[8-K] Grayscale Ethereum Mini Trust ETF Reports Material Event

Rhea-AI Filing Summary

Grayscale Bitcoin Trust ETF (GBTC) filed an 8-K to report a key governance change effective 4 Aug 2025. Grayscale Investments Sponsors, LLC, the Trust’s sponsor, has appointed Barry Silbert—Founder & CEO of Digital Currency Group (DCG)—as Director and Chairman of the Board. Incumbent Chair Mark Shifke will remain a Director.

Silbert brings extensive digital-asset experience: DCG owns Grayscale Investments and has backed 250+ blockchain companies in 40+ countries. The filing notes a possible future Board expansion to include independent directors. No compensation details, financial metrics or changes to the Trust’s investment strategy were disclosed. An accompanying press release (Ex. 99.1) is incorporated by reference.

The event is limited to leadership transition; there are no updates to earnings, assets under management, or operational outlook. The Trust’s shares continue to trade on NYSE Arca under ticker GBTC.

Positive

• Appointment of high-profile industry pioneer Barry Silbert as Chairman may strengthen strategic direction and market credibility.
• Board expansion under consideration signals intent to enhance governance with independent oversight.

Negative

• Lack of immediate independent director appointments highlights current governance limitations.
• No financial or operational updates provided, offering investors limited new fundamental information.

Insights

Corporate Governance Expert

TL;DR: Founder of parent DCG now chairs GBTC, boosting strategic alignment but highlighting independence gap.

Silbert’s elevation centralizes control across DCG and its flagship ETF, potentially streamlining decision-making and investor messaging. His blockchain pedigree and network may enhance capital markets access and product innovation. However, the filing admits the Board is only considering adding independent directors, underscoring current governance weaknesses relative to best-practice ETF boards. No disclosure on Silbert’s compensation or related-party safeguards appears, leaving conflicts-of-interest mitigation unclear.

Portfolio Manager

TL;DR: Leadership change mildly positive for strategic vision; no immediate valuation impact.

Silbert is synonymous with crypto investing; his chairmanship could attract incremental institutional interest and media coverage, a modest sentiment tailwind for GBTC liquidity. Yet the filing contains no AUM, fee, or conversion progress updates, so fundamentals stay unchanged. Until independent directors are added and governance clarified, the move is neutral for risk profile.

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 4, 2025

Grayscale Ethereum Mini Trust ETF

(Exact name of Registrant as Specified in Its Charter)

Delaware			001-42184	99-6447880
(State or Other Jurisdiction of Incorporation)			(Commission File Number)	(IRS Employer Identification No.)
c/o Grayscale Investments Sponsors, LLC 290 Harbor Drive, 4th Floor
Stamford, Connecticut				06902
(Address of Principal Executive Offices)				(Zip Code)

Registrant’s Telephone Number, Including Area Code: 212 668-1427

N/A

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

	☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
	☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
	☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
	☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Grayscale Ethereum Mini Trust ETF Shares		ETH		NYSE Arca, Inc.

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On August 4, 2025, Grayscale Investments Sponsors, LLC (together with its affiliates as the context may require, “Grayscale”), the sponsor of the registrant, announced that GSO Intermediate Holdings Corporation, the sole managing member of Grayscale Operating, LLC, the sole member of Grayscale Investments Sponsors, LLC, has approved the appointment of Barry Silbert as a Director and Chairman of the Board of Directors (the “Board”). Mark Shifke will step down from his position as Chairman of the Board, but remain on the Board as a Director. Grayscale is also considering expanding the Board further to include independent directors.

Barry Silbert is the Founder and CEO of DCG, a global investor and incubator building a decentralized future to unlock economic and societal opportunity. A pioneer in blockchain investing, Barry established himself in 2012 as one of the earliest and most active investors in the space. In 2015, he founded DCG and today, it is one of the world’s most prolific investors in decentralized technologies, backing over 250 early-stage companies in over 40 countries around the globe. In 2024 Barry founded Yuma, a decentralized AI-focused DCG subsidiary where he serves as CEO. Yuma invests in, builds, and scales the Bittensor network.

In addition to its investment portfolio, DCG owns Grayscale Investments, Foundry, Fortitude, Luno, and Yuma. DCG also invests directly in digital currencies and other digital assets. Prior to DCG, Barry was the founder and CEO of SecondMarket, a venture-backed technology company that was acquired by Nasdaq. Barry has received numerous awards and accolades including being named Entrepreneur of the Year by both Ernst & Young and Crain’s, and being selected to Fortune’s prestigious “40 under 40” list. Before becoming an entrepreneur, Barry worked as an investment banker in New York. He graduated with honors from the Goizueta Business School of Emory University.

A copy of Grayscale’s press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated by reference herein.

Investments in Grayscale Products

Our directors and executive officers are generally permitted to invest their own capital (or capital of estate planning vehicles controlled by them or their immediate family members) directly in our funds and investment vehicles. These investments are entered into in the ordinary course of business on substantially the same terms as those prevailing at the time for comparable investments by similarly situated investors.

Item 9.01. Financial Statements and Exhibits

(d) Exhibits

Exhibit No.		Description
99.1		Press Release, dated August 4, 2025, of Grayscale
104		Cover Page Interactive Data File (the cover page XBRL tags are embedded within the inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

			Grayscale Investments Sponsors, LLC, as Sponsor of Grayscale Ethereum Mini Trust ETF
Date:	August 4, 2025	By:	/s/ Edward McGee
			Name: Edward McGee Title: Chief Financial Officer*

* The Registrant is a trust and the identified person signing this report is signing in their capacity as an authorized officer of Grayscale Investments Sponsors, LLC, the Sponsor of the Registrant.

FAQ

Why did GBTC file an 8-K on 4 Aug 2025?

To disclose the appointment of Barry Silbert as Director and Chairman of the Board.

Who is Barry Silbert and why is his role important to GBTC?

Silbert is the Founder & CEO of DCG, GBTC’s parent; his chairmanship aligns the ETF more closely with DCG’s crypto strategy.

Is Mark Shifke leaving GBTC’s Board?

No. He is stepping down as Chairman but will remain on the Board as a Director.

Are independent directors currently on GBTC’s Board?

The filing says Grayscale is considering adding independent directors; none were appointed in this report.

Did the 8-K include new financial results for GBTC?

No financial metrics, AUM figures, or fee changes were disclosed in this filing.