseen events and situations.

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As a result, any incorrectly executed Ether transactions could adversely affect an investment in the Shares.

The SEC has stated that certain digital assets may be considered “securities” under the federal securities laws.

The SEC, at least under the prior administration, has stated that certain digital assets may be considered “securities” under the federal securities laws.

The test for determining whether a particular digital asset is a “security” is complex and difficult to apply, and the outcome is difficult to predict.

Public, though non-binding, statements by senior officials at the SEC have indicated that the SEC did not consider Bitcoin or Ether to be securities, and does not currently consider Bitcoin to be a security.

In addition, the SEC appears to have implicitly accepted that Ether is not a security (i) by not objecting to Ether futures trading on Commodity Futures Trading Commission-regulated markets under rules designed for futures on non-security commodity underliers and (ii) by approving the listing and trading of exchange-traded products (“ETPs”) that invest in Ether (i.e., approving the redemption of shares of the Trust) under the rules for commodity-based trust shares, without requiring these ETPs to be registered as investment companies.

A number of SEC and SEC staff actions with respect to a variety of digital assets demonstrate this difficulty.

For example, public though non-binding, statements by senior officials at the SEC have indicated that the SEC did not consider Bitcoin or Ether to be securities, and does not currently consider Bitcoin to be a security.

In addition, the SEC appears to have implicitly taken the view that Ether is not a security (i) by not objecting to Ether futures trading on Commodity Futures Trading Commission-regulated markets under rules designed for futures on non-security commodity underliers and (ii) by approving the listing and trading of exchange-traded products (“ETPs”) that invest in Ether (i.e., approving the redemption of shares of the Trust) under the rules for commodity-based trust shares, without requiring these ETPs to be registered as investment companies.

Likewise, in various courts filings and arguments the SEC has distinguished Ether from assets that it claimed were securities, and in judicial opinions, courts have accepted or even assumed that Ether is not a security.

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The SEC staff has also provided informal assurances via no-action letter to a handful of promoters that their digital assets are not securities.

On the other hand, the SEC has brought enforcement actions against the issuers and promoters of several other digital assets on the basis that the digital assets in question are securities and has not formally or explicitly confirmed that it does not deem Ether to be a security.

Moreover, the SEC’s Division of Corporation Finance has published statements that it does not consider, under certain circumstances, “meme coins” or some stablecoins to be securities.

However, such statements may be withdrawn at any time without notice and comment by the Division of Corporation Finance at the SEC or the SEC itself.

In addition, the SEC has brought enforcement actions against the issuers and promoters of several other digital assets on the basis that the digital assets in question are securities and has not formally or explicitly confirmed that it does not deem Ether to be a security.

Even though the Trust only holds Ether, these developments demonstrate the difficulty in applying the federal securities laws to digital assets generally, including Ether.

In January 2025, the SEC launched a crypto task force dedicated to developing a comprehensive and clear regulatory framework for digital assets led by Commissioner Hester Peirce.

Subsequently, Commissioner Peirce announced a list of specific priorities to further that initiative, which included pursuing final rules related to a digital asset’s security status, a revised path to registered offerings and listings for digital assets-based investment vehicles, and clarity regarding digital asset custody, lending, and staking.

However, the efforts of the crypto task force have only just begun, and how or whether the SEC regulates digital asset activity in the future remains to be seen.

If Ether is determined to be a “security” under federal or state securities laws by the SEC or any other agency, or in a proceeding in a court of law or otherwise, it may have material adverse consequences for Ether.

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Financial Highlights Per Share Performance

July 23, 2024 (the commencement of the Trust’s operations) to September 30, 2024

Three Months Ended March 31, 2025

Per Share Data:

Principal market net asset value, initial creation

Net increase in net assets from investment operations:

Principal Market NAV, beginning of period

Net decrease in net assets from investment operations:

Net investment loss

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Net decrease in net assets resulting from operations

Principal market net asset value, end of period

Principal Market NAV, end of period

Ratios to average net assets:

Net investment loss

Gross expenses

Ratios of net investment loss and expenses to average net assets have been annualized.

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The amount shown for a Share outstanding throughout the period may not correlate with the Statement of Operations for the period due to the number of Shares issued in Creations occurring at an operational value derived from an operating metric as defined in the Trust Agreement.

Total return is calculated assuming an initial investment made at the Principal Market NAV at the beginning of the period and assuming redemption on the last day of the period and has not been annualized.

Total return is calculated assuming an initial investment made at the Principal Market NAV at the beginning of the period and assuming redemption on the last day of the period .

Indemnifications

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Subsequent Events

As of the close of business on October 28, 2024 , the fair value of Ether determined in accordance with the Trust’s accounting policy was $ 2,505.39 per Ether.

On October 24, 2024, the Sponsor of the Trust announced its intention to change the name of the Trust to Grayscale Ethereum Mini Trust ETF, effective November 4, 2024.

In connection with the name change the Sponsor plans to amend the Amended and Restated Declaration of Trust and Trust Agreement, as amended, to reflect the name change, also effective November 4, 2024.

Trading under the new name is expected to begin on November 4, 2024.

Following effectiveness of the name change, Shares of the Trust will continue to trade on NYSE Arca under the trading symbol “ETH.”

As of the close of business on April 28, 2025 , the fair value of Ether determined in accordance with the Trust’s accounting policy was $ 1,797.80 per Ether.

There are no known events that have occurred that require disclosure other than that which has already been disclosed in these notes to the financial statements.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements