**iShares Ethereum Trust ETF Reports Financial Performance for Fiscal Year 2025**
The iShares Ethereum Trust ETF (ETHA), a Delaware statutory trust formed in November 2023, reported its financial performance for the fiscal year ending December 31, 2025. The Trust's net asset value (NAV) significantly increased from $3.57 billion at the end of 2024 to $10.30 billion at the end of 2025, representing a 188.43% growth. This surge was primarily driven by a substantial increase in the number of outstanding shares, which rose from 141.48 million to 458.72 million during the same period, reflecting the creation of 546.32 million shares and the redemption of 229.08 million shares. However, this increase was partially offset by a 10.86% decrease in the price of ether, from $3,333.60 to $2,971.55.
The Trust's financial statement NAV decreased by 11.01%, from $25.24 to $22.46 per share, closely mirroring the decline in ether's price. The Sponsor's Fee, amounting to $18.41 million for the year, also contributed to this decrease. The highest financial statement NAV during the year was $36.46 on August 22, 2025, while the lowest was $11.09 on April 8, 2025. The net decrease in net assets resulting from operations for the year was $2.32 billion, primarily due to an unrealized loss on investment in ether of $2.26 billion and a net realized loss of $195.78 million from ether sold for share redemptions, partially offset by realized gains from ether sales to cover expenses.
Key operational developments included the Trust's reliance on Coinbase Custody Trust Company, LLC as the Ether Custodian and Coinbase, Inc. as the Prime Execution Agent. The Trust's activities are limited to issuing shares in exchange for cash, selling ether to cover expenses, and buying/selling ether in connection with share creation and redemption. The Trust does not engage in active management or staking activities. As of June 30, 2025, the aggregate market value of shares held by non-affiliates was approximately $4.40 billion, and as of January 30, 2026, the Trust had 441.48 million shares outstanding.
Looking ahead, the Trust's performance remains closely tied to the price of ether and the stability of the digital asset market. The filing includes cautionary notes regarding forward-looking statements, emphasizing that actual events or results may differ materially due to various risks and uncertainties, including market conditions, regulatory changes, and economic and political developments. The Trust and the Sponsor do not assume responsibility for updating any forward-looking statements to reflect actual results or changes in expectations.
About iShares Ethereum Trust ETF
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