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Bitwise Ethereum ETF Financials

ETHW
Source SEC Filings (10-K/10-Q) Data as of Mar 31, 2026 Currency USD FYE December

This page shows Bitwise Ethereum ETF (ETHW) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 2 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).

Rhea AI ETHW FY2025

The dominant mechanic is a fully invested, almost unlevered balance sheet where asset values flow almost straight into equity.

FY2025 ROA and ROE were both about -15.9%. With only $61K of liabilities, that near-match shows shareholder results were driven almost entirely by the value of assets held, not by financing leverage or balance-sheet engineering.

From FY2024 to FY2025, total assets fell from $404.5M to $343.7M. Because shares outstanding also moved lower and liabilities stayed negligible, the vehicle itself became smaller; the balance-sheet contraction came through the equity base rather than through debt reduction.

FY2025 reported -$54.7M of net income but $6.1M of operating cash flow, so accounting performance and cash movement were not telling the same story. With $0 of reported cash and financing outflow matching the operating inflow, cash appears to be passed through rather than retained for a large operating footprint.

Generated by Rhea from SEC filings [ NOT FINANCIAL ADVICE ]

Financial Health Signals

Financial health score pending refresh

We are recalculating Bitwise Ethereum ETF's peer-relative financial health score against the latest fiscal year. It will appear here once the refresh completes. The signals and metrics below are current.

Earnings Quality Mixed
-0.11x

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

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Earnings & Revenue

Revenue
N/A
EBITDA
N/A
Net Income
-$54.7M

Bitwise Ethereum ETF reported -$54.7M in net income in fiscal year 2025.

EPS (Diluted)
N/A

Cash & Balance Sheet

Free Cash Flow
N/A
Cash & Debt
$0

Bitwise Ethereum ETF held $0 in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share
N/A
Shares Outstanding
16M
YoY-4.3%

Bitwise Ethereum ETF had 16M shares outstanding in fiscal year 2025. This represents a decrease of 4.3% from the prior year.

Margins & Returns

Gross Margin
N/A
Operating Margin
N/A
Net Margin
N/A
Return on Equity
-15.9%

Bitwise Ethereum ETF's ROE was -15.9% in fiscal year 2025, measuring profit generated per dollar of shareholder equity.

Capital Allocation

R&D Spending
N/A
Share Buybacks
$585.4M

Bitwise Ethereum ETF spent $585.4M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

Capital Expenditures
N/A

ETHW 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 $0 N/A N/A N/A $0 N/A N/A N/A
Net Income -$110.6M N/A $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 N/A N/A

ETHW Balance Sheet

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Total Assets $220.5M-35.9% $343.7M-31.2% $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 N/A N/A
Cash & Equivalents $0 $0 $0 $0 $0 $0 $0-100.0% $200
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 $1.2M+1931.1% $61K-30.7% $88K+109.5% $42K+31.3% $32K $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 $219.2M-36.2% $343.7M-31.2% $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 N/A N/A

ETHW Cash Flow Statement

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Operating Cash Flow $10.0M+481.7% $1.7M+104.0% -$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 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 -$10.0M-481.7% -$1.7M-104.0% $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 N/A N/A
Share Buybacks $112.6M-37.0% $178.6M-37.7% $286.6M+1668.3% $16.2M-84.4% $104.0M+118.2% $47.7M+2135.1% $2.1M N/A

ETHW 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 -50.4% N/A 37.5%+14.5pp 23.0%+109.3pp -86.3% N/A -26.7% N/A
Return on Assets -50.1% N/A 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 N/A N/A
Debt-to-Equity 0.010.0 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

No, Bitwise Ethereum ETF (ETHW) reported a net income of -$54.7M in fiscal year 2025.

Bitwise Ethereum ETF (ETHW) has a return on equity of -15.9% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

Bitwise Ethereum ETF (ETHW) generated $6.1M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

Bitwise Ethereum ETF (ETHW) had $343.7M in total assets as of fiscal year 2025, including both current and long-term assets.

Yes, Bitwise Ethereum ETF (ETHW) spent $585.4M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

Bitwise Ethereum ETF (ETHW) had 16M shares outstanding as of fiscal year 2025.

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.

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.

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.

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