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Fair Value of Ether
 3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Fair Value of Ether

3. Fair Value of Ether

As of March 31, 2025, the Trust held a net closing balance of 95,108.4265 ether with a total market value of $174,674,234 based on the CME CF Ether - Dollar Reference Rate - New York Variant ("Pricing Index") price of $1,836.58, used to determine the Trust's NAV. The total market value of the Trust's ether held was $173,794,481 based on the price of ether (Lukka Prime Rate) in the principal market (Crypto.com) of $1,827.33, used to determine the Trust's Principal Market NAV.

 

The following represents the changes in quantity of ether and the respective fair value for the three-month period ended March 31, 2025:

 

 

Quantity of ether

 

 

Fair Value
(amounts in thousands)

 

Beginning balance as of December 31, 2024

 

 

121,101.8582

 

 

$

404,529

 

Purchases

 

 

7,173.6589

 

 

 

20,853

 

Sales for the redemption of Shares

 

 

(33,142.6922

)

 

 

(101,693

)

Ether transferred for Sponsor Fee

 

 

(24.3984

)

 

 

(60

)

Net realized gain (loss) on investment in ether transferred to pay Sponsor Fee

 

 

—

 

 

 

2

 

Net realized gain (loss) on investment in ether sold for redemptions

 

 

—

 

 

 

(13,641

)

Change in unrealized appreciation (depreciation) on investment in ether

 

 

—

 

 

 

(136,196

)

Ending balance as of March 31, 2025

 

 

95,108.4265

 

 

$

173,794

 

 

As of December 31, 2024 the Trust held a net closing balance of 121,101.8582 ether with a total market value of $405,188,652 based on the Pricing Index price of $3,345.85, used to determine the Trust's NAV. The total market value of the Trust's ether held was $404,528,647 based on the price of an ether (Lukka Prime Rate) in the principal market (Crypto.com) of $3,340.40, used to determine the Trust's Principal Market NAV.

 

The following represents the changes in quantity of ether and the respective fair value for the period from July 22, 2024 (commencement of operations) to December 31, 2024:

 

 

Quantity of ether

 

 

Fair Value
(amounts in thousands)

 

Beginning balance as of July 22, 2024 (commencement of operations)

 

 

—

 

 

$ —

 

Purchases

 

 

136,813.5326

 

 

 

453,518

 

Sales for the redemption of Shares

 

 

(15,711.6744

)

 

 

(49,804

)

Ether transferred for Sponsor Fee

 

 

—

 

 

 

—

 

Net realized gain (loss) on investment in ether transferred to pay Sponsor Fee

 

 

—

 

 

 

—

 

Net realized gain (loss) on investment in ether sold for redemptions

 

 

—

 

 

 

(9,412

)

Change in unrealized appreciation (depreciation) on investment in ether

 

 

—

 

 

 

10,227

 

Ending balance as of December 31, 2024

 

 

121,101.8582

 

 

$

404,529