What changed in this filing

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Item 1. Financial Statements

2025-08-01 compared with 2025-05-02 · 77 added, 64 removed, 365 unchanged (28% of the section changed)

3 unchanged sentences

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

March 31, 2025

June 30, 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)

Investment in Ether, at fair value (cost $ 1,694,185 and $ 1,590,413 as of June 30, 2025 and December 31, 2024, respectively)

Sponsor’s Fee payable, related party

6 unchanged sentences

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

March 31, 2025

June 30, 2025

Investment in Ether

7 unchanged sentences

GRAYSCALE ETHEREUM MINI TRUST ETF

STATEMEN T OF OPERATIONS (UNAUDITED)

STATEMEN TS OF OPERATIONS (UNAUDITED)

(Amounts in thousands)

Three Months Ended March 31, 2025 (1)

Three Months Ended June 30, 2025 (1)

Six Months Ended June 30, 2025 (1)

Investment income:

4 unchanged sentences

Net investment loss

Net realized and unrealized loss from:

Net realized and unrealized gain (loss) from:

Net realized loss on investment in Ether sold to pay expenses

1 unchanged sentence

Net change in unrealized depreciation on investment in Ether

Net realized and unrealized loss on investment

Net decrease in net assets resulting from operations

Net realized and unrealized gain (loss) on investment

Net increase (decrease) in net assets resulting from operations

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

2 unchanged sentences

G RAYSCALE ETHEREUM MINI TRUST ETF

STATEMENT OF CHANGES IN NET ASSETS (UNAUDITED)

STATEMENTS OF CHANGES IN NET ASSETS (UNAUDITED)

(Amounts in thousands, except change in Shares outstanding)

Three Months Ended March 31, 2025 (1)

Decrease in net assets from operations:

Three Months Ended June 30, 2025

For the Period from May 31, 2024 (Date of Seeding) to June 30, 2024

Six Months Ended June 30, 2025

For the Period from May 31, 2024 (Date of Seeding) to June 30, 2024

Increase (decrease) in net assets from operations:

Net investment loss

2 unchanged sentences

Net change in unrealized depreciation on investment in Ether

Net decrease in net assets resulting from operations

Decrease in net assets from capital share transactions:

Net increase (decrease) in net assets resulting from operations

Increase in net assets from capital share transactions:

Shares issued

Shares redeemed

Net decrease in net assets resulting from capital share transactions

Total decrease in net assets from operations and capital share transactions

Net increase in net assets resulting from capital share transactions

Total increase (decrease) in net assets from operations and capital share transactions

Beginning of period

6 unchanged sentences

Shares outstanding at end of period

(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 .

See accompanying notes to the unaudited financial statements.

GRAYSCALE ETHEREUM MINI TRUST ETF

STATEMENT OF CASH FLOWS (UNAUDITED)

STATEMENTS OF CASH FLOWS (UNAUDITED)

(Amounts in thousands)

Three Months Ended March 31, 2025 (1)

Six Months Ended June 30, 2025

For the Period from May 31, 2024 (Date of Seeding) to June 30, 2024

Cash provided by operating activities

13 unchanged sentences

Net cash used in financing activities

Net increase (decrease) in cash

Net increase in cash

Cash, beginning of period

2 unchanged sentences

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 .

(1) 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.

6 unchanged sentences

(“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.

On May 31, 2024, Grayscale Investments, LLC (“Grayscale” or the “Sponsor”) purchased 10,000 Shares (the “Seed Shares”) for $ 100,000 ($ 10.00 per share).

The Sponsor did not receive from the Trust, or any of its affiliates, any fee or other compensation in connection with the initial seed sale.

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.

On July 22, 2024, in connection with the approval of the 19b-4 Application on July 18, 2024 and the effectiveness of the registration statement on Form S-1, as amended, the Sponsor authorized the commencement of a redemption program.

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.

As of the date of this Quarterly Report, the Trust is an SEC reporting company with its Shares registered pursuant to Section 12(b) of the Exchange Act.

On May 31, 2024, Grayscale Investments, LLC (“GSI”) purchased 10,000 Shares (the “Seed Shares”) for $ 100,000 ($ 10.00 per share).

GSI did not receive from the Trust, or any of its affiliates, any fee or other compensation in connection with the initial seed sale.

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

On July 22, 2024, in connection with the approval of the 19b-4 Application on July 18, 2024 and the effectiveness of the registration statement on Form S-1, as amended, GSI authorized the commencement of a redemption program.

Effective July 23, 2024, the Trust creates and redeems Shares at such times and for such periods as determined by the Sponsor (as defined below), 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 (or cash to acquire such amount of Ether) represented by one Share immediately prior to such creation multiplied by 10,000 .

3 unchanged sentences

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.

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.

2 unchanged sentences

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.

Information related to the affiliated investment products can be found on the Sp onsor’s website at 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”).

Several of the affiliated investment products are SEC reporting companies with their shares registered pursuant to Section 12(g) of 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:

4 unchanged sentences

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 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.

1 unchanged sentence

The Trust, the Sponsor and Coinbase, Inc., the prime broker of the Trust (“Coinbase” or the “Prime Broker”), on behalf of itself and as agent for Coinbase Custody Trust Company, LLC (“Coinbase Custody” or the “Custodian”) and Coinbase Credit, Inc.

(“Coinbase Credit” and, collectively with Coinbase and Coinbase Custody, the “Coinbase Entities”), entered into the Coinbase Prime Broker Agreement governing the Trust’s and the Sponsor’s use of the Custodial and Prime Broker Services provided by the Custodian and the Prime Broker.

(“Coinbase Credit” and, collectively with Coinbase and Coinbase Custody, the “Coinbase Entities”), entered into the Coinbase Prime Broker

Agreement governing the Trust’s and the Sponsor’s use of the Custodial and Prime Broker Services provided by the Custodian and the Prime Broker.

The Prime Broker Agreement establishes the rights and responsibilities of the Custodian, the Prime Broker, the Sponsor and the Trust with respect to the Trust’s Ether which is held in accounts maintained and operated by the Custodian, as a fiduciary with respect to the Trust’s assets, and the Prime Broker (together with the Custodian, the “Custodial Entities”) on behalf of the Trust.

30 unchanged sentences

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 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.

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 June 30, 2025 and December 31, 2024 and results of operations for the three and six months ended June 30, 2025 have been made.

The results of operations for the periods 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 period ended December 31, 2024 included in our Annual Report.

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

53 unchanged sentences

(Amounts in thousands)

March 31, 2025

June 30, 2025

Investment in Ether

7 unchanged sentences

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 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).

As of June 30, 2025 and December 31, 2024 , the Trust held 528,670.39510393 and 470,875.75775088 Ether, respectively.

The Trust determined the fair value per Ether to be $ 2,516.23 and $ 3,340.40 on June 30, 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:

22 unchanged sentences

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

Balance at March 31, 2025

Balance at June 30, 2025

528,670.39510393

4 unchanged sentences

Creations and Redemptions of Shares

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

At June 30, 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 0.0094 of one Ether at both March 31, 2025 and December 31, 2024.

Each Share represented approximately 0.0094 of one Ether at both June 30, 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.

Three Months Ended March 31, 2025

Three Months Ended

June 30, 2025

Six Months Ended

June 30, 2025

Activity in Number of Shares Issued and Redeemed:

3 unchanged sentences

(Amounts in thousands)

Three Months Ended March 31, 2025

Three Months Ended

June 30, 2025

Six Months Ended

June 30, 2025

Activity in Value of Shares Issued and Redeemed:

4 unchanged sentences

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

As of March 31,

As of June 30,

(Amounts in thousands)

2 unchanged sentences

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

As of March 31,

As of June 30,

(Amounts in thousands)

19 unchanged sentences

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

As of, and during the periods ended June 30, 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 March 31, 2025 or December 31, 2024 .

Related Parties

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

The Trust considered the following entities, their directors, and certain employees to be related parties of the Trust as of June 30, 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.

As of June 30, 2025 and December 31, 2024 , 2,305 and 2,505 Shares of the Trust were held by related parties of the Trust, respectively.

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”).

6 unchanged sentences

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 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.

The Trust held no Incidental Rights or IR Virtual Currency as of June 30, 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 and six months ended June 30, 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;

15 unchanged sentences

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.

For the three months ended June 30, 2025, the Trust incurred Sponsor’s Fees of $ 404,742 .

For the period from the Sponsor Fee Waiver Expiration Date through June 30, 2025 , the Trust incurred Sponsor’s Fees of $ 727,181 .

As of June 30, 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.

For the three and six months ended June 30, 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).

15 unchanged sentences

There is a risk that some or all of the Trust’s Ether could be lost or stolen.

There can be no assurance that the Custodian will maintain adequate insurance or that such coverage will cover losses with respect to the Trust’s Ether.

There can be no assurance that the Custodian will maintain adequate insurance

or that such coverage will cover losses with respect to the Trust’s Ether.

Further, transactions in Ether are irrevocable.

12 unchanged sentences

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.

These developments demonstrate the difficulty in applying the federal securities laws to digital assets generally.

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.

6 unchanged sentences

In this case, the Trust and the Sponsor may be deemed to have participated in an illegal offering of securities and there is no guarantee that the Sponsor will be able to register the Trust under the Investment Company Act of 1940 at such time or take such other actions as may be necessary to ensure the Trust’s activities comply with applicable law, which could force the Sponsor to liquidate the Trust.

To the extent a private key required to access an address on the Ethereum Network holding Ether is lost, destroyed or otherwise compromised and no backup of the private keys are accessible, the Trust may be unable to access the Ether controlled by the private key and the private key will not be capable of being restored by the Ethereum Network.

To the extent a private key, held by the Custodian, required to access an address on the Ethereum Network holding Ether is lost, destroyed or otherwise compromised and no backup of the private keys are accessible, the Trust may be unable to access the Ether controlled by the private key and the private key will not be capable of being restored by the Ethereum Network.

The processes by which Ether transactions are settled are dependent on the Ethereum peer-to-peer network, and as such, the Trust is subject to operational risk.

4 unchanged sentences

Financial Highlights Per Share Performance

Three Months Ended March 31, 2025

Three Months Ended June 30, 2025 (1)

Six Months Ended June 30, 2025 (1)

Per Share Data:

Principal Market NAV, beginning of period

Net decrease in net assets from investment operations:

Net increase (decrease) in net assets from investment operations:

Net investment loss

Net realized and unrealized loss

Net decrease in net assets resulting from operations

Net realized and unrealized gain (loss)

Net increase (decrease) in net assets resulting from operations

Principal Market NAV, end of period

1 unchanged sentence

Net investment loss

(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 .

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

8 unchanged sentences

Subsequent Events

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.

As of the close of business on July 28, 2025 , the fair value of Ether determined in accordance with the Trust’s accounting policy was $ 3,798.40 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