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Prior to October 3, 2022, Shares were distributed by Genesis, acting as the sole Authorized Participant, through sales in private placement transactions exempt from the registration requirements of the Securities Act pursuant to Rule 506(c) thereunder.
−Removed: Since October 3, 2022, Grayscale Securities has been the only acting Authorized Participant of the Trust, and Liquidity Provider(s) have been engaged to source ETH in connection with the creation of Shares.
−Removed: The Shares are quoted on OTCQX under the ticker symbol “ETHE.” Over-the-counter market quotations reflect inter-dealer prices, without retail mark-up, mark-down or commission and may not necessarily represent actual transactions.
+Added: From October 3, 2022 to July 22, 2024, Grayscale Securities was the only acting Authorized Participant of the Trust.
+Added: On or after July 22, 2024, the Sponsor, on behalf of the Trust, and the Transfer Agent entered into Participant Agreements with a number of unaffiliated Authorized Participants in connection with the approval of NYSE Arca’s application under Rule 19b-4 of the Exchange Act.
+Added: As of the date of this Annual Report, Jane Street Capital, LLC, Virtu Americas LLC, Macquarie Capital (USA) Inc., ABN AMRO Clearing USA LLC and Goldman Sachs & Co.
+Added: LLC have agreed to act as Authorized Participants.
+Added: The Shares are listed on NYSE Arca under the ticker symbol “ETHE.”
Holders of Record
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This includes Cede & Co.
−Removed: as nominee for DTC for the Shares traded on OTCQX, but not its direct participants.
−Removed: Therefore, this number does not include the individual holders who have bought Shares on OTCQX or transferred their eligible Shares to their brokerage accounts.
+Added: as nominee for DTC for the Shares traded on NYSE Arca, but not its direct participants.
+Added: Therefore, this number does not include the individual holders who have bought Shares on NYSE Arca or transferred their eligible Shares to their brokerage accounts.
Because most of the Trust’s Shares are held by brokers and other institutions on behalf of shareholders, we are unable to estimate the total number of shareholders represented by these record holders.
Recent Sales of Unregistered Shares
−Removed: As of December 31, 2023, the Registrant has distributed 310,158,500 Shares at varying prices determined by reference to the NAV per Share to selected “accredited investors,” within the meaning of Rule 501 of Regulation D under the Securities Act.
+Added: Prior to the Uplisting Date, the Registrant had distributed 310,158,500 Shares at varying prices determined by reference to the NAV per Share to selected “accredited investors,” within the meaning of Rule 501 of Regulation D under the Securities Act.
The Shares were sold in connection with an ongoing offering pursuant to Rule 506(c) of Regulation D under the Securities Act.
Genesis acted as the Authorized Participant with respect to these distributions.
−Removed: In exchange for these sales, the Trust received an aggregate of 3,240,485.90155110 ETH.
−Removed: During the year ended December 31, 2023, the Registrant did not distribute any Shares.
+Added: In exchange for these sales, the Trust received an aggregate of 3,240,485.90155110 Ether.
+Added: During the year ended December 31, 2024, the Registrant did not distribute any Shares under 506(c) of Regulation D under the Securities Act.
Because Shares have been, and continue to be, created and issued on a periodic basis, a “distribution,” as such term is used in the Securities Act, may be occurring from time to time.
−Removed: As a result, the Authorized Participant facilitating the creation of Shares and acting as a distributor and marketer during any such period may be deemed an “underwriter” under Section 2(a)(11) of the Securities Act.
−Removed: No underwriting discounts or commissions were paid to the Authorized Participant with respect to such sales.
+Added: As a result, an Authorized Participant facilitating the creation of Shares and acting as a distributor and marketer during any such period may be deemed an “underwriter” under Section 2(a)(11) of the Securities Act.
+Added: No underwriting discounts or commissions were paid to an Authorized Participant with respect to such sales.
Purchases of Equity Securities
−Removed: Purchases of equity securities by the issuer and affiliated purchasers —The table below sets forth information regarding open market purchases of Shares of Grayscale Ethereum Trust (ETH) (OTCQX:
−Removed: ETHE) by DCG, the parent company of the Sponsor, on a monthly basis during the three months ended December 31, 2023:
+Added: Purchases of equity securities by the issuer and affiliated purchasers —The table below sets forth information regarding open market purchases of Shares of Grayscale Ethereum Trust ETF (NYSE Arca:
+Added: ETHE) by DCG, the indirect parent company of the Sponsor, on a monthly basis during the three months ended December 31, 2024:
(a) Total Number of Shares of ETHE Purchased
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December 1, 2024 - December 31, 2024
−Removed: (1) On March 2, 2022, the Board approved the purchase by DCG, the parent company of the Sponsor, of up to an aggregate total of $200 million worth of Shares of the Trust and shares of any of the following five investment products the Sponsor also acts as the sponsor and manager of, including Grayscale Bitcoin Trust (BTC) (NYSE Arca:
+Added: (1) On March 2, 2022, the Board approved the purchase by DCG, the indirect parent company of the Sponsor, of up to an aggregate total of $200 million worth of Shares of the Trust and shares of any of the following five investment products the Sponsor also acts as the sponsor and manager of, including Grayscale Bitcoin Trust ETF (NYSE Arca:
GBTC), Grayscale Bitcoin Cash Trust (BCH) (OTCQX:
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The Share purchase authorization does not obligate DCG to acquire any specific number of Shares in any period, and may be expanded, extended, modified, or discontinued at any time.
−Removed: From March 2, 2022 through December 31, 2023, DCG had not purchased any Shares of the Trust under this authorization.
+Added: From March 2, 2022 through February 24, 2025, DCG had not purchased any Shares of the Trust under this authorization.
+Added: Although the Trust does not purchase Shares directly from its shareholders, in connection with its redemption of Baskets, the Trust redeemed 2,918 Baskets (29,180,000 Shares) during the three months ended December 31, 2024:
+Added: Total Number of Shares of ETHE Redeemed
+Added: Average Price Paid per Share of ETHE (1)
+Added: October 1, 2024 - October 31, 2024
+Added: November 1, 2024 - November 30, 2024
+Added: December 1, 2024 - December 31, 2024
+Added: (1) The Price Paid per Share is based on the NAV per Share, which is derived from the Index Price as represented by the Index as of 4:00 p.m., New York time, on the valuation date.
+Added: The Trust’s NAV per Share is calculated using a non-GAAP methodology where the price is derived from multiple Digital Asset Trading Platforms.
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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.