Investments in Ether

6 Months Ended

Jun. 30, 2025

Note 7 – Investments in Ether

The Trust expects to purchase or sell ether in connection with cash creation or redemption transactions, and may sell ether to pay certain expenses, including the Sponsor Fee. The following is a summary of the transactions in, and earnings from, investments in ether for the three and six months ended June 30, 2025.


	Fair Value
Opening Balance as of 03/31/2025	$	13,737,936
Purchases at Cost		3,368,191
Proceeds from Sales to Pay Sponsor Fee		(10,246	)
Proceeds from ether sold for Redemptions		—
Change in Unrealized Appreciation (Depreciation)		5,563,533
Net Realized (Gain) Loss from Investments in Ether Sold to pay Sponsor Fee		(4,952	)
Net Realized (Gain) Loss on Investments in Ether Sold for Redemptions		—
Ending Balance as of 06/30/2025	$	22,654,462


	Fair Value
Opening Balance as of 12/31/2024	$	23,569,250
Purchases at Cost		6,425,219
Proceeds from Sales to Pay Sponsor Fee		(25,314	)
Proceeds from ether sold for Redemptions		(1,450,911	)
Change in Unrealized Appreciation (Depreciation)		(5,001,925	)
Net Realized (Gain) Loss from Investments in Ether Sold to pay Sponsor Fee		(7,802	)
Net Realized (Gain) Loss on Investments in Ether Sold for Redemptions		(854,055	)
Ending Balance as of 06/30/2025	$	22,654,462