Grayscale Ethereum Mini Trust ETF SEC Filings

Grayscale Ethereum Mini Trust ETF (ETH) reported a sharp increase in Q3 2025 driven by Ether price appreciation and net creations. Net assets rose to $3,001,975,000 as of September 30, 2025, with holdings of 721,349.34169850 Ether. NAV per Share was $39.17 on 76,630,788 shares outstanding.

For the quarter, the Trust recorded $932,923,000 in net realized and unrealized gains on Ether, offset by a $992,000 Sponsor’s Fee. Creations totaled $1,115,426,000 (30.27 million shares) and redemptions were $375,638,000 (9.78 million shares). Year-to-date, net gains were $544,923,000, with Ether rising from $3,340.40 at December 31, 2024 to $4,161.61 at September 30, 2025. Each Share represented approximately 0.0094 Ether.

The Sponsor’s Fee is 0.15% following the six‑month waiver that ended January 23, 2025; fees incurred year-to-date were $1,720,471. Subsequent events: the Trust began staking Ether on October 6, 2025, and noted a management reorganization at affiliates on October 22, 2025. Shares outstanding were 78,390,788 as of October 31, 2025.

Grayscale Ethereum Mini Trust ETF disclosed an internal corporate reorganization of its sponsor’s ownership structure. On October 22, 2025, Grayscale Investments, Inc. became the sole managing member of Grayscale Operating, LLC, which remains the sole member of Grayscale Investments Sponsors, LLC, the Sponsor of the Trust.

DCG Grayscale Holdco, LLC elected a board of directors at Grayscale Investments comprising Barry Silbert (Chairperson), Mark Shifke, Simon Koster, Peter Mintzberg and Edward McGee, matching the prior GSOIH board. All related entities, including DCG Holdco, Grayscale Investments, GSOIH, GSO and GSIS, are consolidated subsidiaries of Digital Currency Group, Inc. The Trust states it does not expect the reorganization to have any material impact on its operations.

Grayscale Ethereum Mini Trust ETF reported a governance update at its sponsor’s parent. On October 13, 2025, GSO Intermediate Holdings Corporation announced that Matthew Kummell stepped down from its Board, and Simon Koster was appointed as a Director.

Koster is Chief Strategy Officer at Digital Currency Group, where he leads an investment portfolio spanning digital assets, subsidiaries, and 250+ early-stage companies across 35+ countries. He also serves on the boards of Foundry and Luno (since 2023), Fortitude (since 2024), and Yuma (since 2025), each affiliated with Grayscale.

Grayscale Ethereum Mini Trust ETF (ETH) proposes three amendments to permit the Sponsor to stake trust-held Ether, to collect a Sponsor's Staking Fee, and to amend the Trust Agreement with notice rather than shareholder consent in certain cases. Staking may be allowed only if the Staking Condition is met (a tax opinion or Tax Ruling or Tax Guidance confirming grantor-trust status). If staking occurs, the Trust may stake all Ether subject to enumerated exceptions and may accept non-Ether staking consideration temporarily. The Sponsor may set a daily-accruing Sponsor's Staking Fee (payable in Ether or staking consideration) and may disclose the percentage in SEC filings; the fee will not exceed total staking rewards. The Sponsor would also be able to make certain material amendments effective 20 days after notice instead of requiring prior shareholder consent, and the Trust may use incidental rights or staking consideration to pay fees and expenses.

Grayscale Ethereum Mini Trust ETF (ETH) proposes three related amendments to its Trust Agreement to permit the Trust to stake Ether, create a Sponsor's Staking Fee, and broaden the Sponsor's unilateral amendment authority (subject to limited notice constraints and tax-condition safeguards). Proposal 1 would allow the Sponsor to cause the Trust to stake a portion of its Ether through arm's-length arrangements with the Custodian and Staking Providers and to accept and temporarily hold staking consideration other than Ether. Proposal 2 would allow the Sponsor to collect a Sponsor's Staking Fee, payable in Ether or other staking consideration, calculated as a per-annum percentage of staking consideration earned and disclosed by the Sponsor. Proposal 3 would let the Sponsor make certain restatements, amendments or supplements to the Trust Agreement without shareholder consent, with materially adverse changes becoming effective no earlier than 20 days after notice; some amendments that could affect grantor trust status require a tax opinion or Tax Ruling. The documents repeatedly note potential risks, tax-condition limits on staking, and Sponsor discretion over fee levels and certain determinations.