VanEck Ethereum ETF Reports Annual Financial Results for 2025

**VanEck Ethereum ETF Reports Financial Results in Form 10-K Filing**

VanEck Ethereum ETF (ETHV), a Delaware statutory trust designed to track the performance of Ethereum (ETH), released its annual report on Form 10-K, detailing its financial condition and operational activities. As of December 31, 2025, the Trust's net asset value (NAV) stood at $157.6 million, a 7.61% increase from $146.4 million at the end of 2024. This growth was primarily driven by an increase in outstanding shares, which rose from 3 million to 3.625 million, reflecting net creations of 625,000 shares. However, this was partially offset by a 10.86% decrease in the price of ETH, which contracted from $3,333 to $2,971 during the same period.

The Trust's operations for the year ended December 31, 2025, resulted in a net decrease in net assets of $33.8 million. This was primarily due to a net unrealized depreciation on investment in Ethereum of $34.1 million, partially offset by a net realized gain of $492,055 on Ethereum sold for the redemption of Shares, a net realized gain of $16,597 from Ethereum sold to pay expenses, and a net investment loss of $205,350. The Trust's primary expense was the Sponsor Fee, which amounted to $334,700, although a portion of this fee ($129,350) was waived by the Sponsor.

Strategic developments for the VanEck Ethereum ETF included the purchase of "Seed Shares" by Van Eck Associates Corporation, the parent of the Sponsor, comprising 2,000 Shares at $50.00 per Share on May 20, 2024, totaling $100,000. These Seed Shares were later redeemed on June 25, 2024, and the Seed Capital Investor then purchased "Seed Creation Baskets," comprising 200,000 Shares at $50.00 per Share, totaling $10 million, resulting in the Trust receiving 2,929.06 ETH. The Trust's activities include selling Shares in blocks of 25,000 Shares ("Baskets") to financial firms that are registered broker-dealers ("Authorized Participants" or "APs") in exchange for cash to purchase ETH, selling ETH to distribute cash to Authorized Participants redeeming Baskets, purchasing ETH represented by the Basket being created, and selling ETH to distribute cash to Authorized Participants redeeming Shares or to pay the Sponsor’s Fee and Trust expenses not assumed by the Sponsor, if any.

Key operational developments included the Trust's reliance on Gemini Trust Company, LLC and Coinbase Custody Trust Company, LLC as custodians for its Ethereum holdings. The Trust also utilizes State Street Bank and Trust Company as its administrator, transfer agent, and cash custodian. The report highlights the Trust's passive investment strategy, which does not involve active management or attempts to capitalize on ETH price volatility. The Trust's investment objective is to reflect the performance of the price of ETH less the expenses of the Trust’s operations. The Trust provides investors with the opportunity to access the market for ETH through Shares held in a traditional brokerage account without the potential barriers to entry or risks involved with holding or transferring ETH directly, acquiring it from an exchange, or earning it as a reward for performing validation services.