| Summary of Fair value Hierarchy |
The following is a summary of the fair value
hierarchy as of March 31, 2026, and December 31, 2025:
| |
March 31, 2026 | |
Level 1 | | |
Level 2 | | |
Level 3 | | |
Total | |
| |
Assets | |
| | | |
| | | |
| | | |
| | |
| |
Investment in ETH | |
$ | 106,794,805 | | |
$ | — | | |
$ | — | | |
$ | 106,794,805 | |
| |
| |
| | | |
| | | |
| | | |
| | |
| |
December 31, 2025 | |
Level 1 | | |
Level 2 | | |
Level 3 | | |
Total | |
| |
Assets | |
| | | |
| | | |
| | | |
| | |
| |
Investment in ETH | |
$ | 157,608,454 | | |
$ | — | | |
$ | — | | |
$ | 157,608,454 | |
|
| Changes in Quantity of ETH and Fair Value |
The following represents the changes in quantity
of ETH and the respective fair value:
| |
| |
ETH | | |
Fair
Value | |
| |
Beginning balance as of January 1, 2026 | |
| 53,048.87 | | |
$ | 157,608,454 | |
| |
ETH purchased | |
| 14,627.60 | | |
| 34,473,207 | |
| |
ETH sold | |
| (16,850.72) | | |
| (40,570,073) | |
| |
Net change in unrealized appreciation (depreciation) from investment in ETH | |
| — | | |
| (30,226,986) | |
| |
Net realized loss on investment in ETH | |
| — | | |
| (14,489,797) | |
| |
Ending balance as of March 31, 2026 | |
| 50,825.75 | | |
$ | 106,794,805 | |
| |
| |
| | | |
| | |
| |
| |
ETH | | |
Fair
Value | |
| |
Beginning balance as of January 1, 2025 | |
| 43,935.83 | | |
$ | 146,428,902 | |
| |
ETH purchased | |
| 47,219.32 | | |
| 172,013,256 | |
| |
ETH sold | |
| (38,106.28) | | |
| (127,280,000) | |
| |
Net change in unrealized appreciation (depreciation) from investment in ETH | |
| — | | |
| (34,062,356) | |
| |
Net realized gain on investment in ETH | |
| — | | |
| 508,652 | |
| |
Ending balance as of December 31, 2025 | |
| 53,048.87 | | |
$ | 157,608,454 | |
| |
| |
| | | |
| | |
|