iShares Ethereum Trust ETF SEC Filings

Document type: Post-Effective Amendment No. 1 to Form S-1 for the iShares Ethereum Trust ETF (ticker ETHA), sponsored by iShares Delaware Trust Sponsor LLC, an indirect subsidiary of BlackRock, Inc.

The filing updates the Trust’s prospectus following its effectiveness on 22 July 2024. Key new disclosures include: (1) the option to conduct in-kind creations and redemptions in addition to cash transactions, (2) incorporation by reference of the Trust’s 5 March 2025 Annual Report, and (3) other routine prospectus information. No additional securities are being registered.

Trust profile

• Structure: Delaware statutory trust that issues shares representing fractional interests in its ether holdings. Not registered under the Investment Company Act and not regulated by the CFTC.
• Ticker: ETHA, listed on NASDAQ. Shares trade independently of NAV and are created/redeemed only in 40,000-share Baskets.
• Assets: Primarily ether held at Coinbase Custody Trust Co.; Anchorage Digital Bank is named as an alternative custodian. Cash is held at BNY Mellon.
• Size: Net Asset Value (NAV) on 7 July 2025 was $4.601 billion; per-share NAV was $19.28.
• Basket size: 302.64 ether (≈$771,122) as of 7 July 2025.
• Fee structure: Sponsor’s fee accrues daily at 0.25 % p.a.; waived to 0.12 % on the first $2.5 billion of assets during the first 12 months after listing. Sponsor also covers most routine expenses.
• No staking: The Trust forbids any ether staking or other yield-generating activities.

Operational mechanics

• Authorized Participants (APs) create/redeem Baskets for cash or ether. Current APs for cash transactions include major broker-dealers (e.g., J.P. Morgan, Jane Street, Virtu, BMO).
• Primary ether custodian uses cold storage; trading balances are handled through Coinbase Prime. Trades for cash creations/redemptions may also be routed to four named third-party Ether Trading Counterparties.
• Valuation: Daily NAV is struck after 4 p.m. ET using the CF Benchmarks Ether-Dollar Reference Rate. Intraday Indicative Value (IIV) is disseminated every 15 seconds via ETHUSD_RTI.

Risk highlights

• Extreme ether price volatility could erode share value.
• Custody, key-management and cyber-security risks.
• Regulatory uncertainty in U.S. digital-asset markets; potential money-transmitter or MSB classification.
• Lack of insurance and limited shareholder recourse for asset loss.
• Baskets may be suspended if operational disruptions occur.

Dissolution triggers include NASDAQ delisting, regulatory orders, inability to secure a custodian, or Sponsor determination. Upon dissolution assets are liquidated and proceeds distributed via DTC.