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Item 1. Financial Statements

2025-08-05 compared with 2025-05-07 · 142 added, 101 removed, 237 unchanged (51% of the section changed)

2 unchanged sentences

Statements of Assets and Liabilities (Unaudited)

At March 31, 2025 and December 31, 2024

At June 30, 2025 and December 31, 2024

Investment in ether, at fair value (a)

1 unchanged sentence

20,811 37,023

Receivable for capital shares sold

4,402,424,852 3,571,706,800

Sponsor’s fees payable

561,369 444,633

Payable for investments purchased

Total Liabilities

11 unchanged sentences

iShares ® Ethereum Trust ETF

Statement of Operations (Unaudited)

For the three months ended March 31, 2025

March 31, 2025

Statements of Operations (Unaudited)

For the three and six months ended June 30, 2025 and the period from May 21, 2024 (Date of Seeding) to June 30, 2024

Three Months Ended

June 30, 2025

For the Period

from May 21, 2024 (Date of Seeding)

to June 30, 2024

Six Months Ended

June 30, 2025

For the Period

from May 21, 2024 (Date of Seeding)

to June 30, 2024

Sponsor’s fees

2 unchanged sentences

Net investment loss

( 1,246,649 )

Net Realized and Unrealized Gain (Loss)

Net realized loss from:

Net realized gain (loss) from:

Ether sold to pay expenses

1 unchanged sentence

( 296,522,510

Net realized loss

( 203,654,846 ) (b)

Net realized gain (loss)

( 297,258,917

Net change in unrealized appreciation/depreciation

( 874,329,445

Net realized and unrealized loss

Net realized and unrealized gain (loss)

( 1,171,588,362

Net decrease in net assets resulting from operations

Net increase (decrease) in net assets resulting from operations

( 1,173,965,761

Net decrease in net assets per Share (a)

Net increase (decrease) in net assets per Share based on average shares outstanding during the period.

Net increase (decrease) in net assets per Share (c)

Includes $807,973 of realized gains and $(94,412,044) of realized losses.

Includes $1,244,204 of realized gains and $(298,503,121) of realized losses.

Net increase (decrease) in net assets per Share based on average shares outstanding during the period.

See notes to financial statements.

iShares ® Ethereum Trust ETF

Statement of Changes in Net Assets (Unaudited)

For the three months ended March 31, 2025

March 31, 2025

Statements of Changes in Net Assets (Unaudited)

For the three and six months ended June 30, 2025

Six Months Ended

June 30, 2025

Net Assets at December 31, 2024

1 unchanged sentence

Net investment loss

( 1,246,649 )

Net realized loss

13 unchanged sentences

2,186,390,619

Net investment loss

Net realized loss

Net change in unrealized appreciation/depreciation

Net increase in net assets resulting from operations

Capital Share Transactions:

Contributions for Shares issued

1,594,046,863

Distributions for Shares redeemed

( 144,157,493

Net increase in net assets from capital share transactions

1,449,889,370

Increase in net assets

2,209,405,189

Net Assets at June 30, 2025

4,395,795,808

Shares issued and redeemed

1 unchanged sentence

Shares redeemed

( 24,000,000 )

Net increase in Shares issued and outstanding

1 unchanged sentence

iShares ® Ethereum Trust ETF

Statement of Cash Flows (Unaudited)

For the three months ended March 31, 2025

March 31, 2025

Statement of Changes in Net Assets (Unaudited)

For the Period from May 21, 2024 (Date of Seeding) to June 30, 2024

For the Period from

(Date of Seeding) to

June 30, 2024

Net Assets at May 21, 2024

Net investment loss

Net realized gain

Net change in unrealized appreciation/depreciation

Net increase in net assets resulting from operations

Capital Share Transactions:

Contributions for Shares issued

Distributions for Shares redeemed

Net increase in net assets from capital share transactions

Increase in net assets

Net Assets at June 30, 2024

Shares issued and redeemed

Shares issued

Shares redeemed

Net increase in Shares issued and outstanding

See notes to financial statements.

iShares ® Ethereum Trust ETF

Statements of Cash Flows (Unaudited)

For the six months ended June 30, 2025 and For the Period from May 21, 2024 (Date of Seeding) to June 30, 2024

Six Months Ended

June 30, 2025

(Date of Seeding)

to June 30, 2024

Cash Flows from Operating Activities

Net decrease in net assets resulting from operations

Net increase (decrease) in net assets resulting from operations

( 1,173,965,761

5 unchanged sentences

Net change in unrealized appreciation/depreciation

1,728,580,085

Change in operating assets and liabilities:

15 unchanged sentences

Schedules of Investments (Unaudited)

At March 31, 2025 and December 31, 2024

March 31, 2025

At June 30, 2025 and December 31, 2024

June 30, 2025

1,768,573 $ 5,242,898,137 $ 4,396,336,194

1 unchanged sentence

4,396,336,194

Other Assets less Liabilities – (0.01) %

Liabilities in Excess of Other Assets – (0.01) %

Net Assets – 100.00 %

4 unchanged sentences

3,571,669,777

Other Assets less Liabilities – (0.01) %

Liabilities in Excess of Other Assets – (0.01) %

Net Assets – 100.00 %

3 unchanged sentences

Notes to Financial Statements (Unaudited)

March 31, 2025

June 30, 2025

The iShares Ethereum Trust ETF (the “Trust”) was organized on November 9, 2023 as a Delaware statutory trust.

1 unchanged sentence

The Trust’s sponsor is iShares Delaware Trust Sponsor LLC, a Delaware limited liability company (the “Sponsor”).

The Bank of New York Mellon serves as the “Trust Administrator.” The Trust is governed by the provisions of the Second Amended and Restated Trust Agreement (the “Trust Agreement”) executed by the Sponsor, the Trustee and Wilmington Trust, National Association, a national association (“Delaware Trustee”), as of July 3, 2024.

The Bank of New York Mellon serves as the “Trust Administrator.” The Trust is governed by the provisions of the Third Amended and Restated Trust Agreement (the “Trust Agreement”) executed by the Sponsor, the Trustee and Wilmington Trust, National Association, a national association (“Delaware Trustee”), as of July 8, 2025.

The Trust issues units of beneficial interest (“Shares”) representing fractional undivided beneficial interests in its net assets.

41 unchanged sentences

If the CF Benchmarks Index is not used, the Trust will notify Shareholders in a prospectus supplement, in its periodic Exchange Act reports and/or on the Trust’s website.

The Trust Administrator calculates the net asset value of the Trust and the NAV of the Trust once on each day other than a Saturday or a Sunday, or a day on which NASDAQ is closed for regular trading (a “Business Day”).

The Trust Administrator calculates the net asset value of the Trust and the NAV once on each day other than a Saturday or a Sunday, or a day on which NASDAQ is closed for regular trading (a “Business Day”).

The NAV for a normal trading day will be released after 4:00 p.m.

9 unchanged sentences

Gain or loss on sales of ether is calculated on a trade date basis using the average cost method.

The following table summarizes activity in ether for the three months ended March 31, 2025:

Three Months Ended March 31, 2025

The following tables summarize activity in ether for the three months ended June 30, 2025 and for the period from May 21, 2024 ( Date of Seeding) to June 30, 2024:

Three Months Ended June 30, 2025

Beginning balance

12 unchanged sentences

1,768,573 $ 5,242,898,137 $ 4,396,336,194 $ ( 93,604,071 )

For the Period from May 21, 2024 (Date of Seeding) to June 30, 2024

Beginning balance

— $ — $ — $ —

Ether purchased

3,031 10,000,000 10,000,000 —

Ether sold for the redemption of shares

Ether sold to pay expenses

Net realized gain

Net change in unrealized appreciation/depreciation

— — 590,295 —

Ending balance

3,031 $ 10,000,000 $ 10,590,295 $ —

The following tables summarize activity in ether for the six months ended June 30, 2025 and for the period from May 21, 2024 ( Date of Seeding) to June 30, 2024:

Six Months Ended June 30, 2025

Beginning balance

1,071,415 $ 3,543,902,275 $ 3,571,669,777 $ —

Ether purchased

954,503 2,532,610,572 2,532,610,572 —

Ether sold for the redemption of shares

( 256,443 ) ( 830,710,219 ) ( 534,187,709 ) ( 296,522,510 )

Ether sold to pay expenses

( 902 ) ( 2,904,491 ) ( 2,168,084 ) ( 736,407 )

Net realized loss

— — ( 297,258,917 ) —

Net change in unrealized appreciation/depreciation

— — ( 874,329,445 ) —

Ending balance

1,768,573 $ 5,242,898,137 $ 4,396,336,194 $ ( 297,258,917 )

For the Period from May 21, 2024 (Date of Seeding) to June 30, 2024

Beginning balance

— $ — $ — $ —

Ether purchased

3,031 10,000,000 10,000,000 —

Ether sold for the redemption of shares

Ether sold to pay expenses

Net realized gain

Net change in unrealized appreciation/depreciation

— — 590,295 —

Ending balance

3,031 $ 10,000,000 $ 10,590,295 $ —

Calculation of Net Asset Value

8 unchanged sentences

Individual investors cannot purchase or redeem Shares in direct transactions with the Trust.

Only registered broker-dealers that are eligible to settle securities transactions through the book-entry facilities of the Depository Trust Company and that have entered into a contractual arrangement with the Sponsor governing, among other matters, the creation and redemption of Shares (such broker-dealers, the “Authorized Participants”), can place orders to receive Baskets in exchange for cash.

Baskets may be redeemed by the Trust in exchange for the cash proceeds from selling the amount of ether corresponding to their redemption value.

The Trust engages in ether transactions for converting cash into ether (in association with purchase orders) and ether into cash (in association with redemption orders) by choosing, in its sole discretion, to trade directly with third parties (each, an “Ether Trading Counterparty”), who are not registered broker-dealers pursuant to written agreements between such Ether Trading Counterparties and the Trust, or choosing to trade through the Prime Execution Agent acting in an agency capacity with third parties through its Coinbase Prime service pursuant to the Prime Execution Agent Agreement.

Baskets may be redeemed by the Trust in exchange for an amount of ether corresponding to their redemption value or for the cash proceeds from selling the amount of ether corresponding to their redemption value.

In connection with cash creations and redemptions, the Trust engages in ether transactions for converting cash into ether (in association with purchase orders) and ether into cash (in association with redemption orders) by choosing, in its sole discretion, to trade directly with third parties (each, an “Ether Trading Counterparty”), who are not registered broker-dealers pursuant to written agreements between such Ether Trading Counterparties and the Trust, or choosing to trade through the Prime Execution Agent acting in an agency capacity with third parties through its Coinbase Prime service pursuant to the Prime Execution Agent Agreement.

Federal Income Taxes

1 unchanged sentence

Any interest, expenses, gains and losses are passed through to the holders of Shares of the Trust.

The Sponsor has analyzed applicable tax laws and regulations and their application to the Trust as of March 31, 2025 and does not believe that there are any uncertain tax positions that require recognition of a tax liability.

The Sponsor has analyzed applicable tax laws and regulations and their application to the Trust as of June 30, 2025 and does not believe that there are any uncertain tax positions that require recognition of a tax liability.

Segment Reporting

5 unchanged sentences

dollars or in-kind or any combination thereof.

For the three months ended March 31, 2025, the Sponsor’s fee was $ 2,038,502 .

For the six months ended June 30, 2025, the Sponsor’s fee was $ 3,920,616 .

The Sponsor may, at its sole discretion and from time to time, waive all or a portion of the Sponsor’s fee for stated periods of time.

The Sponsor is under no obligation to waive any portion of its fees and any such waiver shall create no obligation to waive any such fees during any period not covered by the waiver.

For a twelve -month period, starting July 23, 2024, the Sponsor will waive a portion of the Sponsor’s fee so that the Sponsor’s fee after the fee waiver will be equal to 0.12 % of the net asset value of the Trust for the first $ 2.5 billion of the Trust’s assets.

For a twelve -month period, starting July 23, 2024, the Sponsor waived a portion of the Sponsor’s fee so that the Sponsor’s fee after the fee waiver would be equal to 0.12 % of the net asset value of the Trust for the first $ 2.5 billion of the Trust’s assets.

In the future, if the Sponsor decides to waive all or a portion of the Sponsor’s fee, Shareholders will be notified in a prospectus supplement, in its periodic Exchange Act reports and/or on the Trust’s website.

For the three months ended March 31, 2025, the amount waived was $ 791,853 .

For the six months ended June 30, 2025, the amount waived was $ 1,543,217 .

The Sponsor has agreed to assume the marketing and the following administrative expenses of the Trust:

19 unchanged sentences

Financial Highlights

The following financial highlights relate to investment performance and operations for a Share outstanding for the three months ended March 31, 2025.

The following financial highlights relate to investment performance and operations for a Share outstanding for the three and six months ended June 30, 2025.

Three Months Ended

June 30, 2025

Six Months Ended

June 30, 2025

Net asset value per Share, beginning of period

Net investment loss (a)

Net realized and unrealized loss (b)

Net decrease in net assets from operations

Net realized and unrealized gain (loss) (b)

Net increase (decrease) in net assets from operations

Net asset value per Share, end of period

1 unchanged sentence

Ratio to average net assets:

Net investment loss (e)

Net investment income (loss) (e)

Total expenses (e)

16 unchanged sentences

Unobservable inputs that are unobservable for the asset or liability, including the Trust’s assumptions used in determining the fair value of investments.

At March 31, 2025, the value of the ether held by the Trust is categorized as Level 1.

Subsequent Event

On April 7, 2025, the Trustee entered into a custodial services agreement (the “Anchorage Custodian Agreement”) with Anchorage Digital Bank N.A.

(“Anchorage”) a national trust bank chartered by the Office of the Comptroller of the Currency.

Pursuant to the Anchorage Custodian Agreement, Anchorage will establish and maintain one or more segregated custody accounts, controlled and secured by Anchorage, on its books which will have the ability to support the receipt, safekeeping, and maintenance of the Trust’s ether holdings.

Other than the items noted above there were no subsequent events requiring adjustment or additional disclosure in the financial statements.

Management ’ s Discussion and Analysis of Financial Condition and Results of Operations.

This information should be read in conjunction with the financial statements and notes to financial statements included in Item 1 of Part I of this Form 10‑Q.

The discussion and analysis that follows may contain statements that relate to future events or future performance.

In some cases, such forward‑looking statements can be identified by terminology such as “may,” “should,” “could,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential” or the negative of these terms or other comparable terminology.

These statements are only predictions.

Actual events or results may differ materially.

These statements are based upon certain assumptions and analyses made by the Sponsor on the basis of its perception of historical trends, current conditions and expected future developments, as well as other factors it believes are appropriate in the circumstances.

Whether or not actual results and developments will conform to the Sponsor’s expectations and predictions, however, is subject to a number of risks and uncertainties, including the special considerations discussed below, general economic, market and business conditions, changes in laws or regulations, including those concerning taxes, made by governmental authorities or regulatory bodies, and other world economic and political developments.

Although the Sponsor does not make forward-looking statements unless it believes it has a reasonable basis for doing so, the Sponsor cannot guarantee their accuracy.

Except as required by applicable disclosure laws, neither the Trust nor the Sponsor is under a duty to update any of the forward-looking statements to conform such statements to actual results or to a change in the Sponsor’s expectations or predictions.

The iShares Ethereum Trust ETF (the “Trust”) is a Delaware statutory trust.

The Trust does not have any officers, directors, or employees, and is administered by the Second Amended and Restated Trust Agreement dated as of July 3, 2024, among iShares Delaware Trust Sponsor LLC (the “Sponsor”), BlackRock Fund Advisors (the “Trustee”) and Wilmington Trust, National Association, a national association (the “Delaware Trustee”).

The Trust issues shares (“Shares”) representing fractional undivided beneficial interests in its net assets.

The assets of the Trust consist primarily of ether held by a custodian on behalf of the Trust.

The Trust is a passive investment vehicle and seeks to reflect generally the performance of the price of ether.

The Trust seeks to reflect such performance before payment of the Trust’s expenses and liabilities.

The Trust does not engage in any activities designed to obtain a profit from, or ameliorate losses caused by, changes in the price of ether.

The Trust issues and redeems Shares only in aggregations of 40,000 Shares (a “Basket”) or integral multiples thereof, based on the quantity of ether attributable to each Share (net of accrued but unpaid Sponsor’s fee and any accrued but unpaid expenses or liabilities).

Only registered broker-dealers that have previously entered into an agreement with the Sponsor governing the terms and conditions of such issuance (such broker-dealer, the “Authorized Participants”), can place orders to receive Baskets in exchange for cash.

Baskets may be redeemed by the Trust in exchange for the cash proceeds from selling the amount of ether corresponding to their redemption value.

The Trust engages in ether transactions for converting cash into ether (in association with purchase orders) and ether into cash (in association with redemption orders) by choosing, in its sole discretion, to trade directly with third parties (each, a “Ether Trading Counterparty”), who are not registered broker-dealers pursuant to written agreements between such Ether Trading Counterparties and the Trust, or choosing to trade through Coinbase Inc.

(the “Prime Execution Agent”) acting in an agency capacity with third parties through its Coinbase Prime service pursuant to the Prime Execution Agent Agreement.

Shares of the Trust trade on the Nasdaq Stock Market LLC (“NASDAQ”) under the ticker symbol ETHA.

Valuation of Ether ; The CF Benchmarks Index

On each Business Day, as soon as practicable after 4:00 p.m.

Eastern Time (“ET”), the Trust evaluates the ether held by the Trust as reflected by the CME CF Ether–Dollar Reference Rate – New York Variant for the ether – U.S.

Dollar trading pair (the “CF Benchmarks Index”) and determines the net asset value of the Trust and the net asset value per share (“NAV”).

For purposes of making these calculations, a Business Day means any day other than a day when NASDAQ is closed for regular trading.

CF Benchmarks Index is calculated as of 4:00 p.m.

The CF Benchmarks Index is designed based on the IOSCO Principles for Financial Benchmarks and is a Registered Benchmark under the UK Benchmark Regulations (“BMR”).

The administrator of the CF Benchmarks Index is CF Benchmarks Ltd., a UK incorporated company, authorized and regulated by the Financial Conduct Authority of the UK as a Benchmark Administrator under the UK BMR.

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.

In exchange for a fee, the Sponsor has agreed to assume most of the expenses incurred by the Trust.

As a result, the only ordinary expense of the Trust during the period covered by this report was the Sponsor’s fee.

The Trust’s only source of liquidity is its sales of ether.

Critical Accounting Policies

The financial statements and accompanying notes are prepared in accordance with generally accepted accounting principles in the United States.

The preparation of these financial statements relies on estimates and assumptions that impact the Trust’s financial position and results of operations.

These estimates and assumptions affect the Trust’s application of accounting policies.

A description of the valuation of ether, a critical accounting policy that the Trust believes is important to understanding its results of operations and financial position, is provided in the section entitled “Valuation of Ether;

The CF Benchmark Index,” above.

In addition, please refer to Note 2 to the financial statements included in this report for further discussion of the Trust’s accounting policies.

Results of Operations

The Quarter Ended March 31, 2025

The Trust’s net asset value decreased from $3,571,262,167 at December 31, 2024 to $2,186,390,619 at March 31, 2025, a 38.78% decrease.

The decrease in the Trust’s net asset value resulted primarily from an decrease in the price of ether, which fell 44.96% from $3,333.60 at December 31, 2024 to $1,834.80 at March 31, 2025, partially offset by a increase in the number of outstanding shares which rose from 141,480,000 Shares at December 31, 2024 to 157,440,000 Shares at March 31, 2025, a consequence of 39,960,000 Shares (999 Baskets) being created and 24,000,000 Shares (600 Baskets) being redeemed during the quarter.

The 44.97% decrease in the NAV for purposes of the Trust’s periodic financial statements (“Financial Statement NAV”) from $25.24 at December 31, 2024 to $13.89 at March 31, 2025 is directly related to the 44.96% decrease in the price of ether.

The Financial Statement NAV decreased slightly more than the price of ether on a percentage basis due to the Sponsor’s fee, which was $1,246,649 for the quarter, or 0.04% of the Trust’s average weighted assets of $3,306,900,749 during the quarter.

The NAV of $27.95 on January 6, 2025 was the highest during the quarter, compared with a low during the quarter of $13.89 on March 31, 2025.

Net decrease in net assets resulting from operations for the quarter ended March 31, 2025 was $1,933,481,580, resulting from an unrealized loss on investment in ether of $1,728,580,085, a net realized loss of $203,341,675 on ether distributed for the redemption of Shares, a net realized loss of $313,171 from ether sold to pay expenses during the quarter, and a net investment loss of $1,246,649.

Other than the Sponsor’s fees of $1,246,649, the Trust had no expenses during the quarter.

Quantitative and Qualitative Disclosures About Market Risk.

Not applicable.

At June 30, 2025 the value of the ether held by the Trust is categorized as Level 1.

Subsequent Events

On July 29, 2025, the SEC issued 19b - 4 orders permitting in-kind creations and redemptions by authorized participants for the Trust.

On July 31, 2025, the amendment to the Trust’s S- 1 registration statement was declared effective.

As a result of these regulatory actions, the Trust is authorized to create and redeem shares with authorized participants on an in-kind basis.

Other than the items noted above, there were no subsequent events requiring adjustment to, or additional disclosure in, 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