Dilution profile // every instrument, one screen, from SEC filings

Grayscale Ethereum Staking Mini ETF (ETH)

CIK 2020455 · all EDGAR filings →

Overall dilution risk
HIGHworst of 2 computed signals (offering ability)
= the worst band among the computed sub-ratings, no hidden weighting
not every sub-rating was computable; treat as a floor
Offering ability
HIGHS-1/A on file 2024-07-18
= is there a registration (S-1/S-3 family) on file without a later withdrawal
no structured fee data on the live registrations, so this is a yes/no, not a size
Overhead supply
NOT COMPUTEDno warrant count tagged in XBRL
= warrant shares outstanding divided by current shares outstanding
absence of a tag is not proof of absence of warrants
Historical dilution
LOW-77% O/S in 3y
= share count now vs 3 years ago (bands: 30% / 100%); a reverse split pushes this negative
a reverse-split-sized cliff is in this window; read the chart
Cash need
NOT COMPUTEDrunway not computable from latest facts
= cash vs trailing operating burn

Same rating bands the category standard uses, but free, with the formula on the chip and the gaps in the data said out loud.

Shares outstanding over time

2024-08-262026-08-03

Latest: 88.0M shares as of Aug 3, 2026 (10-Q). Share count fell from 418.8M to 50.7M between Oct 28, 2024 and Feb 24, 2025, a pattern consistent with a reverse split (roughly 1-for-8); simultaneous issuance can skew the raw ratio, so confirm in the filings. The red bar marks the cliff.

Cash runway

Burning cash

burning $232.1M / quarter

Full breakdown: cash runway tool · source filing →

Warrants

No warrant figures tagged in this filer’s XBRL facts. That means the company has not reported them in structured form; it does not prove no warrants exist. The exhibits are the ground truth.

Convertible notes

No convertible-note facts tagged in the 10-Q filed Aug 7, 2026. If convertible notes exist, their terms live in exhibit prose for this filer and are not parsed; absence of a tag is not proof of absence. The exhibits are the ground truth.

Registrations and offerings

S-1Apr 23, 2024no structured fee exhibit in this filing (predates fee-data XBRL or fee deferred)filing →

Last 12 months: 0 executed · 0 registered.

UPDATEAug 7, 2026Prospectus update — often a resale registration, not necessarily new capital424B3
UPDATEJul 17, 2026Prospectus update — often a resale registration, not necessarily new capital424B3
MARKETINGApr 23, 2026Free-writing prospectus — offering being marketedFWP
MARKETINGMar 19, 2026Free-writing prospectus — offering being marketedFWP
MARKETINGJan 6, 2026Free-writing prospectus — offering being marketedFWP
MARKETINGJan 6, 2026Free-writing prospectus — offering being marketedFWP
MARKETINGJan 5, 2026Free-writing prospectus — offering being marketedFWP
MARKETINGJan 5, 2026Free-writing prospectus — offering being marketedFWP
MARKETINGJan 5, 2026Free-writing prospectus — offering being marketedFWP
MARKETINGDec 11, 2025Free-writing prospectus — offering being marketedFWP
MARKETINGDec 10, 2025Free-writing prospectus — offering being marketedFWP
MARKETINGDec 9, 2025Free-writing prospectus — offering being marketedFWP

Full history and shelf status: offering checker · S-3 shelf checker

Source: SEC EDGAR XBRL company facts and filing metadata, fetched live and cached briefly. Share counts are cover-page figures with their form named. Warrant tranches and convertible notes come from the dimensioned facts in the latest 10-Q/10-K instance document, exactly as the company tagged them; untagged tranches and notes are absent, not disproven. Nothing on this page is manually verified and nothing is behind a login: what free data supports is shown, what it cannot support is stated. Not investment advice.

Keep going: float checker · offering calendar · short-squeeze screener · full ETH workspace