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. 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).
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 Bitwise Ethereum 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.
Bitwise Ethereum 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.
Bitwise Ethereum ETF generates a -15.9% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100.
Bitwise Ethereum ETF passes 3 of 9 financial strength tests. 2 of 3 profitability signals pass, 1 of 2 leverage/liquidity signals pass.
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
Earnings & Revenue
Bitwise Ethereum ETF reported -$54.7M in net income in fiscal year 2025.
Cash & Balance Sheet
Bitwise Ethereum ETF held $0 in cash against $0 in long-term debt as of fiscal year 2025.
Bitwise Ethereum ETF had 16M shares outstanding in fiscal year 2025. This represents a decrease of 4.3% from the prior year.
Margins & Returns
Bitwise Ethereum ETF's ROE was -15.9% in fiscal year 2025, measuring profit generated per dollar of shareholder equity.
Capital Allocation
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 | 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 |
| Cost of Revenue | 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 |
| R&D Expenses | 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 |
| Operating Income | 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 |
| Income Tax | N/A | N/A | N/A | $0 | N/A | N/A | N/A |
| Net Income | 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 |
ETHW Balance Sheet
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|
| Total Assets | $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 |
| Cash & Equivalents | $0 | $0 | $0 | $0 | $0 | $0-100.0% | $200 |
| Inventory | 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 |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $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 |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $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 |
ETHW Cash Flow Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $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 |
| Free Cash Flow | 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 |
| Financing Cash Flow | -$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 |
| Share Buybacks | $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 | 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 |
| Operating Margin | 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 |
| Return on Equity | N/A | 37.5%+14.5pp | 23.0%+109.3pp | -86.3% | N/A | -26.7% | N/A |
| Return on Assets | 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 |
| Debt-to-Equity | 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 |
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 return on equity (ROE)?
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.
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 $343.7M in total assets as of fiscal year 2025, including both current and long-term assets.
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.
What is Bitwise Ethereum ETF's Piotroski F-Score?
Bitwise Ethereum ETF (ETHW) has a Piotroski F-Score of 3 out of 9, indicating weak financial health. 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 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.
How financially healthy is Bitwise Ethereum ETF?
Bitwise Ethereum ETF (ETHW) 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.