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21Shares Ethereum ETF filings document the Trust’s exchange-traded fund structure, common shares of beneficial interest, and material agreements supporting ether custody and staking operations. The Form 8-K record includes custodial services arrangements for segregated ether accounts and staking services designed to generate Ethereum blockchain rewards, along with related indemnification, operational, and reporting provisions.
The SEC disclosures also identify the Trust’s Section 12(b) registered securities, Cboe BZX Exchange listing venue, emerging growth company status, and material-event reporting under the Exchange Act.
21Shares Ethereum ETF is a Delaware grantor trust whose Shares trade on Cboe BZX under the symbol TETH. It seeks to track the price of ether using the CME CF Ether‑Dollar Reference Rate – New York Variant, adjusted for expenses, while also reflecting ether staking rewards when permitted.
The Trust holds ether with multiple institutional custodians, largely in cold storage, and creates and redeems Shares in 10,000‑Share Baskets through Authorized Participants. It charges a 0.21% annual Sponsor Fee on ether holdings, but the Sponsor has implemented fee waivers over specified periods and pays most routine operating costs from this fee.
The Trust may stake a substantial portion of its ether, generally targeting about 40–70% based on a utilization model, using third‑party Staking Services Providers. Staking rewards accrue to the Trust after paying a 25% Staking Consideration share to the Sponsor and its providers, but staking also introduces risks such as slashing, lock‑up and unbonding delays, operational failures and potential adverse tax or regulatory treatment. As of June 30, 2025, Shares held by non‑affiliates had an aggregate market value of $22,751,154, and 1,390,000 Shares were outstanding as of March 24, 2026.
21Shares Ethereum ETF disclosed that its trust entered into two staking services agreements to participate in Ethereum network staking. Under a new agreement with Figment Inc., Figment will stake ether on behalf of the trust, seek to generate staking rewards, and receive a low single-digit percentage of rewards as fees. Liability is generally capped at service fees collected in defined lookback periods, with higher exposure where gross negligence, fraud or willful misconduct occurs.
The trust also signed a separate staking agreement with Twinstake Ltd., which will provide a staking platform and nodes and is likewise compensated with a low single-digit portion of rewards. Both agreements allow termination by either side under specified conditions and include detailed indemnification and liability cap provisions, including limits tied to service fees for missed rewards and slashing penalties except in cases of serious misconduct.
21Shares Ethereum ETF detailed several operational changes involving custody, trading, and distributions. The trust entered a new custodial services agreement with BitGo Trust Company, Inc., under which BitGo will hold segregated accounts for the ETF’s ether and maintain insurance, while the trust provides indemnities in certain situations. Existing custody relationships with Coinbase Custody, Anchorage Digital Bank and BitGo New York Trust remain in place, and the sponsor will allocate ether among all custodians at its discretion.
The trust also signed a new authorized participant agreement with Macquarie Capital (USA) Inc., allowing Macquarie to create and redeem 10,000‑share baskets, including via in‑kind orders, subject to transaction fees charged by the sponsor. Beginning in 2026, the trust intends to pay at least quarterly cash distributions of staking rewards to shareholders, a change from its prior policy of not paying distributions, in order to align with IRS guidance.
21Shares Ethereum ETF reported its quarterly results for the period ended September 30, 2025. Net assets were $45,914,704, backed by 11,034.4578 ether carried at fair value of $45,916,365. Shares outstanding were 2,210,000 and NAV per share was $20.78.
For the three months ended September 30, 2025, the Trust recorded a net increase in net assets from operations of $16,956,542, driven by a $12,602,477 net realized gain on ether sold for redemptions and a $4,375,913 net change in unrealized appreciation. The unitary Sponsor fee is 0.21% of ether holdings; the initial six‑month waiver ended on January 23, 2025.
Subsequent to quarter‑end, the Trust enabled staking: it entered a Master Infrastructure‑As‑A‑Service Agreement with Coinbase Crypto on October 7, 2025, and amended the Sponsor Agreement on October 8, 2025. The Sponsor will receive an aggregate 25% of gross staking consideration to cover staking services and custodial costs, and the Trust will retain the remainder. The filing updates risk factors to reflect staking, including slashing and liquidity constraints during activation and exit periods.