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ETHA on Nasdaq

iShares Ethereum Trust ETF

IShares Ethereum Trust ETF is an American commodity contracts brokers and dealers company based in San Francisco.2 Its shares trade on Nasdaq under the symbol ETHA.2

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Last updated Oct 21, 2026.

Overview

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  • TickerETHA on Nasdaq2
  • IndustryCommodity Contracts Brokers & Dealers2
  • HeadquartersSan Francisco, United States2
  • Incorporated inDE3
  • Business addressC/O Ishares Delaware Trust Sponsor, Llc, 400 Howard Street, San Francisco, Ca 941053
  • Filer categoryNon-accelerated filer, Emerging growth company3
  • Legal formStatutory Trust2
  • Kind of organizationTrust2
  • LEI529900M7AJ6IYSU9SP672
  • StatusActive2
  • LEI statusIssued and current2
  • Registered addressc/o WILMINGTON TRUST, NATIONAL ASSOCIATION, RODNEY SQUARE NORTH 1100 NORTH MARKET STREET, 19890 Wilmington, United States2
  • Registered withDivision of Corporations, Department of State, 26075672

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The iShares Ethereum Trust ETF (the “Trust”) was formed as a Delaware statutory trust on November 8, 2023. The Trust is governed by the provisions of the Third Amended and Restated Trust Agreement (the “Trust Agreement”) executed by iShares Delaware Trust Sponsor LLC, as sponsor (the “Sponsor”), BlackRock Fund Advisors, as trustee (the “Trustee”), and Wilmington Trust, National Association, as Delaware trustee (the “Delaware Trustee”), dated as of July 8, 2025.4 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Financial statements

Operating income5-$18.4M in 2025+1971% since 2024
-$20.0M-$15.0M-$10.0M-$5.0M02024: -$889.0K-$889.0K20242025: -$18.4M-$18.4M2025+1971%
Net income5-$2.3B in 2025
-$3.0B-$2.0B-$1.0B0$1.0B2024: $34.4M$34.4M20242025: -$2.3B-$2.3B2025

Every line of the income statement as filed: the last 2 fiscal years, latest first.5

Period ending2025-12-312024-12-31
Sponsors fees$20.2M$1.6M
Sponsors fees waived-$1.7M-$754.9K
Total expenses$18.4M$889.0K
Net investment loss-$18.4M-$889.0K
Ether sold to pay expenses$135.5K-$22.1K
Ether sold for the redemption of Shares-$34.4M$7.6M
Net realized gain (loss)-$34.3M$7.5M
Net change in unrealized appreciation/depreciation-$2.3B$27.8M
Net realized and unrealized gain (loss)-$2.3B$35.3M
Net increase (decrease) in net assets resulting from operations-$2.3B$34.4M
Net increase (decrease) in net assets per Share (in dollars per share)-$7.33$0.74
Ether paid for in-kind redemption of Shares$161.3M
Realized gain$741.0M$13.2M
Realized loss-$775.3M-$5.7M

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Former names

  • iShares Ethereum TrustNov 15, 2023 to May 29, 20243

Timeline

  1. Aug 4, 20268-K Other events9
  2. Mar 31, 20268-K Executive or director change10
  3. Apr 8, 20258-K Entered a material agreement11
  4. Sep 19, 20248-K Entered a material agreement12
  5. Nov 9, 2023Founded iShares Ethereum Trust ETF is founded2

Filings

44 filings to the SEC since October 2021: 2 annual reports, 7 quarterly reports, 4 major events, 31 other. The latest 20:

  1. Oct 6, 2026424B3 EDGAR
  2. Aug 6, 2026EFFECT EDGAR
  3. Aug 6, 2026424B3 EDGAR
  4. Aug 6, 202610-Q EDGAR
  5. Aug 4, 20268-K EDGAR
  6. Jul 31, 2026POS AM EDGAR
  7. May 7, 2026IRANNOTICE EDGAR
  8. May 7, 202610-Q EDGAR
  9. Mar 31, 2026424I EDGAR
  10. Mar 31, 20268-K EDGAR
  11. Feb 27, 202610-K EDGAR
  12. Feb 27, 2026IRANNOTICE EDGAR
  13. Nov 21, 2025424B3 EDGAR
  14. Nov 13, 2025FWP EDGAR
  15. Nov 6, 2025FWP EDGAR
  16. Nov 6, 202510-Q EDGAR
  17. Aug 5, 202510-Q EDGAR
  18. Jul 31, 2025EFFECT EDGAR
  19. Jul 31, 2025424B3 EDGAR
  20. Jul 11, 2025POS AM EDGAR

The 44 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

SEC filer profile

How iShares Ethereum Trust ETF is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARiShares Ethereum Trust ETF1
  • CIK0002000638
  • Employer ID (EIN)99-63538854
  • Filer statusNon-accelerated filer an emerging growth company; a smaller reporting company; not a shell company4
  • Incorporated inDelaware4
  • Fiscal year endsDecember 311
  • Industry code (SIC)6221 Commodity Contracts Brokers & Dealers1
  • SEC reviewing officeOffice of Crypto Assets, Division of Corporation Finance1
  • Business addressC/O Ishares Delaware Trust Sponsor, Llc, 400 Howard Street, San Francisco, CA 941051
  • Phone415-670-64161
  • Shares outstanding385,000,000 as of Jul 31, 20268
  • Public float$4.4B as of Jun 30, 20254
  • AuditorPricewaterhouseCoopers LLP, Philadelphia, Pennsylvania PCAOB ID 238; it also attests to the company’s internal control over financial reporting4
  • On EDGAR sinceNov 15, 20231
  • Filings44 in all: 10-Q (7), 424B3 (5), 8-K (4), CORRESP (4), S-1/A (4), EFFECT (3), FWP (3), POS AM (3)1
    All 15 form types

    10-K (2), 424I (2), IRANNOTICE (2), UPLOAD (2), 8-A12B (1), CERT (1), S-1 (1)

  • Latest filingsAnnual report (10-K) Feb 27, 2026
    Quarterly report (10-Q) Aug 6, 2026
    Latest 8-K (8-K) Aug 4, 2026

Securities registered for trading

ClassSymbolExchange
SharesETHAThe Nasdaq Stock Market LLC

From the cover page of the 10-K filed Feb 27, 2026 (Section 12(b) of the Exchange Act).4

Risk factors and legal proceedings

The risks iShares Ethereum Trust ETF names in Item 1A of its 10-K filed Feb 27, 2026: 80 risks under these headings, as written.4

  • The trading prices of many digital assets, including ether, have experienced extreme volatility in recent periods and may continue to do so. Extreme volatility in the future, including further declines in the trading prices of ether, could have a material adverse effect on the value of the Shares and the Shares could lose all or substantially all of their value.
  • The value of the Shares is subject to a number of factors relating to the fundamental investment characteristics of ether as a digital asset, including the fact that digital assets are bearer instruments and loss, theft, destruction, or compromise of the associated private keys could result in permanent loss of the asset, and the capabilities and development of blockchain technologies such as the Ethereum blockchain.
  • Digital assets represent a new and rapidly evolving industry, and the value of the Shares depends on the acceptance of ether.
  • Changes in the governance of a digital asset network may not receive sufficient support from users and validators, which may negatively affect that digital asset network’s ability to grow and respond to challenges.
  • Potential amendments to the Ethereum network’s protocols and software could, if accepted and authorized by the Ethereum network community, adversely affect an investment in the Trust.
  • The open-source structure of the Ethereum network protocol means that the core developers and other contributors are generally not directly compensated for their contributions in maintaining and developing the Ethereum network protocol. A failure to properly monitor and upgrade the Ethereum network protocol could damage the Ethereum network and an investment in the Trust.
  • Digital asset networks face significant scaling challenges and efforts to increase the volume and speed of transactions may not be successful.
  • Digital assets may have concentrated ownership and large sales or distributions by holders of such digital assets could have an adverse effect on the market price of such digital assets.
  • If the digital asset award or transaction fees for recording transactions on the Ethereum network are not sufficiently high to incentivize validators, or if certain jurisdictions continue to limit or otherwise regulate validating activities, validators may cease expanding validating power or demand high transaction fees, which could negatively impact the value of ether and the value of the Shares.
  • If a malicious actor or botnet obtains control of more than 33% of the validating stake on the Ethereum network, or otherwise obtains control over the Ethereum network through its influence over core developers or otherwise, such actor or botnet could delay or manipulate the Ethereum blockchain in the short term, which could adversely affect the value of the Shares or the ability of the Trust to operate.
  • Liquid staking applications pose centralization concerns.
  • A temporary or permanent “fork” could adversely affect the value of the Shares.
The other 68 risks
  • Shareholders will not receive the benefits of any Incidental Rights and any IR Digital Asset, including any forked or airdropped assets.
  • In the event of a hard fork of the Ethereum network, the Sponsor will, if permitted by the terms of the Trust Agreement, use its discretion to determine which network should be considered the appropriate network for the Trust’s purposes, and in doing so may adversely affect the value of the Shares.
  • Any name change and any associated rebranding initiative by the core developers of ether may not be favorably received by the digital asset community, which could negatively impact the value of ether and the value of the Shares.
  • Smart contracts, including those relating to DeFi applications, are a new technology and their ongoing development and operation may result in problems, which could reduce the demand for ether or cause a wider loss of confidence in the Ethereum network, either of which could have an adverse impact on the value of ether.
  • Validators may suffer losses due to staking, or staking may prove unattractive to validators, which could make the Ethereum network less attractive.
  • Proof-of-stake blockchains are a relatively recent innovation and have not been subject to as widespread use or adoption over as long of a period of time as traditional proof-of-work blockchains.
  • Unlike some digital assets, which have a limit on outstanding supply, there is no limit on ether supply.
  • The value of the Shares relates directly to the value of ether, the value of which may be highly volatile and subject to fluctuations due to a number of factors.
  • Because the Trust holds only ether and cash, an investment in the Trust may be more volatile than an investment in a more broadly diversified portfolio.
  • Due to the unregulated nature and lack of transparency surrounding the operations of digital asset platforms, which may experience fraud, manipulation, security failures or operational problems, as well as the wider ether market, the value of ether and, consequently, the value of the Shares may be adversely affected, causing losses to Shareholders.
  • The Index has a limited performance history, the Index price could fail to track the global ether price, and a failure of the Index price could adversely affect the value of the Shares.
  • The Index price used to calculate the value of the Trust’s ether may be volatile, adversely affecting the value of the Shares.
  • The Index Administrator could experience system failures or errors.
  • The Index price being used to determine the net asset value of the Trust may not be consistent with GAAP. To the extent that the Trust’s financial statements are determined using a different pricing source that is consistent with GAAP, the net asset value reported in the Trust’s periodic financial statements may differ, in some cases significantly, from the Trust’s net asset value determined using the Index pricing.
  • Competition from central bank digital currencies (“CBDCs”) and emerging payments initiatives involving financial institutions could adversely affect the value of ether and other digital assets.
  • Prices of ether may be affected due to stablecoins (including Tether and USDC), the activities of stablecoin issuers and their regulatory treatment.
  • Competition from the emergence or growth of other digital assets or methods of investing in ether could have a negative impact on the price of ether and adversely affect the value of the Shares.
  • Digital asset treasury companies risk.
  • Operational cost may exceed the award for validating transaction, and increased transaction fees may adversely affect the usage of the Ethereum network.
  • If regulators or public utilities take actions that restrict or otherwise impact mining activities, such actions could result in decreased security of a digital asset network, including the Ethereum network, which could adversely affect the value of the Shares.
  • The Trust may be negatively impacted by the effects of the spread of illnesses or other public health emergencies on the global economy and the markets and service providers relevant to the performance of the Trust.
  • The Trust relies on the information and technology systems of the Custodians, the Trustee, the Sponsor, the Authorized Participants, the Ether Trading Counterparties, the listing exchange, and the Trust’s other service providers and counterparties (referred to herein as the “Service Providers”), each of which could be directly or indirectly adversely affected by information systems interruptions, cybersecurity incidents or other disruptions, which in turn could have a material adverse effect on the Trust.
  • The amount of the Trust’s assets represented by each Share will decline over time as the Trust pays the Sponsor’s Fee and additional expenses born by the Trust, and as a result, the value of the Shares may decrease over time.
  • The Trust is a passive investment vehicle that does not seek to generate returns beyond tracking the price of ether. The Trust is not actively managed and will be affected by a general decline in the price of ether.
  • The Trust is not permitted to engage in Staking Activities, which could negatively affect the value of the Shares.
  • The value of the Shares may be influenced by a variety of factors unrelated to the value of ether.
  • The liquidity of the Shares may also be affected by the withdrawal from participation of Authorized Participants or Ether Trading Counterparties.
  • There may be situations where an Authorized Participant is unable to redeem a Basket of Shares. To the extent the value of ether decreases, these delays may result in a decrease in the amount the Authorized Participant will receive when the redemption occurs, as well as a reduction in liquidity for all Shareholders in the secondary market.
  • The Trust is an “emerging growth company” and it cannot be certain if the reduced disclosure requirements applicable to emerging growth companies will make the Shares less attractive to investors.
  • The lack of an active trading market for the Shares may result in losses on your investment at the time of disposition of your Shares.
  • The limited ability to facilitate in-kind creations and redemptions of Shares could have adverse consequences for the Trust.
  • If the process of creation and redemption of Baskets encounters any unanticipated difficulties, the possibility for arbitrage transactions by Authorized Participants intended to keep the price of the Shares closely linked to the price of ether may not exist and, as a result, the price of the Shares may fall or otherwise diverge from NAV.
  • The use of cash creations and redemptions, as opposed to in-kind creations and redemptions, may adversely affect the arbitrage transactions by Authorized Participants intended to keep the price of the Shares closely linked to the price of ether and, as a result, the price of the Shares may fall or otherwise diverge from NAV.
  • As an owner of Shares, you will not have the rights normally associated with ownership of other types of shares.
  • The Sponsor and the Trustee may agree to amend the Trust Agreement without the consent of the Shareholders.
  • Shareholders do not have the protections associated with ownership of shares in an investment company registered under the Investment Company Act or the protections afforded by the CEA.
  • As the Sponsor and its management have limited history of operating investment vehicles like the Trust, their experience may be inadequate or unsuitable to manage the Trust.
  • Security threats to the Trust’s account at the Ether Custodian could result in the halting of Trust operations and a loss of Trust assets or damage to the reputation of the Trust, each of which could result in a reduction in the value of the Shares.
  • Ether transactions are irrevocable and stolen or incorrectly transferred ether may be irretrievable. As a result, any incorrectly executed ether transactions could adversely affect the value of the Shares.
  • The lack of full insurance and Shareholders’ limited rights of legal recourse against the Trust, Delaware Trustee, Sponsor, Trust Administrator, Cash Custodian, Prime Execution Agent, the Ether Custodian, if operationalized, the Additional Ether Custodian expose the Trust and its Shareholders to the risk of loss of the Trust’s ether for which no person or entity is liable.
  • If the Trade Credits are not available or become exhausted, the Trust may face delays in buying or selling ether that may adversely impact Shareholders; if the Trust does not repay the Trade Credits on time, its assets may be liquidated by the Trade Credit Lender and its affiliates.
  • Loss of a critical banking relationship for, or the failure of a bank used by, the Prime Execution Agent could adversely impact the Trust’s ability to create or redeem Baskets, or could cause losses to the Trust.
  • The Prime Execution Agent routes orders through Connected Trading Venues in connection with trading services under the Prime Execution Agent Agreement. The loss or failure of any such Connected Trading Venues may adversely affect the Prime Execution Agent’s business and cause losses for the Trust.
  • The Trust may be required, or the Sponsor may deem it appropriate, to terminate and liquidate at a time that is disadvantageous to Shareholders.
  • The Trust Agreement includes provisions that limit Shareholders’ voting rights and restrict Shareholders’ right to bring a derivative action.
  • The non-exclusive jurisdiction for certain types of actions and proceedings and waiver of trial by jury clauses set forth in the Trust Agreement may have the effect of limiting a Shareholder’s rights to bring legal action against the Trust and could limit a purchaser’s ability to obtain a favorable judicial forum for disputes with the Trust.
  • The Sponsor is solely responsible for determining the value of the net asset value of the Trust and NAV, and any errors, discontinuance or changes in such valuation calculations may have an adverse effect on the value of the Shares.
  • Extraordinary expenses resulting from unanticipated events may become payable by the Trust, adversely affecting the value of the Shares.
  • The Trust’s delivery or sale of ether to pay expenses or other operations of the Trust could result in Shareholders incurring tax liability without an associated distribution from the Trust.
  • The value of the Shares will be adversely affected if the Trust is required to indemnify the Sponsor, the Trustee, the Delaware Trustee, the Trust Administrator, the Ether Custodian or the Cash Custodian under the Trust Documents.
  • Intellectual property rights claims may adversely affect the Trust and the value of the Shares.
  • The Shares may trade at a price that is at, above or below the Trust’s NAV as a result of the non-current trading hours between NASDAQ and the digital asset market.
  • A determination that ether or any other digital asset is a “security” may adversely affect the value of ether and the value of the Shares, and result in potentially extraordinary, nonrecurring expenses to, or termination of, the Trust.
  • Competing industries may have more influence with policymakers than the digital asset industry, which could lead to the adoption of laws and regulations that are harmful to the digital asset industry.
  • Regulatory changes or actions in foreign jurisdictions may affect the value of the Shares or restrict the use of one or more digital assets, validating activity or the operation of their networks or the digital asset platform market in a manner that adversely affects the value of the Shares.
  • If regulators subject the Trust, the Trustee, the Sponsor, Authorized Participants or Ether Trading Counterparties to regulation as a money services business or money transmitter, this could result in extraordinary expenses to the Trust, the Trustee, the Sponsor or the Ether Trading Counterparties and also result in decreased liquidity for the Shares.
  • Anonymity and illicit financing risk.
  • Regulatory changes or interpretations could obligate the Trust, the Trustee or the Sponsor to register and comply with new regulations, resulting in potentially extraordinary, nonrecurring expenses to the Trust.
  • The treatment of the Trust for U.S. federal income tax purposes is uncertain.
  • The treatment of digital assets for U.S. federal income tax purposes is uncertain.
  • Future developments regarding the treatment of digital assets for U.S. federal income tax purposes could adversely affect the value of the Shares.
  • Future developments in the treatment of digital currency for tax purposes other than U.S. federal income tax purposes could adversely affect the value of the Shares.
  • A U.S. Tax-Exempt Shareholder may recognize “unrelated business taxable income” as a consequence of an investment in Shares.
  • Shareholders could incur a tax liability without an associated distribution of the Trust.
  • A hard “fork” of the Ethereum blockchain could result in Shareholders incurring a tax liability.
  • Potential conflicts of interest may arise among the Sponsor or its affiliates and the Trust. The Sponsor and its affiliates have no fiduciary duties to the Trust and its Shareholders other than as provided in the Trust Agreement, which may permit them to favor their own interests to the detriment of the Trust and its Shareholders.
  • Investment vehicles advised or managed by affiliates of the Sponsor hold a minority interest in Coinbase Global, the parent of Coinbase Inc., which serves as the Trust’s Prime Execution Agent and operates one of the digital asset platforms included in the Index price and is the parent of the Ether Custodian.
  • Shareholders cannot be assured of the Sponsor’s continued services, the discontinuance of which may be detrimental to the Trust.

Sources

The numbers on this page point here. Each one links to the record it came from.

  1. 1
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  4. 4
  5. 5
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  7. 7
  8. 8
  9. 9
    SEC EDGAROther events
  10. 10
  11. 11
  12. 12