ETHEHIGH SIGNALFINANCIAL10-K

ETHE experienced substantial declines across key financial metrics with operating cash flow dropping significantly and total assets falling by nearly half.

The dramatic reduction in operating cash flow and total assets suggests either major structural changes in the trust's operations or significant outflows from the fund. For a cryptocurrency trust, this likely reflects substantial investor redemptions or distributions, which could indicate waning investor confidence in Ethereum exposure or broader market repositioning.

Comparing 2026-02-25 vs 2025-02-28View on EDGAR →
FINANCIAL ANALYSIS

ETHE's financial profile contracted substantially during the period, with operating cash flow declining meaningfully while total assets fell by nearly half to $2.7 billion. Share buybacks also decreased but remained significant at $2.2 billion, suggesting continued capital return activity despite the overall asset reduction. The magnitude of these changes points to major structural shifts in the trust's asset base and cash generation capabilities.

FINANCIAL STATEMENT CHANGES
Operating Cash Flow
Cash Flow
-61.1%
$3.6B→$1.4B

Operating cash flow fell 61.1% — earnings quality concerns; investigate working capital changes and non-cash items.

Total Assets
Balance Sheet
-42.9%
$4.7B→$2.7B

Total assets contracted 42.9% — asset sales, write-downs, or balance sheet optimization underway.

Share Buybacks
Cash Flow
-40.8%
$3.6B→$2.2B

Buyback activity reduced 40.8% — capital being redeployed elsewhere or cash conservation underway.

LANGUAGE CHANGES
NEW — 2026-02-25
PRIOR — 2025-02-28
ADDED
All statements (other than statements of historical fact) included in this Annual Report that address activities, events or developments that will or may occur in the future, including such matters as changes in market prices and conditions, the Trust s operations, the plans of Grayscale Investments Sponsors, LLC (the Sponsor ), and references to the Trust s future success and other similar matters are forward-looking statements.
Summary of Risk Factors Below is a summary of the principal factors that make an investment in the Shares speculative or risky.
Additional discussion of the risks summarized in this risk factor summary, and other risks that we face, can be found below in Item 1A.
Some of the factors that could materially and adversely affect our business include, but are not limited to, the following: Risk Factors Related to Digital Assets Extreme volatility of trading prices that many digital assets, including Ether, have experienced in recent periods and may continue to experience, could have a material adverse effect on the value of the Shares and the Shares could lose all or substantially all of their value.
The medium-to-long term value of the Shares is subject to a number of factors relating to the capabilities and development of blockchain technologies and to the fundamental investment characteristics of digital assets.
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REMOVED
Management s Discussion and Analysis of Financial Condition and Results of Operations of this Annual Report on Form 10-K, as well as those described from time to time in our future reports filed with the SEC.
This Annual Report supplements and where applicable amends the Memorandum, as defined in the Trust s Second Amended and Restated Declaration of Trust and Trust Agreement, for general purposes.
Ether has an unlimited supply and a circulating supply of approximately 120 million coins as of December 31, 2024.
As of December 31, 2024, the 24-hour trading volume of Ether was approximately $9.3 billion.
As of December 31, 2024, the aggregate market value of Ether was $401 billion.
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