Grayscale Ethereum Mini Trust ETF

What they do

The Trust holds Ether tokens and issues Shares in Baskets of 10,000 Shares to Authorized Participants in exchange for Ether deposits, and redeems Shares for Ether or cash. It began staking its Ether on October 6, 2025, earning additional Ether as Staking Consideration. The Trust does not use leverage or derivatives and is managed by Grayscale Investments Sponsors, LLC, with Coinbase Custody Trust Company as custodian.

Revenue drivers

• Ether holdings — The Trust holds approximately 0.6% of all Ether in circulation as of December 31, 2025; its value is based on the Index Price of Ether, less expenses.
• Staking Consideration — Since October 6, 2025, the Trust stakes a portion of its Ether and earns additional Ether, which increases its Ether holdings; a portion is allocated to the Custodian, staking providers, and Sponsor.
• Creation and redemption activity — The Trust issues Shares in exchange for Ether and redeems Shares for Ether or cash, which affects the Ether per Share and the Trust's asset base.

Recent performance

For the year ended December 31, 2025, the Trust reported a net loss of $317.7 million and operating cash flow of -$928.4 million. As of June 30, 2026, total assets were $1.35 billion and total liabilities were $2,000. As of December 31, 2025, each Share represented approximately 0.0094 of one Ether. The Trust changed its name to Grayscale Ethereum Staking Mini ETF on January 5, 2026.

Strategy

The Trust operates as a passive investment vehicle, aiming for the value of Shares to reflect the value of Ether held, including Staking Consideration, less expenses. It began staking its Ether in October 2025 to earn additional Ether, which is a key addition to its strategy. The Trust does not plan to use leverage or derivatives. It relies on cold storage and custody arrangements with Coinbase Custody Trust Company and may use Anchorage Digital Bank as an alternative custodian. The Sponsor may dissolve the Trust for various reasons, including if Ether is determined to be a security.

Risks

• Ether price volatility — The Trust's value is directly tied to the price of Ether, which is highly volatile and could adversely affect the value of Shares.
• Regulatory risk on Ether as a security — If Ether is deemed a security under federal securities laws, the Sponsor may dissolve the Trust or operate it under the Investment Company Act, leading to potential extraordinary expenses or termination.
• Staking risks — Staked Ether may be inaccessible for un-staking periods, and rewards depend on network conditions and third-party staking providers, potentially reducing returns.
• Custody and cybersecurity risks — The Trust relies on custodians like Coinbase Custody Trust Company for cold storage of private keys; breaches or failures could result in loss of Ether.

Outlook

Management expects Staking Consideration to vary due to network conditions and staking participation. The Trust will continue to issue and redeem Shares based on Authorized Participant activity. The Sponsor may decide to dissolve the Trust under certain conditions, including regulatory changes. No specific forward-looking guidance is provided.