What changed in this filing

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Item 1. Financial Statements

2026-08-07 compared with 2026-05-08 · 58 added, 53 removed, 332 unchanged (25% of the section changed)

3 unchanged sentences

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

March 31, 2026

June 30, 2026

December 31, 2025

Investment in Ether, at fair value (cost $ 2,765,538 and $ 2,537,390 as of March 31, 2026 and December 31, 2025, respectively)

Investment in Ether, at fair value (cost $ 2,682,582 and $ 2,537,390 as of June 30, 2026 and December 31, 2025, respectively)

Sponsor’s Staking Fee payable, related party

7 unchanged sentences

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

March 31, 2026

June 30, 2026

Fair Value (1)

Investment in Ether

7 unchanged sentences

Liabilities in Excess of Other Assets

(1) Investment in Ether includes $1,116,704 of staked Ether at June 30, 2026.

See accompanying notes to the unaudited financial statements.

3 unchanged sentences

Three Months Ended

Six Months Ended

Investment income:

7 unchanged sentences

Net investment income (loss)

Net realized and unrealized loss from:

Net realized loss on investment in Ether sold to pay expenses

Net realized and unrealized (loss) gain from:

Net realized loss on investment in Ether sold to pay Sponsor’s Fee

Net realized loss on investment in Ether sold to pay Sponsor's Staking Fee

2 unchanged sentences

Net change in unrealized appreciation/depreciation on Sponsor's Staking Fee payable in Ether

Net realized and unrealized loss on investment

Net decrease in net assets resulting from operations

Net realized and unrealized (loss) gain

Net (decrease) increase in net assets resulting from operations

See accompanying notes to the unaudited financial statements.

3 unchanged sentences

Three Months Ended

Decrease in net assets from operations:

Six Months Ended

(Decrease) increase in net assets from operations:

Net investment income (loss)

Net realized loss on investment in Ether sold to pay expenses

Net realized loss on investment in Ether sold to pay Sponsor’s Fee

Net realized loss on investment in Ether sold to pay Sponsor's Staking Fee

2 unchanged sentences

Net change in unrealized appreciation/depreciation on Sponsor's Staking Fee payable in Ether

Net decrease in net assets resulting from operations

Net (decrease) increase in net assets resulting from operations

Increase in net assets from capital share transactions:

1 unchanged sentence

Shares redeemed

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

Beginning of period

4 unchanged sentences

Shares redeemed

Net increase (decrease) in Shares

Net (decrease) increase in Shares

Shares outstanding at end of period

3 unchanged sentences

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

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 and to reflect rewards from Staking a portion of the Trust’s Ether, less the Trust’s expenses and other liabilities.

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

The Trust issues Shares only in one or more blocks of 10,000 Shares (a block of 10,000 Shares is called a “Basket”) only to certain authorized participants (“Authorized Participants”) in exchange for Ether.

40 unchanged sentences

(iv) review and file applicable marketing materials with FINRA and (v) maintain, reproduce and store applicable books and records.

On July 23, 2024, Shares of the Trust began trading on NYSE Arca 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.

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.

6 unchanged sentences

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.

On July 23, 2024, Shares of the Trust began trading on NYSE Arca 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.

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, 2026 and December 31, 2025 and results of operations for the three months ended March 31, 2026 and 2025 have been made.

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, 2026 and December 31, 2025 and results of operations for the three and six months ended June 30, 2026 and 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.

72 unchanged sentences

(Amounts in thousands)

March 31, 2026

June 30, 2026

Investment in Ether

8 unchanged sentences

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

As of March 31, 2026 and December 31, 2025 , the Trust held 861,376.85645192 and 733,993.75276361 Ether, respectively.

The Trust determined the fair value per Ether to be $ 2,095.22 and $ 2,971.94 on March 31, 2026 and December 31, 2025 , 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, 2026 and December 31, 2025 , the Trust held 854,642.67477818 and 733,993.75276361 Ether, respectively.

The Trust determined the fair value per Ether to be $ 1,578.53 and $ 2,971.94 on June 30, 2026 and December 31, 2025 , 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 appreciation/depreciation on investment in Ether

Net realized loss on investment in Ether sold to pay expenses

Net realized loss on investment in Ether sold to pay Sponsor’s Fee

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

Balance at March 31, 2025

Balance at June 30, 2025

528,670.39510393

14 unchanged sentences

Net change in unrealized appreciation/depreciation on Sponsor's Staking Fee payable in Ether

Net realized loss on investment in Ether sold to pay expenses

Net realized loss on investment in Ether sold to pay Sponsor’s Fee

Net realized loss on investment in Ether sold to pay Sponsor’s Staking Fee

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

Balance at March 31, 2026

Balance at June 30, 2026

854,642.67477818

3 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 0.0095 and 0.0094 of one Ether at March 31, 2026 and December 31, 2025, respectively.

Each Share represented approximately 0.0095 and 0.0094 of one Ether at June 30, 2026 and December 31, 2025, respectively.

As of the date of this Quarterly Report, Authorized Participants may submit orders to create or redeem Shares through transactions that are referred to as “cash orders” or “in-kind orders”, in accordance with the agreements with Authorized Participants.

Three Months Ended

Three Months Ended June 30,

Six Months Ended June 30,

Activity in Number of Shares Issued and Redeemed:

2 unchanged sentences

Net Change in Number of Shares Issued and Redeemed

Three Months Ended

Three Months Ended June 30,

Six Months Ended June 30,

(Amounts in thousands)

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

As of, and during the periods ended March 31, 2026 and December 31, 2025, the Trust did no t have a liability for any unrecognized tax amounts.

As of, and during the periods ended June 30, 2026 and December 31, 2025, 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, 2026 or December 31, 2025 .

Related Parties

The Trust considered the following entities, their directors, and certain employees to be related parties of the Trust as of March 31, 2026 :

The Trust considered the following entities, their directors, and certain employees to be related parties of the Trust as of June 30, 2026 :

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

As of March 31, 2026 and December 31, 2025 , 2,007 and 2,592 Shares of the Trust were held by related parties of the Trust, respectively.

As of June 30, 2026 and December 31, 2025 , 2,007 and 2,592 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”).

7 unchanged sentences

The Trust held no Incidental

Rights or IR Virtual Currency as of March 31, 2026 and December 31, 2025 .

No Incidental Rights or IR Virtual Currencies have been distributed in payment of the Sponsor’s Fee during the three months ended March 31, 2026 and 2025.

Rights or IR Virtual Currency as of June 30, 2026 and December 31, 2025 .

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, 2026 and 2025.

Pursuant to the Staking Arrangements, the Custodian and the applicable Staking Provider are entitled to receive a portion of the gross staking rewards generated thereunder, representing the Custodian’s fee and the Staking Provider’s share of such staking rewards (collectively, the “Validator Fees”), with the remaining staking rewards received by the Trust.

20 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 three months ended March 31, 2026, the Trust incurred Sponsor’s Fees of $ 707,495 .

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, 2026 and December 31, 2025, there were no accrued and unpaid Sponsor’s Fees.

For the three months ended June 30, 2026 and 2025, the Trust incurred Sponsor’s Fees of $ 682 and $ 406 , respectively.

For the six months ended June 30, 2026 and the period from the Sponsor’s Fee Waiver Expiration Date through June 30, 2025, the Trust incurred Sponsor’s Fees of $ 1,389 and $ 729 , respectively.

As of June 30, 2026 and December 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, 2026 and 2025, the Sponsor did not pay any Additional Trust Expenses on behalf of the Trust.

For the three months ended March 31, 2026 , the Trust incurred Sponsor’s Staking Fees of $ 259,053 .

For the three and six months ended June 30, 2026 and 2025, the Sponsor did not pay any Additional Trust Expenses on behalf of the Trust.

For the three months ended June 30, 2026, the Trust incurred Sponsor’s Staking Fees of $ 264 .

For the six months ended June 30, 2026, the Trust incurred Sponsor’s Staking Fees of $ 523 .

Concentration Risk

4 unchanged sentences

Three Months Ended

Six Months Ended

Per Share Data:

Principal Market NAV, beginning of period

Net decrease in net assets from investment operations:

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

Net investment income (loss)

Net realized and unrealized loss

Net decrease in net assets resulting from operations

Net realized and unrealized (loss) gain

Net (decrease) increase in net assets resulting from operations

Principal Market NAV, end of period

Ratios to average net assets:

Net investment income (loss)

Net investment (loss) income

Sponsor's Fee

12 unchanged sentences

Subsequent Events

As previously disclosed, on October 22, 2025, GSOIH consummated an internal corporate reorganization (the “Management Reorganization”).

As a result of the Management Reorganization as of October 22, 2025, (i) Grayscale Investments, Inc.

(“Grayscale Investments”) is the sole managing member of GSO, the sole member of the Sponsor and (ii) the Board of Directors of Grayscale Investments became responsible for managing and directing the affairs of the Sponsor, and consists of Barry Silbert, Mark Shifke, Simon Koster, Peter Mintzberg and Edward McGee.

On May 4, 2026, a Board of Managers of Grayscale Investments Sponsors, LLC was created to manage and direct the affairs of the Sponsor, under authority delegated by the board of Grayscale Investments.

While the board of Grayscale Investments retains overall oversight of Grayscale Investments and its subsidiaries as a whole, including the Sponsor, the Board of Managers of the Sponsor consists of Peter Mintzberg, Edward McGee, and Craig Salm.

Mintzberg, Mr.

McGee, and Mr.

Salm are granted authority to manage the day-to-day affairs of the Sponsor under the amended and restated limited liability company agreement of the Sponsor

The Sponsor has evaluated all subsequent events through the issuance of the financial statements and has noted no other events requiring adjustment or additional disclosure in the financial statements other than the item noted above.

On August 6, 2026, the Sponsor and the Trustee entered into the Third Amended and Restated Declaration of Trust and Trust Agreement (the “Third A&R Trust Agreement”), which amends and restates the Trust’s Second Amended and Restated Declaration of Trust and Trust Agreement in its entirety.

The Third A&R Trust Agreement provides, among other things, for the Trust to make mandatory cash distributions to shareholders of the net proceeds from staking rewards, by requiring the Trust to convert staking rewards held by the Trust to cash no less often than quarterly and promptly distribute the net proceeds to shareholders, after deducting applicable fees and Trust expenses, and includes related conforming amendments to facilitate the Trust’s staking program and distribution framework.

The Trust currently intends to make such distributions on a monthly, but no less than quarterly, basis.

The amount of future distributions will depend on the staking rewards earned by the Trust and applicable deductions and therefore cannot be predicted with certainty.

Shareholders are advised to discuss any tax consequences relating to their investment in the Trust as a result of the Third A&R Trust Agreement with their tax advisors.

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