1 unchanged sentence
Market Information
−Removed: 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: From October 3, 2022 to July 22, 2024, Grayscale Securities was the only acting Authorized Participant of the Trust.
−Removed: 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.
−Removed: 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.
−Removed: LLC have agreed to act as Authorized Participants.
−Removed: The Shares are listed on NYSE Arca under the ticker symbol “ETHE.”
+Added: The Shares commenced trading on NYSE Arca on July 23, 2024 under the ticker symbol “ETHE.”
Holders of Record
−Removed: As of December 31, 2024, there were approximately 21 holders of record.
−Removed: This includes Cede & Co.
−Removed: as nominee for DTC for the Shares traded on NYSE Arca, but not its direct participants.
−Removed: 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.
+Added: As of December 31, 2025, there were approximately 16 DTC participating shareholders of record of the Trust.
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.
+Added: The Trust made no distributions to shareholders during the years ended December 31, 2025 and 2024.
+Added: The Trust has no obligation to make periodic distributions to shareholders.
Recent Sales of Unregistered Shares
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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 ETF (NYSE Arca:
+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 Staking ETF (NYSE Arca:
ETHE) by DCG, the indirect parent company of the Sponsor, on a monthly basis during the three months ended December 31, 2025:
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GBTC), Grayscale Bitcoin Cash Trust (BCH) (OTCQX:
−Removed: BCHG), Grayscale Digital Large Cap Fund LLC (OTCQX:
+Added: BCHG), Grayscale CoinDesk Crypto 5 ETF (NYSE Arca:
GDLC), Grayscale Stellar Lumens Trust (XLM) (OTCQX:
2 unchanged sentences
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 February 24, 2025, DCG had not purchased any Shares of the Trust under this authorization.
−Removed: 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: As of the date of this Annual Report, 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 from Authorized Participants during the three months ended December 31, 2025, the Trust redeemed the following Shares:
Total Number of Shares of ETHE Redeemed
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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.