ETHAHIGH SIGNALFINANCIAL10-K

ETHA experienced a catastrophic financial deterioration with net income plummeting from $34.4M profit to -$2.3B loss, representing a -6827% decline.

This dramatic reversal from profitability to massive losses, combined with operating income declining nearly 2000%, suggests severe operational distress or major asset impairments in the ethereum ETF. The transition from the previous period's positive performance to such extreme losses raises serious concerns about the fund's underlying asset performance and management effectiveness.

Comparing 2026-02-27 vs 2025-03-05View on EDGAR →
FINANCIAL ANALYSIS

The financial picture shows complete deterioration across all key metrics, with net income swinging from a $34.4M profit to a staggering $2.3B loss (-6827%), operating income declining nearly 2000% to -$18.4M, and operating cash flow worsening significantly from -$3.5B to -$8.9B. This represents one of the most severe financial reversals possible, indicating either massive ethereum price declines, significant operational failures, or major asset write-downs that fundamentally threaten the ETF's viability and investor capital.

FINANCIAL STATEMENT CHANGES
Net Income
P&L
-6827.4%
$34.4M→-$2.3B

Net income declined 6827.4% — review whether driven by operations, interest costs, or non-recurring items.

Operating Income
P&L
-1971%
-$889K→-$18.4M

Operating income deteriorated sharply — investigate whether driven by one-time charges or structural cost issues.

Operating Cash Flow
Cash Flow
-151.6%
-$3.5B→-$8.9B

Operating cash flow fell 151.6% — earnings quality concerns; investigate working capital changes and non-cash items.

LANGUAGE CHANGES
NEW — 2026-02-27
PRIOR — 2025-03-05
ADDED
etha20251231_10k.htm 0002000638 iShares Ethereum Trust ETF false --12-31 FY 2025 true true true false BlackRock s Board of Directors is actively engaged in the oversight of BlackRock s risk management program.
BlackRock s Risk Committee assists BlackRock s Board with its oversight of BlackRock s levels of risk, risk assessment, risk management and related policies and processes, including risks arising from cybersecurity threats.
BlackRock s Risk Committee receives regular reports on BlackRock s cybersecurity program, technology resilience risk management and related developments from members of our information security team, including the CISO.
BlackRock s Board and BlackRock s Risk Committee also receive information regarding cybersecurity incidents that meet certain reporting thresholds.
On an annual basis, senior members of BlackRock s technology, risk and information security teams provide a comprehensive overview of BlackRock s cyber risk and related programs to a joint session of BlackRock s Board s Risk and Audit Committees.
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REMOVED
iset20241231_10k.htm 0002000638 iShares Ethereum Trust ETF false --12-31 FY 2024 true true true false true true false false false false 100.01 0.01 100.00 For the period July 22, 2024 (Effective Date) to December 31, 2024.
As of February 28, 2025, the Registrant had 170,720,000 Shares outstanding.
The Trust is governed by the Second Amended and Restated Trust Agreement dated as of July, 3, 2024 (the Trust Agreement ).
The owners of the beneficial interests of Shares are the Shareholders .
The assets of the Trust consist primarily of ether held by the Coinbase Custody Trust Company, LLC (the Ether Custodian ) on behalf of the Trust, pursuant to the Custodial Services Agreement (the Custodian Agreement ).
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