Fidelity Ethereum Fund Financials

FETH

Source SEC Filings (10-K/10-Q) Updated Mar 31, 2026 Currency USD FYE December

This page shows Fidelity Ethereum Fund (FETH) 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).

Rhea AI FETH FY2025 2026-05-14

This vehicle’s reported losses come from asset-value and shareholder-flow mechanics, not a debt-funded operating business.

With -$1.04B of operating cash outflow almost exactly offset by $1.04B of financing inflow, and only $2.7M of liabilities against $2.21B of assets, the structure appears to pass investor flows through the balance sheet rather than fund itself through borrowings. That makes the -19.1% return on assets look more like the year’s underlying asset move than an operating margin story.

Liquidity here is unusual: the fund reported $0 of cash at year-end, yet liabilities were only $2.7M. In other words, this is mostly a marked asset pool with thin creditor claims, so balance-sheet stress would come from asset revaluation rather than refinancing needs.

The reported $3.26B of share buybacks exceeded ending assets of $2.21B, implying ownership turnover during the year was larger than the portfolio left on the books at year-end. That helps explain why the headline net loss of -$422M does not, by itself, describe the whole year’s economics: investor entry and exit appear to be a major driver of the cash statements.

Financial Health Signals

Financial Profile 17/100

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 Fidelity Ethereum Fund'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.

Leverage

100

Fidelity Ethereum Fund 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.

Returns

Fidelity Ethereum Fund generates a -19.1% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100.

Earnings Quality Low Quality

2.46x

For every $1 of reported earnings, Fidelity Ethereum Fund generates $2.46 in operating cash flow (-$1.0B OCF vs -$422.3M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Key Financial Metrics

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Earnings & Revenue

Revenue

N/A

EBITDA

N/A

Net Income

-$422.3M

Fidelity Ethereum Fund reported -$422.3M in net income in fiscal year 2025.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

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

Dividends Per Share

N/A

Shares Outstanding

75M

Fidelity Ethereum Fund had 75M shares outstanding in fiscal year 2025.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

N/A

Return on Equity

-19.1%

Fidelity Ethereum Fund's ROE was -19.1% in fiscal year 2025, measuring profit generated per dollar of shareholder equity.

Capital Allocation

R&D Spending

N/A

Share Buybacks

$3.3B

Fidelity Ethereum Fund spent $3.3B on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

Capital Expenditures

N/A

FETH Income Statement

Metric	FY25
Revenue	N/A
Cost of Revenue	N/A
Gross Profit	N/A
R&D Expenses	N/A
SG&A Expenses	N/A
Operating Income	N/A
Interest Expense	N/A
Income Tax	N/A
Net Income	-$422.3M
EPS (Diluted)	N/A

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	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	-$662.4M	N/A	$873.0M+253.2%	$247.2M+137.2%	-$665.3M	N/A	-$58.6M	N/A
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

FETH Balance Sheet

Metric	FY25
Total Assets	$2.2B
Current Assets	N/A
Cash & Equivalents	$0
Inventory	N/A
Accounts Receivable	N/A
Goodwill	N/A
Total Liabilities	$2.7M
Current Liabilities	N/A
Long-Term Debt	N/A
Total Equity	$2.2B
Retained Earnings	-$431.4M

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Total Assets	$1.2B-45.1%	$2.2B-29.9%	$3.2B+149.3%	$1.3B+70.9%	$740.5M-53.8%	$1.6B+278.0%	$424.5M+9618.2%	$4.4M
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	$0
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	$1.8M-31.5%	$2.7M+303.9%	$662K-97.4%	$25.9M+294.4%	$6.6M-79.3%	$31.8M	$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	$1.2B-45.1%	$2.2B-29.9%	$3.2B+154.5%	$1.2B+68.9%	$733.9M-53.3%	$1.6B+270.5%	$424.5M+9618.2%	$4.4M
Retained Earnings	-$1.1B-153.6%	-$431.4M-196.8%	$445.7M+204.3%	-$427.3M+36.6%	-$674.4M-7298.9%	-$9.1M+84.6%	-$59.0M-15307.6%	-$383K

FETH Cash Flow Statement

Metric	FY25
Operating Cash Flow	-$1.0B
Capital Expenditures	N/A
Free Cash Flow	N/A
Investing Cash Flow	N/A
Financing Cash Flow	$1.0B
Dividends Paid	N/A
Share Buybacks	$3.3B

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Operating Cash Flow	$176.6M+47.1%	$120.0M+111.2%	-$1.1B-346.4%	-$239.1M-261.5%	$148.0M+113.9%	-$1.1B-120.6%	-$483.5M	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	-$176.6M-47.1%	-$120.0M-111.2%	$1.1B+346.4%	$239.1M+261.5%	-$148.0M-113.9%	$1.1B+120.6%	$483.5M	N/A
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	$719.5M-12.1%	$818.9M-50.5%	$1.7B+535.6%	$260.3M-50.9%	$529.8M+190.8%	$182.2M+3359.8%	$5.3M	N/A

FETH Financial Ratios

Metric	FY25
Gross Margin	N/A
Operating Margin	N/A
Net Margin	N/A
Return on Equity	-19.1%
Return on Assets	-19.1%
Current Ratio	N/A
Debt-to-Equity	0.00
FCF Margin	N/A

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	-54.6%	N/A	27.7%+7.7pp	19.9%+110.6pp	-90.6%	N/A	-13.8%	N/A
Return on Assets	-54.6%	N/A	27.7%+8.1pp	19.5%+109.4pp	-89.8%	N/A	-13.8%	N/A
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	0.000.0	0.000.0	0.00-0.0	0.02+0.0	0.01-0.0	0.02+0.0	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

Is Fidelity Ethereum Fund profitable?

No, Fidelity Ethereum Fund (FETH) reported a net income of -$422.3M in fiscal year 2025.

What is Fidelity Ethereum Fund's return on equity (ROE)?

Fidelity Ethereum Fund (FETH) has a return on equity of -19.1% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Fidelity Ethereum Fund's operating cash flow?

Fidelity Ethereum Fund (FETH) generated -$1.0B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Fidelity Ethereum Fund's total assets?

Fidelity Ethereum Fund (FETH) had $2.2B in total assets as of fiscal year 2025, including both current and long-term assets.

Does Fidelity Ethereum Fund buy back shares?

Yes, Fidelity Ethereum Fund (FETH) spent $3.3B on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

How many shares does Fidelity Ethereum Fund have outstanding?

Fidelity Ethereum Fund (FETH) had 75M shares outstanding as of fiscal year 2025.

What is Fidelity Ethereum Fund's debt-to-equity ratio?

Fidelity Ethereum Fund (FETH) 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 Fidelity Ethereum Fund's return on assets (ROA)?

Fidelity Ethereum Fund (FETH) had a return on assets of -19.1% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Fidelity Ethereum Fund's cash runway?

Based on fiscal year 2025 data, Fidelity Ethereum Fund (FETH) had $0 in cash against an annual operating cash burn of $1.0B. This gives an estimated cash runway of approximately 0 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

Are Fidelity Ethereum Fund's earnings high quality?

Fidelity Ethereum Fund (FETH) has an earnings quality ratio of 2.46x, considered low quality (accrual-driven). 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 Fidelity Ethereum Fund?

Fidelity Ethereum Fund (FETH) 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.