**Bitwise Ethereum ETF Reports Financial Performance for 2025**
Bitwise Ethereum ETF (ETHW), a Delaware statutory trust focused on providing exposure to the value of ether, has filed its annual report on Form 10-K. The filing indicates that the Trust's net assets decreased to $343.7 million as of December 31, 2025, compared to $404.5 million at the end of 2024. This decrease is primarily attributed to a decline in the fair value of ether, as well as net losses from operations and capital share transactions. The Trust's investment objective is to provide shareholders with exposure to the value of ether, less the expenses of the Trust’s operations and other liabilities.
The Trust reported a net investment loss of $0.66 million for the year ended December 31, 2025, compared to no investment loss for the period from July 22, 2024 (commencement of operations) through December 31, 2024. The Sponsor Fee, which is the Trust's primary expense, totaled $0.70 million, with a contractual waiver of $0.04 million. The Trust also experienced a net realized loss of $54.6 million on investment in ether sold for redemptions, and a net change in unrealized appreciation on investment in ether of $0.31 million. The Trust's operations are managed by Bitwise Investment Advisers, LLC, which receives a unitary Sponsor Fee of 0.20% per annum of the Trust’s ether holdings.
Key operational developments include the Trust's reliance on Authorized Participants for the creation and redemption of shares in blocks of 10,000 (Baskets). The Trust utilizes both Trust-Directed Trade Model and Agent Execution Model for ether purchases and sales. The Trust's holdings are custodied by Coinbase Custody Trust Company, LLC, while cash holdings are managed by The Bank of New York Mellon. The Trust's net asset value (NAV) is determined by the Administrator based on the CME CF Ether – Dollar Reference Rate – New York Variant (Pricing Index). As of December 31, 2025, the Trust had 16,150,000 shares outstanding, with a Principal Market NAV per share of $21.28.
The filing also includes forward-looking statements regarding the Trust's financial conditions, results of operations, and future performance, which are subject to various risks and uncertainties, including the volatility of ether prices, regulatory changes, and potential conflicts of interest. The Trust is an emerging growth company and has elected not to use the extended transition period for complying with new or revised accounting standards. The Sponsor maintains a website for the Trust, www.ETHWetf.com, where additional information can be accessed free of charge.
About Bitwise Ethereum ETF
Bitwise Ethereum ETF is a Delaware statutory trust that offers investors exposure to ether through publicly traded shares on NYSE Arca. It passively holds ether, reflecting its market value via a reference rate based on major trading platforms. The trust facilitates creation and redemption of shares in blocks, providing a cost-effective, regulated way to invest in ether without direct ownership. Custody is secured through cold storage and regulated exchanges.
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