Grayscale Ethereum Staking ETF Financials
This page shows Grayscale Ethereum Staking ETF (ETHE) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 4 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
An unlevered asset pool with results dominated by valuation swings and investor exits, not by conventional operating mechanics.
FY2025 produced a net loss of-$618.8M alongside positive operating cash flow of$1.41B . With liabilities at just$2.3M and shares outstanding still falling, the year looks driven more by portfolio and redemption mechanics than by balance-sheet stress or a cost structure that got out of hand.
Because liabilities stayed minimal across the recent period, the swing from FY2024 profit to FY2025 loss says more about equity value moving with the underlying holdings than about leverage changing the outcome. ROA moved from
The vehicle also became smaller in FY2025 as shares outstanding fell from 169.1M to 110.9M. Assets dropped from
Financial Health Signals
Grayscale Ethereum Staking ETF 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.
Grayscale Ethereum Staking ETF passes 3 of 5 computable financial strength tests (4 of the nine could not be computed from available data). 2 of 4 profitability signals pass, all 1 leverage/liquidity signals pass.
Grayscale Ethereum Staking ETF reported a net loss of $618.8M while generating $1.4B in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal.
Key Financial Metrics
Earnings & Revenue
Grayscale Ethereum Staking ETF reported -$618.8M in net income in fiscal year 2025. This represents a decrease of 123.9% from the prior year.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Cash & Balance Sheet
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Margins & Returns
Grayscale Ethereum Staking ETF's ROE was -22.9% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 77.5 percentage points from the prior year.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Capital Allocation
Grayscale Ethereum Staking ETF spent $2.2B on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 40.8% from the prior year.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
ETHE Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 |
|---|---|---|---|---|---|
| Net Income | -$564.4M | -$618.8M-123.9% | $2.6B-16.8% | $3.1B+140.4% | -$7.7B |
Not reported in any period shown, so not listed: Revenue, Cost of Revenue, Gross Profit, R&D Expenses, SG&A Expenses, Operating Income, Interest Expense, Income Tax, EPS (Diluted).
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
ETHE Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 |
|---|---|---|---|---|
| Total Assets | $2.7B-42.9% | $4.7B-29.9% | $6.8B+85.2% | $3.6B |
| Total Liabilities | $2.3M | $0 | $0 | $0 |
| Total Equity | $2.7B-42.9% | $4.7B-29.9% | $6.8B+85.2% | $3.6B |
Not reported in any period shown, so not listed: Current Assets, Cash & Equivalents, Inventory, Accounts Receivable, Goodwill, Current Liabilities, Long-Term Debt, Retained Earnings.
ETHE Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 |
|---|---|---|---|---|---|
| Operating Cash Flow | N/A | $1.4B-61.1% | $3.6B | N/A | N/A |
| Financing Cash Flow | N/A | -$1.4B+61.1% | -$3.6B | N/A | N/A |
| Share Buybacks | N/A | $2.2B-40.8% | $3.6B | N/A | N/A |
Not reported in any period shown, so not listed: Capital Expenditures, Free Cash Flow, Investing Cash Flow, Dividends Paid.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
ETHE Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 |
|---|---|---|---|---|
| Return on Equity | -22.9%-77.5pp | 54.6%+8.6pp | 46.0%+257.1pp | -211.1% |
| Return on Assets | -22.9%-77.5pp | 54.6%+8.6pp | 46.0%+257.1pp | -211.1% |
| Debt-to-Equity | 0.000.0x | 0.000.0x | 0.000.0x | 0.00 |
Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Net Margin, Current Ratio, FCF Margin.
Where Grayscale Ethereum Staking ETF Ranks
Frequently Asked Questions
Is Grayscale Ethereum Staking ETF profitable?
No, Grayscale Ethereum Staking ETF (ETHE) reported a net income of -$618.8M in fiscal year 2025.
What is Grayscale Ethereum Staking ETF's return on equity (ROE)?
Grayscale Ethereum Staking ETF (ETHE) has a return on equity of -22.9% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Grayscale Ethereum Staking ETF's operating cash flow?
Grayscale Ethereum Staking ETF (ETHE) generated $1.4B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Grayscale Ethereum Staking ETF's total assets?
Grayscale Ethereum Staking ETF (ETHE) had $2.7B in total assets as of fiscal year 2025, including both current and long-term assets.
What is Grayscale Ethereum Staking ETF's debt-to-equity ratio?
Grayscale Ethereum Staking ETF (ETHE) 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 ETF's return on assets (ROA)?
Grayscale Ethereum Staking ETF (ETHE) had a return on assets of -22.9% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Grayscale Ethereum Staking ETF's Piotroski F-Score?
Grayscale Ethereum Staking ETF (ETHE) has a Piotroski F-Score of 3 out of 5 computable signals; 4 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Grayscale Ethereum Staking ETF's earnings high quality?
Grayscale Ethereum Staking ETF (ETHE) reported a net loss of $618.8M while generating $1.4B in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, 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.