Grayscale Ethereum Mini Trust ETF Reports $322.8 Million Loss for 2025

**Grayscale Ethereum Mini Trust ETF Reports Financial Performance for 2025**

Grayscale Ethereum Mini Trust ETF (ETH), a Delaware statutory trust, has released its annual report on Form 10-K, detailing its financial performance and operational developments for the year ended December 31, 2025. The trust, designed to provide investors with exposure to Ether, reported a net realized and unrealized loss on investment in Ether of $322.8 million, which includes a realized gain of $15.8 million on the transfer of Ether to meet Redemptions, a realized loss of $0.2 million on the transfer of Ether to pay expenses, net change in unrealized appreciation/depreciation on Sponsor’s Staking Fee payable in Ether of $0.02 million, and net change in unrealized appreciation/depreciation on investment in Ether of ($338.5) million. This loss was primarily driven by a decrease in the price of Ether from $3,340.40 on December 31, 2024, to $2,971.94 on December 31, 2025.

The trust's net decrease in net assets resulting from operations was $317.7 million for the year ended December 31, 2025, which consisted of the net realized and unrealized loss on investment in Ether and net investment gain of $2.9 million. Net assets decreased to $2.2 billion at December 31, 2025, a 39% decrease for the year. The decrease in net assets resulted from the aforementioned Ether price depreciation, the redemption of approximately 280,498 Ether with a value of $976.6 million from the Trust, the withdrawal of approximately 836 Ether to pay the Sponsor’s Fee and the payable of approximately 78 Ether to pay the Sponsor’s Staking Fee, partially offset by the contribution of approximately 541,944 Ether with a value of $1.9 billion to the Trust in connection with Share creations during the period and the contribution of approximately 2,509 Ether with a value of $8.1 million in connection with Staking Rewards. The aggregate market value of the registrant’s Shares held by non-affiliates of the registrant as of June 30, 2025 was $1.3 billion. As of February 20, 2026, the number of Shares of the registrant outstanding was 84,750,788.

Strategic developments for the trust included a name change on January 5, 2026, from Grayscale Ethereum Mini Trust ETF to Grayscale Ethereum Staking Mini ETF, reflecting its engagement in staking activities. The trust commenced staking on October 6, 2025, pursuant to staking arrangements with the Custodian and one or more third-party staking providers. The Sponsor anticipates that it will continue to engage in staking with respect to all of the Trust’s Ether at all times, except as necessary to pay the Sponsor’s Fee, additional Trust expenses, satisfy redemption requests, or address other specific circumstances. The Sponsor has implemented a staking policy with respect to the Trust, which describes the frequency of, and conditions under which the Trust will make such distributions, if any, to the Trust’s beneficiaries, which is available to shareholders on the Sponsor’s website.

Key operational developments included the trust holding approximately 0.6% of the Ether in circulation as of December 31, 2025. The trust's activities are limited to issuing Baskets in exchange for Ether, transferring or selling Ether to cover fees and expenses, transferring Ether for redemptions, selling Ether upon termination, making distributions of Incidental Rights and/or IR Virtual Currency, engaging in staking, and receiving Staking Consideration. The trust does not engage in active management or activities designed to profit from market price changes. The Sponsor maintains an internet website at etfs.grayscale.com/eth, through which the registrant’s annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act, as amended, are made available free of charge after they have been filed or furnished to the SEC.