<SEC-DOCUMENT>0001437749-25-036013.txt : 20251121
<SEC-HEADER>0001437749-25-036013.hdr.sgml : 20251121
<ACCEPTANCE-DATETIME>20251121163939
ACCESSION NUMBER:		0001437749-25-036013
CONFORMED SUBMISSION TYPE:	424B3
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20251121
DATE AS OF CHANGE:		20251121

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			iShares Ethereum Trust ETF
		CENTRAL INDEX KEY:			0002000638
		STANDARD INDUSTRIAL CLASSIFICATION:	 [6221]
		ORGANIZATION NAME:           	09 Crypto Assets
		EIN:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		424B3
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-275583
		FILM NUMBER:		251508574

	BUSINESS ADDRESS:	
		STREET 1:		C/O ISHARES DELAWARE TRUST SPONSOR, LLC
		STREET 2:		400 HOWARD STREET
		CITY:			SAN FRANCISCO
		STATE:			CA
		ZIP:			94105
		BUSINESS PHONE:		415-670-6416

	MAIL ADDRESS:	
		STREET 1:		C/O ISHARES DELAWARE TRUST SPONSOR, LLC
		STREET 2:		400 HOWARD STREET
		CITY:			SAN FRANCISCO
		STATE:			CA
		ZIP:			94105

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	iShares Ethereum Trust
		DATE OF NAME CHANGE:	20231109
</SEC-HEADER>
<DOCUMENT>
<TYPE>424B3
<SEQUENCE>1
<FILENAME>etha20251120_424b3.htm
<DESCRIPTION>FORM 424B3
<TEXT>
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<p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: right;">Filed Pursuant to Rule 424(b)(3)&nbsp;<br>
Registration No. 333-275583</p>

<p style="font-family: Arial, Helvetica, sans-serif; font-size: 12pt; font-variant: normal; text-align: center; margin: 0pt;">&nbsp;</p>

<p style="font-family: Arial, Helvetica, sans-serif; font-size: 12pt; font-variant: normal; text-align: center; margin: 0pt;"><b>iShares</b>&#174;<b> Ethereum Trust ETF </b></p>

<p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>Supplement No. 1 dated November 21, 2025 </b></p>

<p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>to the prospectus dated July 31, 2025</b></p>

<p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;">This prospectus&nbsp;supplement&nbsp;(this &#8220;Supplement&#8221;) is part of and should be read in conjunction with the prospectus of iShares Ethereum Trust ETF (the &#8220;Trust&#8221;), dated July 31, 2025 (the &#8220;Prospectus&#8221;). Unless otherwise defined herein, capitalized terms used in this&nbsp;Supplement&nbsp;shall have the same meanings as in the Prospectus.</p>

<p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>Update to Prospectus</b></p>

<p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;">The following disclosure is added to the end of the &#8220;Plan of Distribution&#8221; section on page 135 of the Prospectus.</p>

<p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>Offering Restrictions</b></p>

<p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;">This prospectus may not be distributed in or from the Abu Dhabi Global Market (&#8220;ADGM&#8221;) except to such persons meeting the &#8220;Professional Client&#8221; criteria set out in Rule 2.4.1 of the conduct of business rules (&#8220;COBs&#8221;) in the Financial Services Regulatory Authority of the Abu Dhabi Global Market (&#8220;FSRA&#8221;) handbook. <b>This prospectus and any related document are strictly not directed to any person who would be considered a </b>&#8220;<b>Retail Client</b>&#8221;<b> in the ADGM under the COBs.</b></p>

<p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;">The Trust is not subject to any form of regulation or approval by the FSRA.</p>

<p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;">The FSRA accepts no responsibility for reviewing or verifying the or any other documents in connection with the Trust. Accordingly, the FSRA has not approved this prospectus or any other associated documents nor taken any steps to verify the information set out in this prospectus and has no responsibility for it.</p>

<p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;">The Shares of the Trust may be illiquid and/or subject to restrictions on their resale with respect to Professional Clients in the ADGM. Prospective investors should conduct their own due diligence on the Trust.</p>

<p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;">If you do not understand the contents of this prospectus, you should consult your personal financial advisor.</p>

<p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

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