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Delayed redemptions added for Grayscale Ethereum Staking Mini ETF (ETH)

Filing Impact
(Moderate)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Grayscale Ethereum Staking Mini ETF is introducing “Delayed Delivery Orders” for redemptions to help manage periods of digital asset liquidity constraints. Beginning on April 6, 2026, the sponsor may arrange redemptions where staked ether is delivered to a Liquidity Provider only when it becomes transferable.

Under these orders, the Variable Fee charged to Authorized Participants is adjusted based on the estimated time until digital asset delivery, with no later true-up if timing differs. Delayed Delivery Orders can be used only after the fund’s unstaked asset reserve, the “Liquidity Sleeve,” is exhausted, and only during unforeseen adverse liquidity events until that reserve is replenished. The policies are intended to align with NYSE Arca listing standards and IRS Procedure 2025‑31, but there is no assurance these tools will always provide enough liquidity to meet all redemption requests.

Positive

  • None.

Negative

  • None.
Item 8.01 Other Events Other
Voluntary disclosure of events the company deems important to shareholders but not covered by other items.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Delayed Delivery Orders start date April 6, 2026 Date from which the sponsor may arrange Delayed Delivery Orders
Fiscal year end for staking condition reference December 31, 2025 Year-end used in the Form 10-K where the Staking Condition is defined
8-K signature date April 7, 2026 Date the report was signed by the sponsor’s Chief Financial Officer
Delayed Delivery Orders financial
"may arrange for the Trust to enter into redemption orders designated as “Delayed Delivery Orders”"
Liquidity Sleeve financial
"reserve of unstaked digital assets primarily utilized by the Trust to satisfy its redemption requests (the “Liquidity Sleeve”)"
Liquidity Provider Agreement financial
"shareholders should refer to the relevant provisions of the Form of Liquidity Provider Agreement for more detail"
Staking Condition financial
"the Staking Condition ... was satisfied with respect to the implementation of Delayed Delivery Orders"
Liquidity Engager financial
"acting in its capacity as Liquidity Engager of the Trust (the “Liquidity Engager”)"
Internal Revenue Service Procedure 2025-31 regulatory
"liquidity risk policies set forth in Internal Revenue Service Procedure 2025-31"
Understanding 8-K Material Events →
false000202045500020204552026-04-022026-04-02

 

 

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): April 2, 2026

 

 

Grayscale Ethereum Staking Mini 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 Staking Mini 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 8.01. Other Events.

Delayed Delivery Orders to Manage Digital Asset Liquidity Constraints

Beginning on April 6, 2026, Grayscale Investments Sponsors, LLC, the sponsor (the “Sponsor”) of the registrant (the “Trust”), acting in its capacity as Liquidity Engager of the Trust (the “Liquidity Engager”), may arrange for the Trust to enter into redemption orders designated as “Delayed Delivery Orders” with participating Liquidity Providers, in order to manage digital asset liquidity constraints. Also on April 6, 2026, and prior to the execution of any Delayed Delivery Orders, the Staking Condition (as defined in the Trust’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025 was satisfied with respect to the implementation of Delayed Delivery Orders.

Delayed Delivery Orders involve the delivery of digital assets to a participating Liquidity Provider on a delayed basis, to be delivered on the first Business Day on which such staked digital assets specifically designated by the Liquidity Engager to be delivered in connection with such Delayed Delivery Order become transferable, regardless of whether other sources of digital asset liquidity become available to the Trust prior to such date. Under a Delayed Delivery Order, the Variable Fee payable by an Authorized Participant will be adjusted, based on the estimated length of time to digital asset delivery, to compensate the applicable Liquidity Provider for agreeing to accept settlement on a delayed basis. No further adjustment to the Variable Fee would be made, and the Trust will not be required to further compensate the Liquidity Provider (or be entitled to compensation from the Liquidity Provider) if the actual date of digital asset delivery differed from the estimated delivery date.

As outlined in the Trust’s staking policy, Delayed Delivery Orders, like other mechanisms for managing liquidity risk, are intended to supplement the reserve of unstaked digital assets primarily utilized by the Trust to satisfy its redemption requests (the “Liquidity Sleeve”), and the Sponsor will be permitted to employ Delayed Delivery Orders only as appropriate in the Sponsor’s reasonable judgment to mitigate an adverse liquidity event that otherwise would prevent the Trust from timely meeting redemption requests. As a result, Delayed Delivery Orders will only be used (i) only upon the occurrence of an unforeseen and atypical adverse liquidity event, (ii) only after the Liquidity Sleeve has been exhausted and (iii) only until the Liquidity Sleeve has been replenished, which the Sponsor will endeavor to do as promptly as reasonably practicable.

It is also possible that, in connection with future redemption orders and if the Staking Condition is satisfied with respect thereto, the Sponsor may make arrangements for the Trust to obtain liquid digital assets from the Custodian or another institutional liquidity provider in exchange for the Trust’s present or future delivery of a similar number of digital assets, although the details of any such future arrangement are not presently known. The implementation of Delayed Delivery Orders and other liquidity risk policies and procedures are intended to be consistent with NYSE Arca’s generic listing standards and the liquidity risk policies set forth in Internal Revenue Service Procedure 2025-31. However, there can be no assurance that such arrangements would be available as intended or provide sufficient liquidity to satisfy redemption requests.

The above description of the procedures for Delayed Delivery Orders is only a summary and shareholders should refer to the relevant provisions of the Form of Liquidity Provider Agreement for more detail, a copy of which is filed as Exhibit 10.1 hereto and is incorporated by reference herein. Capitalized terms used but not defined herein have the meanings assigned to them in the Form of Liquidity Provider Agreement. Not all Liquidity Providers of the Trust have entered into arrangements providing for Delayed Delivery Orders. The Sponsor may seek to enter into similar arrangements with additional Liquidity Providers from time to time, but there can be no assurance that such arrangements will be entered into on acceptable terms, or at all.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

 

 

 

Exhibit No.

Description

10.1

 

Form of Liquidity Provider Agreement

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 Staking Mini ETF

 

 

 

 

Date:

April 7, 2026

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.

 

Source: View Original Filing on SEC EDGAR

FAQ

What did Grayscale Ethereum Staking Mini ETF (ETH) change about redemptions?

The ETF introduced Delayed Delivery Orders, allowing redemptions to settle later when staked ether becomes transferable. This tool is designed for rare liquidity stress periods and supplements its existing unstaked asset reserve used to meet normal redemption requests.

When can Grayscale Ethereum Staking Mini ETF (ETH) use Delayed Delivery Orders?

The sponsor may use Delayed Delivery Orders only during unforeseen, atypical adverse liquidity events. They are permitted only after the ETF’s Liquidity Sleeve of unstaked assets is exhausted and only until that reserve has been replenished to normal operating levels.

How do Delayed Delivery Orders affect fees for ETH authorized participants?

Under Delayed Delivery Orders, the Variable Fee paid by an authorized participant is adjusted based on the estimated delay until digital asset delivery. Once set, the fee is not later recalculated if the actual delivery date differs from the estimate.

How do Delayed Delivery Orders interact with the Liquidity Sleeve for ETH?

The Liquidity Sleeve, a reserve of unstaked digital assets, remains the ETF’s primary source for redemptions. Delayed Delivery Orders are a backup mechanism used only after this reserve is exhausted and only while it is being replenished by the sponsor.

Are all Liquidity Providers for Grayscale Ethereum Staking Mini ETF (ETH) participating?

Not all Liquidity Providers have agreed to Delayed Delivery Order arrangements. The sponsor may seek similar agreements with additional providers over time, but it cannot guarantee such deals will be reached on acceptable terms.

Filing Exhibits & Attachments

2 documents

Agreements & Contracts

Other Documents