11 unchanged sentences
333-278878), the Sponsor authorized the commencement of a redemption program.
−Removed: Shares of the Trust began trading on NYSE Arca on July 23, 2024, following the effectiveness of the registration statement on Form S-1.
+Added: 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.
The Trust issues Shares only in one or more blocks of 10,000 Shares (a block of 10,000 Shares is called a “Basket”) to certain Authorized Participants from time to time.
7 unchanged sentences
As a result of the Merger, GSO succeeded by operation of law to all the rights, powers, privileges and franchises and became subject to all of the obligations, liabilities, restrictions and disabilities of GSI, including with respect to the Sponsor Contracts (as defined below), all as provided under the Delaware Limited Liability Company Act.
−Removed: The Reorganization is not expected to have any material impact on the operations of the Trust.
+Added: The Reorganization has not had any material impact on the operations of the Trust.
In connection with the Reorganization, on January 1, 2025, and promptly following the effectiveness of the Merger, GSO assigned certain contracts pertaining to its role as Sponsor (as such term is defined in the Trust Agreement) of the Trust (such contracts, the “Sponsor Contracts”) to GSIS, a Delaware limited liability company and a wholly owned direct subsidiary of GSO, whereby GSIS assumed all of the rights and obligations of GSO under the Sponsor Contracts.
2 unchanged sentences
GSIS shall be subject to the rights and obligations of a Sponsor under the Trust Agreement.
−Removed: On January 3, 2025, GSO voluntarily withdrew as a Sponsor of the Trust pursuant to the terms of the Trust Agreement, and, effective May 3, 2025, GSIS shall be the sole remaining Sponsor of the Trust.
+Added: On January 3, 2025, GSO voluntarily withdrew as a Sponsor of the Trust pursuant to the terms of the Trust Agreement, and, effective May 3, 2025, GSIS became the sole remaining Sponsor of the Trust.
Critical Accounting Policies and Estimates
32 unchanged sentences
Review of Financial Results (unaudited)
−Removed: Financial Highlights for the Three Months Ended March 31, 2025
+Added: Financial Highlights for the Three and Six Months Ended June 30, 2025
(All amounts in the following table and the subsequent paragraphs, except Share, per Share, Ether and price of Ether amounts, are in thousands)
−Removed: Three Months Ended March 31, 2025
−Removed: Net realized and unrealized loss on investment in Ether
−Removed: Net decrease in net assets resulting from operations
+Added: Three Months Ended
+Added: June 30, 2025
+Added: Six Months Ended June 30, 2025
+Added: Net realized and unrealized gain (loss) on investment in Ether
+Added: Net increase (decrease) in net assets resulting from operations
Net assets (1)
1 unchanged sentence
GAAP based on the Digital Asset Market price of Ether on the Digital Asset Trading Platform that the Trust considered its principal market, as of 4:00 p.m., New York time, on the valuation date.
−Removed: Net realized and unrealized loss on investment in Ether for the three months ended March 31, 2025 was ($716,962), which includes a realized loss of ($122) on the transfer of Ether to pay the Sponsor’s Fee, a realized loss of ($35,193) on the sale of Ether to meet redemptions, and net change in unrealized depreciation on investment in Ether of ($681,647).
−Removed: Net realized and unrealized loss on investment in Ether for the period was driven by Ether price depreciation from $3,340.40 per Ether as of December 31, 2024, to $1,827.33 per Ether as of March 31, 2025.
−Removed: Net decrease in net assets resulting from operations was ($717,285) for the three months ended March 31, 2025, which consisted of the net realized and unrealized loss on investment in Ether, plus the Sponsor’s Fee of $323.
−Removed: Net assets decreased to $834,039 at March 31, 2025, a 47% decrease for the three-month period.
+Added: Net realized and unrealized gain on investment in Ether for the three months ended June 30, 2025 was $328,962, which includes a realized loss of ($188) on the transfer of Ether to pay the Sponsor’s Fee, a realized loss of ($6,067) on the sale of Ether to meet redemptions, and net change in unrealized depreciation on investment in Ether of $335,217.
+Added: Net realized and unrealized gain on investment in Ether for the period was driven by Ether price appreciation from $1,827.33 per Ether as of March 31, 2025, to $2,516.23 per Ether as of June 30, 2025.
+Added: Net increase in net assets resulting from operations was $328,556 for the three months ended June 30, 2025, which consisted of the net realized and unrealized gain on investment in Ether, less the Sponsor’s Fee of $406.
+Added: Net assets increased to $1,330,256 at June 30, 2025, a 59% increase for the three-month period.
+Added: The increase in net assets resulted from the aforementioned Ether price appreciation and the contribution of approximately 78,927 Ether with a value of $182,637 to the Trust in connection with Share creations during the period, partially offset by the withdrawal of approximately 183 Ether to pay the foregoing Sponsor’s Fee, and the redemption of approximately 6,499 Ether with a value of $14,976 from the Trust.
+Added: Net realized and unrealized loss on investment in Ether for the six months ended June 30, 2025 was ($388,000), which includes a realized loss of ($310) on the transfer of Ether to pay the Sponsor’s Fee, a realized loss of ($41,260) on the sale of Ether to meet redemptions, and net change in unrealized depreciation on investment in Ether of ($346,430).
+Added: Net realized and unrealized loss on investment in Ether for the period was driven by Ether price depreciation from $3,340.40 per Ether as of December 31, 2024, to $2,516.23 per Ether as of June 30, 2025.
+Added: Net decrease in net assets resulting from operations was ($388,729) for the six months ended June 30, 2025, which consisted of the net realized and unrealized loss on investment in Ether, plus the Sponsor’s Fee of $729.
+Added: Net assets decreased to $1,330,256 at June 30, 2025, a 15% decrease for the six-month period.
The decrease in net assets resulted from the aforementioned Ether price depreciation, the withdrawal of approximately 315 Ether to pay the foregoing Sponsor’s Fee, and the redemption of approximately 47,955 Ether, with a value of $119,392 from the Trust, partially offset by the contribution of approximately 106,064 Ether with a value of $265,463 to the Trust in connection with Share creations during the period.
11 unchanged sentences
In exchange for the Sponsor’s Fee, the Sponsor has agreed to assume most of the expenses incurred by the Trust.
−Removed: As a result, the only ordinary expense of the Trust during the period covered by this Quarterly Report was the Sponsor’s Fee.
+Added: As a result, the only ordinary expense of the Trust during the periods covered by this Quarterly Report was the Sponsor’s Fee.
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.
2 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%.
−Removed: For the period from the Sponsor’s Fee Waiver Expiration Date through March 31, 2025, the Trust incurred Sponsor’s Fees of $322,439.
+Added: For the period from the Sponsor’s Fee Waiver Expiration Date through June 30, 2025, the Trust incurred Sponsor’s Fees of $727,181.
The Trust is not aware of any trends, demands, conditions or events that are reasonably likely to result in material changes to its liquidity needs.
Selected Operating Data
−Removed: Three Months Ended March 31, 2025
+Added: Three Months Ended
+Added: June 30, 2025
+Added: Six Months Ended June 30, 2025
(All Ether balances are rounded to the nearest whole Ether)
7 unchanged sentences
Closing balance
−Removed: As of March 31, 2025
+Added: As of June 30, 2025
Price of Ether on principal market (1)
2 unchanged sentences
NAV per Share (3)
−Removed: (1) The Trust performed an assessment of the principal market at March 31, 2025, and identified the principal market as Crypto.com.
−Removed: (2) As of March 31, 2025, the Principal Market NAV per Share was calculated using the fair value of Ether based on the price provided by Crypto.com, the Digital Asset Trading Platform that the Trust considered its principal market, as of 4:00 p.m., New York time, on the valuation date.
+Added: (1) The Trust performed an assessment of the principal market at June 30, 2025, and identified the principal market as Crypto.com.
+Added: (2) As of June 30, 2025, the Principal Market NAV per Share was calculated using the fair value of Ether based on the price provided by Crypto.com, the Digital Asset Trading Platform that the Trust considered its principal market, as of 4:00 p.m., New York time, on the valuation date.
(3) The Trust’s NAV per Share is derived from the Index Price as represented by the Index as of 4:00 p.m., New York time, on the valuation date.
1 unchanged sentence
Business—Overview of the Ethereum Industry and Market—Ether Value—The Index and the Index Price” in our Annual Report for a description of the Index and the Index Price.
−Removed: The Digital Asset Trading Platforms (the “Constituent Trading Platforms”) included in the Index as of March 31, 2025 were Coinbase, Kraken, Bullish, and Crypto.com.
−Removed: On March 23, 2025, the Index Provider removed LMAX Digital from the Index due to the trading platform not meeting the Index Provider’s minimum liquidity requirement, and added Bullish to the Index, as part of its scheduled quarterly review.
+Added: On June 22, 2025, the Index Provider added LMAX Digital to the Index due to the trading platform meeting the Index Provider’s minimum liquidity requirement, and did not remove any Constituent Trading Platforms as part of its scheduled quarterly review.
+Added: The Digital Asset Trading Platforms included in the Index (the “Constituent Trading Platforms”) as of June 30, 2025 were Coinbase, Kraken, Bullish, Crypto.com, and LMAX Digital.
Business—Valuation of Ether and Determination of NAV” in our Annual Report for a description of the Trust’s NAV per Share.
1 unchanged sentence
Creation and redemption orders are settled on T+1 or T+2, as established at the time of order placement, and therefore the Ether for proceeds receivable or payable with respect to such creations and redemptions, respectively, are recorded as a receivable or payable until the Ether are delivered or removed from the Trust for settlement.
−Removed: As of March 31, 2025, the Trust had a net closing balance of 456,425.17192874 Ether with a value of $833,619,498, based on the Index Price of $1,826.41 on March 31, 2025 (non-GAAP methodology).
−Removed: As of March 31, 2025, the total market value of the Trust’s Ether was $834,039,409, based on the price of one Ether in the principal market (Crypto.com) of $1,827.33 on March 31, 2025.
+Added: As of June 30, 2025, the Trust had a net closing balance of 528,670.39510393 Ether with a value of $1,331,223,775, based on the Index Price of $2,518.06 on June 30, 2025 (non-GAAP methodology).
+Added: As of June 30, 2025, the total market value of the Trust’s Ether was $1,330,256,308, based on the price of one Ether in the principal market (Crypto.com) of $2,516.23 on June 30, 2025.
Historical NAV and Ether Prices
2 unchanged sentences
Movements may be influenced by various factors, including, but not limited to, government regulation, security breaches experienced by service providers, as well as political and economic uncertainties around the world.
−Removed: The following chart illustrates the movement in the Trust’s NAV per Share (as adjusted for the Reverse Share Split for periods prior to November 20, 2024) versus the Index Price and the Trust’s Principal Market NAV per Share (as adjusted for the Reverse Share Split for periods prior to November 20, 2024) from July 23, 2024 (the commencement of the Trust’s operations) to March 31, 2025.
+Added: The following chart illustrates the movement in the Trust’s NAV per Share (as adjusted for the Reverse Share Split for periods prior to November 20, 2024) versus the Index Price and the Trust’s Principal Market NAV per Share (as adjusted for the Reverse Share Split for periods prior to November 20, 2024) from July 23, 2024 (the commencement of the Trust’s operations) to June 30, 2025.
For more information on the determination of the Trust’s NAV, see “Item 1.
Business—Overview of the Ethereum Industry and Market—Ether Value—The Index and the Index Price” in our Annual Report.
−Removed: The following table illustrates the movements in the Index Price from July 23, 2024 (the commencement of the Trust’s operations) to March 31, 2025.
−Removed: During such period, the Index Price has ranged from $1,813.80 to $4,050.21, with the straight average being $2,819.26 through March 31, 2025.
−Removed: The Sponsor has not observed a material difference between the Index Price and average prices from the Constituent Trading Platforms individually or as a group.
+Added: The following table illustrates the movements in the Index Price from July 23, 2024 (the commencement of the Trust’s operations) to June 30, 2025.
+Added: During such period, the Index Price has ranged from $1,465.07 to $4,050.21, with the straight average being $2,652.88 through June 30, 2025.
+Added: The Sponsor has not observed a material difference between the Index Price and average prices from the Constituent Trading Platforms as of June 30, 2025, individually or as a group.
End of period
Last business day
−Removed: July 23, 2024 (the commencement of the Trust’s operations) to March 31, 2025
−Removed: The following table illustrates the movements in the Digital Asset Market price of Ether, as reported on the Trust’s principal market, from July 23, 2024 (the commencement of the Trust’s operations) to March 31, 2025.
−Removed: During such period, the price of Ether has ranged from $1,813.87 to $4,053.28, with the straight average being $2,819.22 through March 31, 2025.
+Added: July 23, 2024 (the commencement of the Trust’s operations) to June 30, 2025
+Added: The following table illustrates the movements in the Digital Asset Market price of Ether, as reported on the Trust’s principal market, from July 23, 2024 (the commencement of the Trust’s operations) to June 30, 2025.
+Added: During such period, the price of Ether has ranged from $1,465.40 to $4,053.28, with the straight average being $2,652.82 through June 30, 2025.
Digital Asset Market Price
2 unchanged sentences
Last business day
−Removed: July 23, 2024 (the commencement of the Trust’s operations) to March 31, 2025
−Removed: The following chart sets out the historical closing prices for the Shares as reported by NYSE Arca from July 23, 2024 (the commencement of the Trust’s operations) to March 31, 2025 and the Trust’s NAV per Share from July 23, 2024 (the commencement of the Trust’s operations) to March 31, 2025.
+Added: July 23, 2024 (the commencement of the Trust’s operations) to June 30, 2025
+Added: The following chart sets out the historical closing prices for the Shares as reported by NYSE Arca from July 23, 2024 (the commencement of the Trust’s operations) to June 30, 2025 and the Trust’s NAV per Share from July 23, 2024 (the commencement of the Trust’s operations) to June 30, 2025.
ETH Premium/(Discount):
1 unchanged sentence
NAV per Share (Non-GAAP) ($)
−Removed: The following chart sets out the historical premium and discount for the Shares calculated as a percentage of the historical closing prices for the Shares as reported by NYSE Arca from July 23, 2024 (the commencement of the Trust’s operations) to March 31, 2025 divided by the Trust’s NAV per Share from July 23, 2024 (the commencement of the Trust’s operations) to March 31, 2025.
+Added: The following chart sets out the historical premium and discount for the Shares calculated as a percentage of the historical closing prices for the Shares as reported by NYSE Arca from July 23, 2024 (the commencement of the Trust’s operations) to June 30, 2025 divided by the Trust’s NAV per Share from July 23, 2024 (the commencement of the Trust’s operations) to June 30, 2025.
ETH Premium/(Discount):
2 unchanged sentences
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.