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ETHW on NYSE

Bitwise Ethereum ETF

American finance services company based in San Francisco, active since 20242

In its 2026 annual report the company says: “Bitwise Ethereum ETF is a Delaware statutory trust formed on February 16, 2024.”4 Its shares trade on NYSE under the symbol ETHW.2

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Last updated Oct 21, 2026.

Overview

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  • TickerETHW on NYSE2
  • IndustryFinance Services2
  • HeadquartersSan Francisco, United States2
  • Incorporated inDE3
  • Business address250 Montgomery Street, Suite 200, San Francisco, Ca 941043
  • Filer categoryAccelerated filer, Emerging growth company3
  • Legal formStatutory Trust2
  • Kind of organizationTrust2
  • LEI529900JX6UFPI67S9S882
  • StatusActive2
  • LEI statusIssued and current2
  • Registered addressc/o CSC Delaware Trust Company, 251 Little Falls Drive, 19808 Wilmington, United States2
  • Registered withDivision of Corporations, Department of State, 31219392

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Bitwise Ethereum ETF (the “Trust”) is a Delaware statutory trust formed on February 16, 2024. The Trust continuously issues common shares (“Shares”), representing units of undivided beneficial interest in and ownership of the Trust. The Shares are listed on the NYSE Arca, Inc. (the “Exchange”) under the ticker symbol “ETHW.” The Trust commenced operations on July 22, 2024 and commenced trading on the Exchange on July 23, 2024.4 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

Every line of the income statement as filed: the last 1 fiscal year, latest first.5

Period ending2025-12-31
Investment income$0
Sponsor Fee$703.0K
Total Expenses$703.0K
Less: Waivers and Reimbursement-$43.0K
Net Expenses$660.0K
Net investment loss-$660.0K
Net realized gain (loss) on investment in ether transferred to pay Sponsor Fee$249.0K
Net realized gain (loss) on investment in ether sold for redemptions-$54.6M
Net change in unrealized appreciation (depreciation) on investment in ether$307.0K
Net realized and unrealized gain (loss)-$54.1M
Net increase (decrease) in net assets resulting from operations-$54.7M

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Timeline

  1. Feb 16, 2024Founded Bitwise Ethereum ETF is founded2

Filings

36 filings to the SEC since October 2021: 2 annual reports, 7 quarterly reports, 27 other. The latest 20:

  1. Aug 7, 202610-Q EDGAR
  2. May 6, 202610-Q EDGAR
  3. Mar 27, 2026424I EDGAR
  4. Mar 12, 202610-K EDGAR
  5. Nov 10, 202510-Q EDGAR
  6. Aug 7, 202510-Q EDGAR
  7. Aug 1, 2025424B3 PROSPECTUS EDGAR
  8. Jul 31, 2025EFFECT EDGAR
  9. Jul 31, 2025CORRESP EDGAR
  10. Jul 31, 2025POS AM POST-EFFECTIVE AMENDMENT NO. 4 TO FORM S-1 EDGAR
  11. Jul 29, 2025POS AM POST-EFFECTIVE AMENDMENT NO. 3 TO FORM S-1 EDGAR
  12. Jun 23, 2025CORRESP EDGAR
  13. Jun 23, 2025POS AM POST-EFFECTIVE AMENDMENT NO. 2 TO FORM S-1 EDGAR
  14. Jun 18, 2025UPLOAD EDGAR
  15. Jun 10, 2025POS AM POST-EFFECTIVE AMENDMENT NO. 1 TO FORM S-1 EDGAR
  16. May 12, 202510-Q EDGAR
  17. Mar 28, 2025424I EDGAR
  18. Mar 17, 202510-K EDGAR
  19. Nov 8, 202410-Q EDGAR
  20. Aug 8, 202410-Q EDGAR

The 36 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.

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 90. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Wells Fargo & Company/mn445,369$5.0M0.0%+188,212
Clear Creek Financial Management, LLC337,162$3.8M0.2%+94,941
Beam Wealth Advisors, Inc.210,929$2.4M0.5%−5,747
Snowden Capital Advisors LLC138,188$1.6M0.0%+1,676
Focus Partners Wealth131,738$1.5M0.0%−13,747
Wiser Wealth Management, Inc112,955$1.3M0.2%+4,560
Ieq Capital, LLC81,581$920.2K0.0%−22,768
Lido Advisors, LLC71,895$811.0K0.0%+554
Sanctuary Advisors, LLC71,726$809.1K0.0%+38,248
Soltis Investment Advisors LLC71,526$806.8K0.0%−5,175
Jpmorgan Chase & Co63,282$734.7K0.0%+25,801
Magnolia Capital Advisors LLC63,591$717.3K0.1%−2,931
Meitav Investment House Ltd58,938$664.8K0.0%+2,931
RFG Advisory, LLC58,436$659.2K0.0%+21,527
Arax Advisory Partners54,102$610.3K0.0%+50,251
Claro Advisors Inc.54,059$609.8K0.1%−495
Atria Investments, Inc53,878$607.7K0.0%−5,030
Highline Wealth Partners LLC51,037$575.7K0.1%+2,407
Steward Partners Investment Advisory, LLC48,502$547.1K0.0%−2,365
CWA Asset Management Group, LLC43,611$491.9K0.0%−6,354
Twelve Points Wealth Management LLC43,507$490.8K0.1%+16,039
Keel Point, LLC41,384$466.8K0.0%+3,725
Harbour Wealth Management Group, Inc.39,714$448.0K0.3%+3,543
Optima Capital LLC39,422$444.7K0.2%+7,753
Fielder Capital Group LLC37,456$422.5K0.1%+19,069

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

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

  • Name on EDGARBitwise Ethereum ETF1
  • CIK0002013744
  • Employer ID (EIN)99-63613484
  • Filer statusAccelerated filer an emerging growth company; not a smaller reporting company; not a shell company4
  • Incorporated inDelaware4
  • Fiscal year endsDecember 311
  • Industry code (SIC)6199 Finance Services1
  • SEC reviewing officeOffice of Crypto Assets, Division of Corporation Finance1
  • Business address250 Montgomery Street, Suite 200, San Francisco, CA 941041
  • Phone415-707-36631
  • Shares outstanding14,870,000 as of Aug 2, 20268
  • Public float$269.3M as of Jun 30, 20254
  • AuditorKPMG LLP, New York, New York PCAOB ID 185; no auditor attestation of internal control over financial reporting4
  • On EDGAR sinceMar 28, 20241
  • Filings36 in all: 10-Q (7), CORRESP (6), POS AM (4), S-1/A (4), UPLOAD (4), 10-K (2), 424B3 (2), 424I (2)1
    All 12 form types

    EFFECT (2), 8-A12B (1), CERT (1), S-1 (1)

  • Latest filingsAnnual report (10-K) Mar 12, 2026
    Quarterly report (10-Q) Aug 7, 2026

Securities registered for trading

ClassSymbolExchange
Bitwise Ethereum ETF SharesETHWNYSE Arca, Inc.

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

Risk factors and legal proceedings

The risks Bitwise Ethereum ETF names in Item 1A of its 10-K filed Mar 12, 2026: 72 risks under these headings, as written.4

  • Risks Associated with Digital Assets
  • 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 price 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.
  • Many digital assets, including ether, were only introduced within the past decade, and the medium-to-long-term value of the Shares is subject to a number of factors relating to the capabilities and development of blockchain technologies and to the fundamental investment characteristics of digital assets.
  • The blockchains on which ownership of digital assets, including ether, is recorded are dependent on the efforts of third parties acting in their capacity as blockchain transaction participants, and if these third parties fail to successfully perform these functions, the operation of the blockchains that record ownership of digital assets could be compromised.
  • The value of digital assets is dependent, directly or indirectly, on prices established by digital asset exchanges and other digital asset trading venues, which are new and, in most cases, largely unregulated.
  • Risks Associated with Ether, the Ethereum Network and the Market for Ether
  • The price of ether has exhibited periods of extreme volatility, which could have a negative impact on the performance of the Trust.
  • Transition to proof-of-stake and ongoing scalability upgrades on the Ethereum network may impact Ether’s market value and the value of the Shares.
  • Fluctuations in Ether supply due to the Ethereum network’s proof-of-stake transition, fee-burning mechanisms, and other deflationary factors could impact the value of the Shares.
  • A decline in the adoption of ether could negatively impact the Trust.
  • The Ethereum network faces significant scaling challenges and efforts to improve transaction speed and throughput may not be successful, which could adversely impact the adoption of Ether and the value of the Shares.
  • Any name changes 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.
The other 62 risks
  • Smart contracts, including those relating to DApps, 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 the Shares.
  • Reliance on Ethereum network validators and risks related to validator penalties, security vulnerabilities, and staking accessibility may adversely affect the Ethereum network’s stability, security, and the value of ether, which could adversely affect the value of the Shares.
  • The ability of validators to extract Maximal Extractable Value (“MEV”) may have adverse effects on DeFi users and the broader Ethereum network, which could adversely affect the value of ether and the Shares.
  • 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.
  • The Trust will not directly or indirectly participate in any staking program, and accordingly the Shareholders will not receive any staking rewards or other income.
  • Concentration of staked ether in liquid staking platforms may pose centralization concerns.
  • If the Ethereum network is used to facilitate illicit activities, businesses that facilitate ether transactions could be at increased risk of criminal or civil liability, or of having services cut off, which could negatively affect the price of ether and the value of the Shares.
  • A temporary or permanent “fork” of the Ethereum blockchain could adversely affect the value of the Shares.
  • A clone of the Ethereum network could adversely affect the value of the Shares.
  • In the event of a hard fork of the Ethereum network, the Ether Custodian’s operations may be interrupted or subject to additional security risks that could disrupt the Trust’s ability to process creations and redemptions of Shares or otherwise threaten the security of the Trust’s ether holdings.
  • Shareholders may not receive the benefits of any forks or “airdrops.”
  • 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.
  • A prevailing level of transaction fees and/or insufficient staking rewards may adversely impact validator participation, reduce user activity, and affect the usage and security of the Ethereum network, which could diminish trust in the network and adversely affect the value of the Shares.
  • If a malicious actor or botnet obtains control of more than 50% 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 an actor or botnet could manipulate the Ethereum blockchain, which could adversely affect the value of the Shares or the ability of the Trust to operate.
  • The digital asset trading platforms on which ether trades are relatively new, may be non-compliant with applicable regulations, and could negatively impact the value of ether and the value of the Shares.
  • The digital asset trading platforms on which ether trades may be exposed to fraud and market manipulation, which could negatively impact the value of ether and the value of the Shares.
  • Wash Trading
  • Cyberattacks and Security Breaches of the Ether Trading Platforms
  • Front-Running
  • Fraud and Manipulation
  • The value of ether may be subject to momentum pricing and may impact the value of an investment in the Shares.
  • Political or economic crises may motivate large-scale sales of ether, which could result in a reduction in the price of ether and adversely affect the value of an investment in the Shares.
  • Ownership of ether is pseudonymous, and the supply of accessible ether is unknown. Entities with substantial holdings in ether may engage in large-scale sales or distributions, either on nonmarket terms or in the ordinary course, which could result in a reduction in the price of ether and adversely affect an investment in the Shares.
  • Irrevocable nature of Ethereum blockchain-recorded transactions.
  • The loss or destruction of a private key required to access ether may be irreversible. The Ether Custodian’s loss of access to a private key associated with the Trust’s ether could adversely affect an investment in the Shares.
  • A disruption of the internet may affect Ethereum network operations, which may adversely affect the ether industry and the value of an investment in the Shares.
  • Decentralized governance of the Ethereum network and potential amendments to the Ethereum network’s protocols and software could, if accepted and authorized by the Ethereum network community, have a negative impact on the performance of the Trust.
  • New competing digital assets may pose a challenge to ether’s current market dominance, resulting in a reduction in demand for ether, which negatively impact its price and may have a negative impact on the performance of the Trust.
  • Competition from CBDCs and emerging payments initiatives involving financial institutions could adversely affect the value of ether and the value of an investment in the Shares.
  • The price of ether may be affected due to stablecoins (including Tether and USD Coin, or USDC), the activities of stablecoin issuers and their regulatory treatment.
  • Congestion or delays in the Ethereum network may delay purchases or sales of ether by the Trust.
  • Risks Associated with the Pricing Index, ERR and CME Ether Real Time Price
  • The limited history and methodological risks of the Pricing Index, ERR, and CME Ether Real Time Price could cause inaccuracies in ether prices, potentially undermining investor confidence in the Trust’s ability to accurately track ether prices, which could negatively affect the value of an investment in the Shares.
  • Systems failures or errors by the Benchmark Provider could lead to inaccurate Pricing Index calculations, potentially resulting in misalignment of the Trust’s NAV and share price with the global market price of ether, which could negatively affect the value of an investment in the Shares.
  • The Sponsor can discontinue using the Pricing Index and use a different pricing or valuation methodology, which could negatively affect the Trust’s performance and the value of an investment in the Shares.
  • The Pricing Index price used to calculate the value of the Trust’s ether may be volatile, adversely affecting the value of an investment in the Shares.
  • The Pricing Index price used to determine the Trust’s NAV may not align with GAAP, potentially leading to significant discrepancies in the Trust’s financial statements, which could impact investors’ perception of the value of an investment in the Shares.
  • Non-concurrent trading hours between the Exchange and digital asset trading platforms, including the Constituent Platforms of the Pricing Index, may cause the Shares to trade at a discount or premium relative to the NAV, leading to potential gaps in trading price of the Shares on the Exchange.
  • Risks Associated with Investing in the Trust
  • Investing in ether through the Trust is speculative and involves a high degree of risk, including the potential loss of the entire investment.
  • Limited history and potential illiquidity in ether markets may exacerbate losses and increase variability between the Trust’s NAV and ether’s market price.
  • The Trust may create or redeem Baskets at a value that differs from the market price of the Shares due to discrepancies between the NAV, as determined by the Pricing Index, and the actual market price of ether.
  • Buying and selling activity from Basket purchases and redemptions, along with potential suspension or rejection of purchase or redemption orders, may adversely affect the liquidity and the value of an investment in the Shares.
  • Arbitrage transactions intended to align the price of Shares with the actual price of ether may be disrupted if the process for the creation, purchase and redemption of Baskets encounters difficulties, which may adversely affect the value of an investment in the Shares.
  • Shareholders do not have statutory shareholder rights, and amendments to the Trust Agreement or Sponsor Agreement may occur without shareholder consent, potentially imposing new fees or altering shareholder rights.
  • The Trust may face challenges in consistently achieving its investment objective due to various factors including operational limitations, management experience, and asset concentration risks.
  • The Trust’s operations rely heavily on the Sponsor, whose limited staffing, potential discontinuance, and conflicts of interest could adversely impact the Trust’s management and stability and the value of the Shares.
  • The market for the Shares relies heavily on active participation from Authorized Participants, and any reduction or disruption in their activities could adversely affect the liquidity and price of the Shares.
  • The inability of Authorized Participants and market makers to hedge their ether exposure may adversely affect the liquidity of Shares and the value of an investment in the Shares.
  • Security threats and cyber-attacks could result in the halting of Trust operations, a loss of Trust assets or damage to the reputation of the Trust, each of which could result in a reduction in the price of the Shares.
  • Competitive pressures on the development and commercialization of the Trust could adversely affect the liquidity, pricing, and overall value of an investment in the Shares.
  • The lack of active trading markets for the Shares may result in losses on investors’ investments at the time of disposition of Shares.
  • Gradual decline in ether holdings per Share over time may lead to divergence from ether’s market price and lower returns on investment in the Trust.
  • Extraordinary expenses resulting from unanticipated events may become payable by the Trust, potentially reducing the NAV and adversely affecting an investment in the Shares.
  • The Trust’s operations and value of the Shares could be adversely affected by the reliance on the security, stability, and performance of service providers, which may be subject to operational failures, conflicts of interest, and regulatory actions, leading to potential losses of the Shareholders.
  • The Trust may be required, or the Sponsor may deem it appropriate, to terminate and liquidate at a time that is disadvantageous to Shareholders.
  • Regulatory Risk
  • 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.
  • As a public company, the Trust’s compliance with public reporting obligations and exchange listing standards imposes significant costs and operational challenges, and failure to meet these standards could adversely affect the market price and liquidity of the Shares.
  • The Trust is not a registered investment company and is not subject to the Commodity Exchange Act, which limits Shareholder protections and may increase the Trust’s exposure to unregulated risks.
  • Trading on digital asset trading platforms outside the United States may be less reliable than U.S. trading platforms and expose investors to higher risks, which may adversely affect the performance of the Trust and the value of Shares.
  • As ether and the digital asset ecosystem have expanded, they have attracted increasing regulatory attention from U.S. regulators, and evolving regulatory frameworks may impact ether’s classification and treatment. These developments could significantly influence the Trust’s compliance requirements, valuation strategies, result in extraordinary expenses, and substantially impact the value of the Shares.
  • DeFi protocols and digital assets used in DeFi protocols, including ether, which operate on smart contract platforms, pose heightened regulatory concerns even beyond those that face digital asset networks and digital assets generally.
  • International regulatory divergence may affect the global acceptance and liquidity of digital assets, potentially impacting ether’s market and the Trust’s value.
  • Regulatory changes or actions by federal or state executives or legislators may affect the value of the Shares or restrict the use of ether, its validating activity or the operation of its networks or the digital asset markets in a manner that adversely affects the value of the Shares.
  • Regulatory changes could render ether ownership illegal, forcing the Trust into involuntary termination and liquidation, which may adversely affect the value of the Shares.
  • If regulators subject the Trust, Sponsor, or certain service providers to regulation as a money service business or money transmitter, this could result in extraordinary expenses to the Trust or the Sponsor and also result in decreased liquidity for the Shares.
  • The Trust and the Sponsor must comply with applicable laws and regulations relating to privacy, data protection, and cybersecurity, and may experience material negative effects to their business and financial condition if they do not comply.

Sources

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

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