Grayscale Ethereum Staking Mini ETF Shares (ETH) Financials
ETH
FY2025 annual
RevenueNot reportedfor FY2025
Net Income-$317.7MYoY not available
EPS (Diluted)Not reportedfor FY2025
Operating Cash Flow-$928.4MYoY not available
Source SEC Filings (10-K/10-Q)Latest period Q2 FY2026, ended Jun 30, 2026ReportedCurrency USDFYE December
Newest figures come from the 10-Q for Q2 FY2026, filed Aug 7, 2026.
Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the ETH SEC filings page.
This page shows Grayscale Ethereum Staking Mini ETF Shares (ETH) financial statements, including the
income statement, balance sheet, cash flow statement, and key financial ratios.
All figures are derived from SEC filings (10-K and 10-Q reports).
Rhea AIETHFY2025
The dominant mechanic is an asset-heavy, equity-funded vehicle whose operating cash outflow is matched by financing inflows.
In FY2025, the cash outflow exceeded the accounting loss: operating cash flow was -$928M versus net income of -$318M, indicating that reported earnings understated the cash consumed during the period. Financing cash flow of $928M exactly matched that operating outflow, so the reported cash movement was funded externally rather than generated internally.
The balance sheet is unusually lightly encumbered: $2.18B of total assets stood against only $231K of liabilities. That structure means the reported asset base was almost entirely equity-financed, making leverage—not interest-bearing debt—an important distinction when interpreting the loss.
The available statements do not provide revenue, margins, or free cash flow, so conventional operating-efficiency analysis cannot be performed. Instead, the clearest business mechanic is the combination of large asset holdings, minimal liabilities, and financing-dependent cash movement, which describes a vehicle whose financial behavior is better understood through asset funding and cash flows than through sales profitability.
Financial Health Signals
Financial health score not available
Grayscale Ethereum Staking Mini ETF Shares does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.
Earnings QualityNo Cash Backing
N/A
Grayscale Ethereum Staking Mini ETF Shares reported a net loss of $317.7M while operations used $928.4M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Grayscale Ethereum Staking Mini ETF Shares reported -$459.1M in net income in Q2 2026. This represents a decrease of 239.7% from the same quarter a year earlier. Against the prior quarter it is up 32.6%.
Revenue
Not reported for Q2 2026.
EBITDA
Not reported for Q2 2026.
EPS (Diluted)
Not reported for Q2 2026.
Cash & Balance Sheet
Shares Outstanding
88M
YoY+24.5%
QoQ-8.0%
Grayscale Ethereum Staking Mini ETF Shares had 88M shares outstanding in Q2 2026. This represents an increase of 24.5% from the same quarter a year earlier. Against the prior quarter it is down 8.0%.
Free Cash Flow
Not reported for Q2 2026.
Cash & Debt
Not reported for Q2 2026.
Dividends Per Share
Not reported for Q2 2026.
Margins & Returns
Return on Equity
-34.0%
YoY-58.7pp
QoQ+3.7pp
Grayscale Ethereum Staking Mini ETF Shares's ROE was -34.0% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is down 58.7 percentage points from the same quarter a year earlier. Against the prior quarter it is up 3.7 percentage points.
Gross Margin
Not reported for Q2 2026.
Operating Margin
Not reported for Q2 2026.
Net Margin
Not reported for Q2 2026.
Capital Allocation
None of these metrics is reported for Q2 2026.
ETH Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
Not reported in any period shown, so not listed: Revenue, Cost of Revenue, Gross Profit, R&D Expenses, SG&A Expenses, Operating Income, EBITDA, Interest Expense, Income Tax, EPS (Basic), EPS (Diluted), Diluted Shares (Avg).
Not reported in any period shown, so not listed: Revenue, Cost of Revenue, Gross Profit, R&D Expenses, SG&A Expenses, Operating Income, EBITDA, Interest Expense, Income Tax, EPS (Basic), EPS (Diluted), Diluted Shares (Avg).
ETH Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
Not reported in any period shown, so not listed: Current Assets, Inventory, Accounts Receivable, Goodwill, Current Liabilities, Non-Current Liabilities, Long-Term Debt, Retained Earnings.
Not reported in any period shown, so not listed: Current Assets, Inventory, Accounts Receivable, Goodwill, Current Liabilities, Non-Current Liabilities, Long-Term Debt, Retained Earnings.
ETH Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
Not reported in any period shown, so not listed: Depreciation & Amortization, Stock-Based Compensation, Capital Expenditures, Free Cash Flow, Investing Cash Flow, Dividends Paid, Share Buybacks.
Not reported in any period shown, so not listed: Depreciation & Amortization, Stock-Based Compensation, Capital Expenditures, Free Cash Flow, Investing Cash Flow, Dividends Paid, Share Buybacks.
ETH Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
Is Grayscale Ethereum Staking Mini ETF Shares profitable?
No, Grayscale Ethereum Staking Mini ETF Shares (ETH) reported a net income of -$317.7M in fiscal year 2025.
What is Grayscale Ethereum Staking Mini ETF Shares's return on equity (ROE)?
Grayscale Ethereum Staking Mini ETF Shares (ETH) has a return on equity of -14.6% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Grayscale Ethereum Staking Mini ETF Shares's operating cash flow?
Grayscale Ethereum Staking Mini ETF Shares (ETH) recorded an outflow of $928.4M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are Grayscale Ethereum Staking Mini ETF Shares's total assets?
Grayscale Ethereum Staking Mini ETF Shares (ETH) had $2.2B in total assets as of fiscal year 2025, including both current and long-term assets.
How many shares does Grayscale Ethereum Staking Mini ETF Shares have outstanding?
Grayscale Ethereum Staking Mini ETF Shares (ETH) had 85M shares outstanding as of fiscal year 2025.
What is Grayscale Ethereum Staking Mini ETF Shares's debt-to-equity ratio?
Grayscale Ethereum Staking Mini ETF Shares (ETH) had a debt-to-equity ratio of 0.00 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Grayscale Ethereum Staking Mini ETF Shares's return on assets (ROA)?
Grayscale Ethereum Staking Mini ETF Shares (ETH) had a return on assets of -14.6% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
How does Grayscale Ethereum Staking Mini ETF Shares's liquidity compare with its operating cash outflow?
At the end of fiscal year 2025, Grayscale Ethereum Staking Mini ETF Shares (ETH) held $0 in cash, cash equivalents and investments, and reported an operating cash outflow of $928.4M over that year. Dividing the one by the other, the reported balance equals about 0 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.
Are Grayscale Ethereum Staking Mini ETF Shares's earnings high quality?
Grayscale Ethereum Staking Mini ETF Shares (ETH) reported a net loss of $317.7M while operations used $928.4M of cash. With neither figure positive, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
