Bitwise Ethereum ETF Financials
This page shows Bitwise Ethereum ETF (ETHW) 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).
Financial Health Signals
For every $1 of reported earnings, Bitwise Ethereum ETF generates $-0.11 in operating cash flow ($6.1M OCF vs -$54.7M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.
Key Financial Metrics
Bitwise Ethereum ETF reported -$54.7M in net income in fiscal year 2025.
Bitwise Ethereum ETF held $0 in cash against $0 in long-term debt as of fiscal year 2025.
Bitwise Ethereum ETF had 17M shares outstanding in fiscal year 2025.
Bitwise Ethereum ETF spent $585.4M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding.
ETHW Income Statement
| Metric | 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 |
| Cost of Revenue | 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 |
| R&D Expenses | 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 |
| Operating Income | 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 |
| Income Tax | N/A | N/A | $0 | N/A | N/A | N/A |
| Net Income | $187.6M+203.2% | $61.9M+141.3% | -$149.9M | N/A | -$69.4M | N/A |
| EPS (Diluted) | N/A | N/A | N/A | N/A | N/A | N/A |
ETHW Balance Sheet
| Metric | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|
| Total Assets | $499.8M+85.8% | $269.0M+54.8% | $173.8M-57.0% | $404.5M+55.7% | $259.9M+129925400.0% | $200 |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A |
| Cash & Equivalents | $0 | $0 | $0 | $0 | $0-100.0% | $200 |
| Inventory | 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 |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $88K+109.5% | $42K+31.3% | $32K | $0 | $0 | $0 |
| Current Liabilities | 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 |
| Total Equity | $499.7M+85.8% | $268.9M+54.8% | $173.8M-57.0% | $404.5M+55.7% | $259.9M+129925400.0% | $200 |
| Retained Earnings | N/A | N/A | N/A | N/A | N/A | N/A |
ETHW Cash Flow Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|
| Operating Cash Flow | -$43.2M-29.7% | -$33.3M-141.2% | $80.8M+208.5% | -$74.5M+77.4% | -$329.2M | N/A |
| Capital Expenditures | 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 |
| Investing Cash Flow | N/A | N/A | N/A | N/A | N/A | N/A |
| Financing Cash Flow | $43.2M+29.7% | $33.3M+141.2% | -$80.8M-208.5% | $74.5M-77.4% | $329.2M | N/A |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | $286.6M+1668.3% | $16.2M-84.4% | $104.0M+118.2% | $47.7M+2135.1% | $2.1M | N/A |
ETHW Financial Ratios
| Metric | 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 |
| Operating Margin | 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 |
| Return on Equity | 37.5%+14.5pp | 23.0% | N/A | N/A | N/A | N/A |
| Return on Assets | 37.5%+14.5pp | 23.0%+109.3pp | -86.3% | N/A | -26.7% | N/A |
| Current Ratio | 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 | 0.00 |
| FCF Margin | N/A | N/A | N/A | N/A | N/A | N/A |
Frequently Asked Questions
Is Bitwise Ethereum ETF profitable?
No, Bitwise Ethereum ETF (ETHW) reported a net income of -$54.7M in fiscal year 2025.
What is Bitwise Ethereum ETF's operating cash flow?
Bitwise Ethereum ETF (ETHW) generated $6.1M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Bitwise Ethereum ETF's total assets?
Bitwise Ethereum ETF (ETHW) had $404.5M in total assets as of fiscal year 2025, including both current and long-term assets.
Does Bitwise Ethereum ETF buy back shares?
Yes, Bitwise Ethereum ETF (ETHW) spent $585.4M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.
How many shares does Bitwise Ethereum ETF have outstanding?
Bitwise Ethereum ETF (ETHW) had 17M shares outstanding as of fiscal year 2025.
What is Bitwise Ethereum ETF's debt-to-equity ratio?
Bitwise Ethereum ETF (ETHW) 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 Bitwise Ethereum ETF's return on assets (ROA)?
Bitwise Ethereum ETF (ETHW) had a return on assets of -15.9% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
Are Bitwise Ethereum ETF's earnings high quality?
Bitwise Ethereum ETF (ETHW) has an earnings quality ratio of -0.11x, considered mixed quality. 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.