Investments in Ether

12 Months Ended

Dec. 31, 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 year ended December 31, 2025 and the period ended December 31, 2024.


	Fair Value
Opening Balance as of December 31, 2024	$	23,569,250
Purchases at Cost		38,907,990
Proceeds from Sales to Pay Sponsor Fee		(65,393	)
Proceeds from Ether sold for Redemptions		(34,815,043	)
Change in Unrealized Appreciation (Depreciation)		(340,579	)
Net Realized Gain (Loss) on Investments in Ether Sold to pay Sponsor Fee		(11,077	)
Net Realized Gain (Loss) on Investments in Ether Sold for Redemptions		(1,391,403	)
Ending Balance as of December 31, 2025	$	25,853,745

	Fair Value
Opening Balance as of June 17, 2024	$	—
Purchases at Cost		30,217,342
Proceeds from Sales to Pay Sponsor Fee		(16,462	)
Proceeds from Ether sold for Redemptions		(10,748,206	)
Change in Unrealized Appreciation (Depreciation)		3,722,365
Net Realized Gain (Loss) on Investments in Ether Sold to pay Sponsor Fee		(3,977	)
Net Realized Gain (Loss) on Investments in Ether Sold for Redemptions		398,188
Ending Balance as of December 31, 2024	$	23,569,250