Grayscale Ethereum Mini Staking ETF Financials
This page shows Grayscale Ethereum Mini Staking ETF (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).
This nearly unlevered balance sheet was sustained by financing inflows, not by operating cash generation.
The identical-14.6% return on assets and return on equity, alongside a debt-to-equity ratio of 0.0001x, shows losses hit owners almost directly because borrowing barely shapes the capital structure. At the same time,-$928.4M of operating cash outflow versus a-$317.7M net loss means the year's cash movement was materially harsher than the income statement alone suggests, making financing inflows more important than earnings for explaining liquidity.
With assets of
The main operating clue is weak cash conversion: the cash drain was much deeper than the accounting loss, so reported profitability understates how much liquidity the structure consumed during the year. Because year-end cash was
Financial Health Signals
Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →
Health score ≠ stock price. This rates the quality of Grayscale Ethereum Mini Staking ETF's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Grayscale Ethereum Mini Staking ETF carries a low D/E ratio of 0.00, meaning only $0.00 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 100/100, indicating a strong balance sheet with room for future borrowing.
Grayscale Ethereum Mini Staking ETF generates a -14.6% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100.
For every $1 of reported earnings, Grayscale Ethereum Mini Staking ETF generates $2.92 in operating cash flow (-$928.4M OCF vs -$317.7M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Key Financial Metrics
Earnings & Revenue
Grayscale Ethereum Mini Staking ETF reported -$317.7M in net income in fiscal year 2025.
Cash & Balance Sheet
Grayscale Ethereum Mini Staking ETF held $0 in cash against $0 in long-term debt as of fiscal year 2025.
Margins & Returns
Grayscale Ethereum Mini Staking ETF's ROE was -14.6% in fiscal year 2025, measuring profit generated per dollar of shareholder equity.
Capital Allocation
ETH Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Income | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Income Tax | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Income | -$681.1M | N/A | $931.9M+183.6% | $328.6M+145.8% | -$717.3M | N/A | -$289.7M | N/A |
| EPS (Diluted) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
ETH Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $1.8B-17.3% | $2.2B-27.3% | $3.0B+125.7% | $1.3B+59.5% | $834.0M-47.0% | $1.6B+55.0% | $1.0B+1014927.0% | $100K |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Cash & Equivalents | N/A | $0 | $0 | $0 | $0 | $0 | $0 | N/A |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $3K-98.7% | $231K | $0 | $0 | $0 | $0 | $0 | $0 |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $1.8B-17.3% | $2.2B-27.3% | $3.0B+125.7% | $1.3B+59.5% | $834.0M-47.0% | $1.6B+55.0% | $1.0B+1014927.0% | $100K |
| Retained Earnings | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
ETH Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | N/A | -$45.2M+95.0% | -$903.9M | $0-100.0% | $20.7M+107.0% | -$297.4M-1.2% | -$293.8M | N/A |
| Capital Expenditures | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Free Cash Flow | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Investing Cash Flow | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Financing Cash Flow | N/A | $45.2M-95.0% | $903.9M | $0+100.0% | -$20.7M-107.0% | $297.4M+1.2% | $293.8M | N/A |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
ETH Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Return on Equity | -37.7% | N/A | 31.0%+6.3pp | 24.7%+110.7pp | -86.0% | N/A | -28.5% | N/A |
| Return on Assets | -37.7% | N/A | 31.0%+6.3pp | 24.7%+110.7pp | -86.0% | N/A | -28.5% | N/A |
| Current Ratio | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Debt-to-Equity | 0.000.0 | 0.000.0 | 0.000.0 | 0.000.0 | 0.000.0 | 0.000.0 | 0.000.0 | 0.00 |
| FCF Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
Frequently Asked Questions
Is Grayscale Ethereum Mini Staking ETF profitable?
No, Grayscale Ethereum Mini Staking ETF (ETH) reported a net income of -$317.7M in fiscal year 2025.
What is Grayscale Ethereum Mini Staking ETF's return on equity (ROE)?
Grayscale Ethereum Mini Staking ETF (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 Mini Staking ETF's operating cash flow?
Grayscale Ethereum Mini Staking ETF (ETH) generated -$928.4M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Grayscale Ethereum Mini Staking ETF's total assets?
Grayscale Ethereum Mini Staking ETF (ETH) had $2.2B in total assets as of fiscal year 2025, including both current and long-term assets.
What is Grayscale Ethereum Mini Staking ETF's debt-to-equity ratio?
Grayscale Ethereum Mini Staking ETF (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 Mini Staking ETF's return on assets (ROA)?
Grayscale Ethereum Mini Staking ETF (ETH) had a return on assets of -14.6% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Grayscale Ethereum Mini Staking ETF's cash runway?
Based on fiscal year 2025 data, Grayscale Ethereum Mini Staking ETF (ETH) had $0 in cash against an annual operating cash burn of $928.4M. This gives an estimated cash runway of approximately 0 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
Are Grayscale Ethereum Mini Staking ETF's earnings high quality?
Grayscale Ethereum Mini Staking ETF (ETH) has an earnings quality ratio of 2.92x, considered low quality (accrual-driven). 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.
How financially healthy is Grayscale Ethereum Mini Staking ETF?
Grayscale Ethereum Mini Staking ETF (ETH) scores 17 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.