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Capital Share Transactions | 12 Months Ended
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Dec. 31, 2025
Capital Share Transactions [Abstract] |
Capital Share Transactions | Note 5. Capital Share Transactions Investors can buy and sell Shares of the Trust in secondary market transactions through brokers. Shares trade on the Exchange under the ticker symbol ETHV. Shares are bought and sold throughout the trading day like other publicly traded securities. The Trust continuously offers the Shares in baskets consisting of 25,000 Shares to authorized participants. Authorized participants pay a transaction fee for each order they place to create or redeem one or more baskets. The Administrator calculates the cost to purchase (or sell in the case of a redemption order) the amount of ETH represented by the baskets being created (or redeemed); the amount of ETH represented is equal to the combined NAV of the number of Shares included in the baskets being created (or redeemed). The Trust creates and redeems Shares, but only in one or more baskets. Baskets are only made in exchange for delivery to the Trust or the distribution by the Trust of the amount of ETH represented by the baskets being created or redeemed, the amount of which is equal to the combined NAV of the number of Shares included in the baskets being created or redeemed determined as of 4:00 p.m. EST on the day the order to create or redeem baskets is properly received. The authorized participants deliver cash or ETH to create baskets and receive cash or ETH when redeeming Shares. For a subscription in cash, an authorized participant will deliver cash to the Trust’s account at the cash custodian, which the Sponsor will then use to purchase ETH from a liquidity provider chosen by the Sponsor. For a redemption in cash, the Sponsor will arrange for the ETH represented by the basket to be sold to a liquidity provider chosen by the Sponsor and the cash proceeds distributed from the Trust’s account at the cash custodian to the authorized participant. For an “in-kind” subscription, authorized participants will deliver, or arrange for the delivery by the authorized participant’s designee of, ETH to the Trust’s account with the ETH Custodian or Additional ETH Custodian in exchange for Shares when they purchase Shares. For an “in-kind” redemption transaction with the Trust, when authorized participants redeem Shares, the Trust through the ETH Custodian or the Additional ETH Custodian, will deliver ETH to such authorized participants, or a designee thereof, in exchange for their Shares. Only authorized participants may place orders to create and redeem baskets through the transfer agent. The transfer agent will coordinate with the Trust’s ETH Custodians to facilitate settlement of the Shares and ETH. Share and capital activity is as follows:
|  | Year Ended December 31, 2025 |  |  | For the Period May 20, 2024 (Date of Seeding) to December 31, 2024 |
|  | Shares |  |  | Amount |  |  | Shares |  |  | Amount |
Beginning of period |  |  | 3,000,000 |  |  | $ | 137,801,504 |  |  |  | — |  |  | $ | — |
Shares issued |  |  | 3,225,000 |  |  |  | 172,013,836 |  |  |  | 3,402,000 |  |  |  | 154,153,076 |
Shares redeemed |  |  | (2,600,000) |  |  |  | (127,104,743) |  |  |  | (402,000) |  |  |  | (16,351,572) |
End of period |  |  | 3,625,000 |  |  | $ | 182,710,597 |  |  |  | 3,000,000 |  |  | $ | 137,801,504 |

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