The VanEck Ethereum ETF reported its unaudited financial results for the quarter ending June 30, 2025, revealing a net asset value (NAV) of $118.3 million, a 39.76% increase from $84.7 million at the end of the previous quarter. This growth was primarily driven by a significant rise in the price of ether (ETH), which increased by 35.40% during the same period, from $1,836 to $2,486. The number of shares outstanding also rose from 3.15 million to 3.25 million, reflecting the issuance of 300,000 new shares while 200,000 shares were redeemed.
In contrast, the ETF's NAV decreased by 19.19% compared to the end of the previous fiscal year, which reported an NAV of $146.4 million on December 31, 2024. This decline was attributed to a 25.41% drop in the price of ETH during the first half of 2025. The NAV per share fell from $48.81 at the end of 2024 to $36.41 by June 30, 2025. The ETF experienced a net increase in net assets resulting from operations of $27.9 million for the quarter, despite a net realized loss of $4.6 million on ether sold for share redemptions.
Operationally, the VanEck Ethereum ETF has seen a steady increase in its share count, growing from 3 million shares at the end of 2024 to 3.25 million by mid-2025. The total capital share transactions for the quarter amounted to $5.8 million, with contributions for shares issued totaling $10.2 million and withdrawals for shares redeemed at $4.4 million. The ETF's investment in ether, which constitutes 100% of its net assets, was valued at $118.3 million as of June 30, 2025, down from $146.4 million at the end of the previous year.
The filing indicates that the Trust's expenses were waived by the Sponsor, resulting in no net investment loss for the quarter. The Sponsor has agreed to waive its fee for the first $1.5 billion of net assets, which has contributed to the Trust's operational efficiency. Looking ahead, the Trust's management remains focused on tracking the performance of ether while navigating the inherent volatility of the digital asset market. The Trust's future performance will depend on various factors, including market conditions and regulatory developments affecting the cryptocurrency landscape.
About VanEck Ethereum ETF
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