Bitwise Ethereum ETF (ETHW) Financials
Newest figures come from the 10-Q for Q2 FY2026, filed Aug 7, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the ETHW SEC filings page.
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).
The reported statements describe an asset pool, not an operating business: total assets fell while 2025 recorded a net loss.
From FY2024 to FY2025, total assets decreased from$405M to$344M while the fund reported a net loss of$55M ; that combination points to reported investment-value movement rather than a conventional sales-and-cost business model.
The balance sheet remained almost entirely equity-funded: liabilities were
FY2025 operating cash flow was
Financial Health Signals
Bitwise Ethereum 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.
Bitwise Ethereum ETF reported a net loss of $54.7M while generating $6.1M 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
Bitwise Ethereum ETF reported -$54.8M in net income in Q2 2026. This represents a decrease of 188.6% from the same quarter a year earlier. Against the prior quarter it is up 50.4%.
Not reported for Q2 2026.
Not reported for Q2 2026.
Not reported for Q2 2026.
Cash & Balance Sheet
Not reported for Q2 2026.
Not reported for Q2 2026.
Not reported for Q2 2026.
Margins & Returns
Bitwise Ethereum ETF's ROE was -32.5% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is down 55.5 percentage points from the same quarter a year earlier. Against the prior quarter it is up 17.9 percentage points.
Not reported for Q2 2026.
Not reported for Q2 2026.
Not reported for Q2 2026.
Capital Allocation
Bitwise Ethereum ETF spent $13.4M on share buybacks in Q2 2026, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 17.6% from the same quarter a year earlier. Against the prior quarter it is down 88.1%.
Not reported for Q2 2026.
Not reported for Q2 2026.
ETHW Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
Not reported in any period shown, so not listed: Revenue, Cost of Revenue, Gross Profit, R&D Expenses, SG&A Expenses, Operating Income, EBITDA, Interest Expense, EPS (Basic), EPS (Diluted), Diluted Shares (Avg).
ETHW Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $168.5M-37.4% | $220.5M+26.9% | $343.7M-15.0% | $499.8M+92.3% | $269.0M+134478400.0% | $173.8M | $404.5M | $259.9M |
| Cash & Equivalents | N/A | $0 | $0 | $0 | $0-100.0% | $0 | $0 | $0 |
| Short-Term Investments | N/A | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-Term Investments | N/A | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities | $30K-28.6% | $1.2M+3771.9% | $61K | $88K | $42K | $32K | $0 | $0 |
| Total Equity | $168.5M-37.4% | $219.2M+26.2% | $343.7M-15.0% | $499.7M+92.3% | $268.9M+134457400.0% | $173.8M | $404.5M | $259.9M |
Not reported in any period shown, so not listed: Current Assets, Inventory, Accounts Receivable, Goodwill, Current Liabilities, Non-Current Liabilities, Long-Term Debt, Retained Earnings.
ETHW Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$5.2M+84.2% | $10.0M-87.7% | $1.7M+102.3% | -$43.2M+86.9% | -$33.3M | $80.8M | -$74.5M | -$329.2M |
| Financing Cash Flow | $5.2M-84.2% | -$10.0M+87.7% | -$1.7M-102.3% | $43.2M-86.9% | $33.3M | -$80.8M | $74.5M | $329.2M |
| Share Buybacks | $13.4M-17.6% | $112.6M+8.2% | $178.6M+274.6% | $286.6M+13336.9% | $16.2M | $104.0M | $47.7M | $2.1M |
Not reported in any period shown, so not listed: Depreciation & Amortization, Stock-Based Compensation, Capital Expenditures, Free Cash Flow, Investing Cash Flow, Dividends Paid.
ETHW Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Net Margin, Current Ratio, Asset Turnover, FCF Margin.
Where Bitwise Ethereum ETF Ranks
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.
Are Bitwise Ethereum ETF's earnings high quality?
Bitwise Ethereum ETF (ETHW) reported a net loss of $54.7M while generating $6.1M 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.