What changed in this filing

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Item 1. Financial Statements

2026-08-06 compared with 2026-05-07 · 129 added, 104 removed, 298 unchanged (44% of the section changed)

2 unchanged sentences

Statements of Assets and Liabilities (Unaudited)

At March 31, 2026 and December 31, 2025

At June 30, 2026 and December 31, 2025

Investment in ether, at fair value (a)

1 unchanged sentence

4,293,897,274 10,303,059,666

6,379,800,622 10,303,059,666

Sponsor’s fee payable

14 unchanged sentences

Statements of Operations (Unaudited)

For the three months ended March 31, 2026 and 2025

For the three and six months ended June 30, 2026 and 2025

Three Months Ended

Six Months Ended

Sponsor’s fee

$ 3,867,493 $ 1,882,114 $ 8,837,030 $ 3,920,616

Sponsor’s fee waived

— ( 751,364 ) — ( 1,543,217 )

Total expenses

3,867,493 1,130,750 8,837,030 2,377,399

Net investment loss

Net Realized and Unrealized Loss

( 3,867,493 ) ( 1,130,750 ) ( 8,837,030 ) ( 2,377,399 )

Net Realized and Unrealized Gain (Loss)

Net realized loss from:

Ether sold to pay expenses

Ether sold for the redemption of Shares

( 2,881,521 ) ( 423,236 ) ( 6,171,484 ) ( 736,407 )

( 203,341,675

Ether sold for the redemption of Shares

( 1,089,558,599 ) (b) ( 93,180,835 ) ( 2,018,297,270 ) (c) ( 296,522,510 )

Net realized loss

( 932,028,634

( 203,654,846

( 1,092,440,120 ) (d) ( 93,604,071 ) (e) ( 2,024,468,754 ) (f) ( 297,258,917 ) (g)

Net change in unrealized appreciation/depreciation

( 405,814,791 ) 854,250,640 ( 2,465,307,121 ) ( 874,329,445 )

( 1,728,580,085

Net realized and unrealized loss

( 2,991,520,964

Net realized and unrealized gain (loss)

( 1,498,254,911 ) 760,646,569 ( 4,489,775,875 ) ( 1,171,588,362 )

Net decrease in net assets resulting from operations

Net increase (decrease) in net assets resulting from operations

$ ( 1,502,122,404 ) $ 759,515,819 $ ( 4,498,612,905 ) $ ( 1,173,965,761 )

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

$ ( 3.78 ) $ 4.22 $ ( 10.79 ) $ ( 6.83 )

Net decrease in net assets per Share (a)

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

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

Includes $(620,771,962) of ether paid for the in-kind redemption of Shares.

Includes $(811,791,042) of ether paid for the in-kind redemption of Shares.

Includes $1,989,638 of realized gains and $(1,094,429,758) of realized losses.

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

Includes $43,750,238 of realized gains and $(2,068,218,992) of realized losses.

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

See notes to financial statements.

1 unchanged sentence

Statements of Changes in Net Assets (Unaudited)

For the three months ended March 31, 2026

Three Months Ended

March 31, 2026

For the three and six months ended June 30, 2026

Six Months Ended

June 30, 2026

Net Assets at December 31, 2025

1 unchanged sentence

Net investment loss

( 4,969,537 )

Net realized loss

15 unchanged sentences

$ 6,378,405,156

Net investment loss

( 3,867,493 )

Net realized loss

( 1,092,440,120 )

Net change in unrealized appreciation/depreciation

( 405,814,791 )

Net decrease in net assets resulting from operations

( 1,502,122,404 )

Capital Share Transactions:

Contributions for Shares issued

Distributions for Shares redeemed

( 1,526,651,520 )

Net decrease in net assets from capital share transactions

( 583,373,799 )

Decrease in net assets

( 2,085,496,203 )

Net Assets at June 30, 2026

$ 4,292,908,953

Shares issued and redeemed

3 unchanged sentences

Net decrease in Shares issued and outstanding

( 101,600,000 )

See notes to financial statements.

iShares ® Ethereum Trust ETF

Statements of Changes in Net Assets (Unaudited)

For the three months ended March 31, 2025

Three Months Ended

March 31, 2025

Statement 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

( 1,130,750 )

Net realized loss

( 93,604,071 )

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

( 33,880,000 )

Net increase in Shares issued and outstanding

2 unchanged sentences

Statements of Cash Flows (Unaudited)

For the three months ended March 31, 2026 and 2025

Three Months Ended

For the six months ended June 30, 2026 and 2025

Six Months Ended

Cash Flows from Operating Activities

1 unchanged sentence

$ ( 4,498,612,905 ) $ ( 1,173,965,761 )

( 1,933,481,580

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

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

Purchases of ether

( 1,046,997,825 ) ( 2,526,542,897 )

( 938,629,210

Proceeds from ether sold

2,193,054,602 536,355,793

Net realized (gain) loss

Net change in unrealized appreciation/depreciation

Net realized loss

2,024,468,754 297,258,917

Net change in unrealized appreciation/depreciation

2,465,307,121 874,329,445

1 unchanged sentence

Sponsor’s fee payable

( 1,314,825 ) 116,736

Net cash provided by (used in) operating activities

2 unchanged sentences

Proceeds from issuance of Shares

Payments for Shares redeemed

$ 1,047,083,704 $ 2,526,695,016

Payments for Shares redeemed

( 2,182,996,240 ) ( 534,263,461 )

2 unchanged sentences

Net decrease in cash

$ ( 7,614 ) $ ( 16,212 )

Cash, beginning of period

16,171 37,023

Cash, end of period

$ 8,557 $ 20,811

Supplemental disclosure of non-cash information:

Ethereum purchased for Shares issued

Ethereum paid for Shares redeemed

Ether purchased for Shares issued

$ 1,351,082,436 $ —

Ether paid for Shares redeemed

$ ( 1,724,404,562 ) $ —

See notes to financial statements.

1 unchanged sentence

Schedules of Investments (Unaudited)

At March 31, 2026 and December 31, 2025

March 31, 2026

At June 30, 2026 and December 31, 2025

June 30, 2026

2,695,456 $ 8,994,200,103 $ 4,293,888,717

2 unchanged sentences

Liabilities in Excess of Other Assets – (0.02) %

( 1,385,405 )

Net Assets – 100.00 %

11 unchanged sentences

Notes to Financial Statements (Unaudited)

March 31, 2026

June 30, 2026

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

60 unchanged sentences

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

The following tables summarize activity in ether for the three months ended March 31, 2026 and 2025:

Three Months Ended March 31, 2026

The following tables summarize activity in ether for the three months ended June 30, 2026 and 2025:

Three Months Ended June 30, 2026

Beginning balance

14 unchanged sentences

Includes ether paid in-kind for Shares redeemed of $ 904,035,078 (Cost of ether paid was $ 1,524,807,040 and realized loss of ether paid was $ 620,771,962 ).

Three Months Ended March 31, 2025

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 )

The following tables summarize activity in ether for the six months ended June 30, 2026 and 2025:

Six Months Ended June 30, 2026

Beginning balance

3,467,229 $ 12,538,047,760 $ 10,303,043,495 $ —

Ether purchased (a)

997,186 2,398,080,261 2,398,080,261 —

Ether sold for the redemption of shares (b)

( 1,764,340 ) ( 5,925,697,182 ) ( 3,907,399,912 ) ( 2,018,297,270 )

Ether sold to pay expenses

( 4,619 ) ( 16,230,736 ) ( 10,059,252 ) ( 6,171,484 )

Net realized loss

— — ( 2,024,468,754 ) —

Net change in unrealized appreciation/depreciation

— — ( 2,465,307,121 ) —

Ending balance

2,695,456 $ 8,994,200,103 $ 4,293,888,717 $ ( 2,024,468,754 )

Includes ether purchased in-kind for Shares issued of $ 1,351,082,436 .

Includes ether paid in-kind for Shares redeemed of $ 1,724,404,562 (Cost of ether paid was $ 2,536,195,604 and realized loss of ether paid was $ 811,791,042 ).

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 )

Calculation of Net Asset Value

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

ET, the net asset value of the Trust is obtained by subtracting all accrued fees, expenses and other liabilities of the Trust from the total assets held by the Trust.

On each Business Day, as soon as practicable after 4:00 p.m.ET, the net asset value of the Trust is obtained by subtracting all accrued fees, expenses and other liabilities of the Trust from the total assets held by the Trust.

The Trust Administrator computes the NAV by dividing the net asset value of the Trust by the number of Shares outstanding on the date the computation is made.

Cash and Cash Equivalents

Cash includes non-interest bearing, non-restricted cash maintained with one banking institution that does not exceed U.S.

Cash includes non-interest bearing, non-restricted cash maintained with one banking institution.

Cash in a bank deposit account, at times, may exceed U.S.

federally insured limits.

8 unchanged sentences

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, 2026 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, 2026 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, 2026, the Sponsor’s fee was $ 4,969,537 .

For the six months ended June 30, 2026, the Sponsor’s fee was $ 8,837,030 .

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.

2 unchanged sentences

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, 2026, there were no fees waived.

For the six months ended June 30, 2026, there were no fees waived.

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

6 unchanged sentences

Indemnification

The Trust Agreement provides that the Sponsor shall indemnify the Trustee, its directors, employees, delegees and agents against, and hold each of them harmless from, any loss, liability, claim, cost, expense or judgment of any kind whatsoever (including the reasonable fees and expenses of counsel) that is incurred by any of them and that arises out of or is related to ( 1 ) any offer or sale by the Trust of Baskets, ( 2 ) acts performed or omitted pursuant to the provisions of the Trust Agreement (A) by the Trustee, its directors, employees, delegees and agents or (B) by the Sponsor or ( 3 ) any filings with or submissions to the SEC in connection with or with respect to the Shares, except that the Sponsor shall not have any obligations to pay any indemnification amounts incurred as a result of and attributable to ( x ) the willful misconduct, gross negligence or bad faith of, or material breach of the terms of the Trust Agreement by, the Trustee, (y) information furnished in writing by the Trustee to the Sponsor expressly for use in the registration

statement, or any amendment thereto, filed with the SEC relating to the Shares that is not materially altered by the Sponsor or (z) any misrepresentations or omissions made by an authorized participant (other than the Sponsor) in connection with such authorized participant’s offer and sale of Shares.

The Trust Agreement provides that the Trustee shall indemnify the Sponsor, its directors, employees, delegees and agents against, and hold each of them harmless from, any loss, liability, claim, cost, expense or judgment of any kind whatsoever (including the reasonable fees and expenses of counsel) ( 1 ) caused by the willful misconduct, gross negligence or bad faith of the Trustee or ( 2 ) arising out of any information furnished in writing to the Sponsor by the Trustee expressly for use in the registration statement, or any amendment thereto or periodic report, filed with the SEC relating to the Shares that is not materially altered by the Sponsor.

The Trust Agreement provides that the Sponsor and its shareholders, directors, officers, employees, affiliates (as such term is defined under the Securities Act of 1933, as amended) and subsidiaries and agents shall be indemnified from the Trust and held harmless against any loss, liability, claim, cost, expense or judgment of any kind whatsoever (including the reasonable fees and expenses of counsel) arising out of or in connection with the performance of their obligations under the Trust Agreement or any actions taken in accordance with the provisions of the Trust Agreement and incurred without their ( 1 ) willful misconduct, gross negligence or bad faith or ( 2 ) reckless disregard of their obligations and duties under the Trust Agreement.

The Trust has agreed that the Cash Custodian will only be responsible for any loss or damage suffered by the Trust as a direct result of the Cash Custodian’s negligence, fraud or willful default in the performance of its duties.

Pursuant to the applicable agreements with the Trust’s third -party service providers, the Trust has agreed to indemnify such service providers against certain claims, losses, liabilities and expenses, subject to the terms, conditions and limitations set forth therein.

The Trust’s maximum exposure under these arrangements is unknown because it involves future potential claims against the Trust, which cannot be predicted with any certainty.

7 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, 2026 and 2025.

The following financial highlights relate to investment performance and operations for a Share outstanding for the three and six months ended June 30, 2026 and 2025.

Three Months Ended

Six Months Ended

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

20 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, 2026, the value of the ether held by the Trust is categorized as Level 1.

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 Third Amended and Restated Trust Agreement dated as of July 8, 2025, 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 transactions (such broker-dealer, the “Authorized Participants”), can place orders to receive Baskets in exchange for cash or ether.

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 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 day other than a Saturday or a Sunday, or a day on which NASDAQ is closed for regular trading (a “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”).

The 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 U.S.

GAAP 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, 2026

The Trust’s net asset value decreased from $10,300,756,520 at December 31, 2025 to $6,378,405,156 at March 31, 2026, a 38.08% decrease.

The decrease in the Trust’s net asset value resulted primarily from a decrease in the price of ether, which fell 29.27% from $2,971.55 at December 31, 2025 to $2,101.84 at March 31, 2026.

The decrease in the Trust’s net asset value was also affected by a decrease in the number of outstanding Shares, which fell from 458,720,000 Shares at December 31, 2025 to 401,880,000 Shares at March 31, 2026, a consequence of 74,680,000 Shares (1,867 Baskets) being created and 131,520,000 Shares (3,288 Baskets) being redeemed during the quarter.

The 29.34% decrease in the NAV for purposes of the Trust’s periodic financial statements (“Financial Statement NAV”) from $22.46 at December 31, 2025 to $15.87 at March 31, 2026 is directly related to the 29.27% 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 $4,969,537 for the quarter, or 0.06% of the Trust’s average weighted assets of $8,064,642,007 during the quarter.

The NAV of $25.50 on January 14, 2026 was the highest during the quarter, compared with a low during the quarter of $14.01 on February 23, 2026.

The net decrease in net assets resulting from operations for the quarter ended March 31, 2026 was $2,996,490,501, resulting from a net realized loss of $3,289,963 from ether sold to pay expenses, a net realized loss of $737,719,591 from ether sold for the redemption of Shares, a net realized loss of $191,019,080 from ether paid for the in-kind redemptions of Shares, an unrealized loss on investment in ether of $2,059,492,330 and a net investment loss of $4,969,537.

Other than the Sponsor’s fee of $4,969,537, the Trust had no expenses during the quarter.

Quantitative and Qualitative Disclosures About Market Risk.

Not applicable.

At June 30, 2026, the value of the ether held by the Trust is categorized as Level 1.

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