iShares Ethereum Trust ETF (ETHA) SEC Filings

iShares Ethereum Trust ETF is a Delaware statutory trust designed to track the price of ether by holding ether with institutional custodians. Shares represent fractional undivided interests in the Trust’s net assets and trade on NASDAQ under ticker ETHA.

The Trust issues and redeems only in 40,000‑Share Baskets in exchange for ether or cash through Authorized Participants; individual Shares trade in the secondary market and are not redeemable directly. As of July 22, 2026, net asset value was $5,549,878,800, and NAV per Share was $14.53.

The Trust is a passive vehicle: it does not use leverage or derivatives, does not lend or rehypothecate assets (other than limited Trade Credit collateral), and explicitly will not stake ether or pursue staking rewards, so returns can differ from directly holding ether with staking. Ether is primarily held in segregated cold storage at Coinbase Custody, with a separate Trading Balance used for creations, redemptions, and fee sales, and Anchorage available as an additional custodian.

The Trust is registered as an emerging growth company and is not an investment company under the Investment Company Act and not a commodity pool under the CEA. The prospectus details extensive risk factors including extreme ether price volatility, evolving digital‑asset regulation, Ethereum protocol and scalability risks, potential network attacks, concentration of ether ownership, and the abandonment of Incidental Rights from forks and airdrops, all of which can materially affect Share value.

iShares Ethereum Trust ETF reports a sharp contraction in assets driven by ether price declines and net redemptions. Net assets fell from $10.30 billion at December 31, 2025 to $4.29 billion at June 30, 2026, while ether holdings decreased from 3,467,229 to 2,695,456 ether.

Financial Statement NAV per share dropped from $22.46 to $12.02, a 46.48% six‑month decline, closely tracking a 46.39% fall in the ether price from $2,971.55 to $1,593.01. The Trust recorded a $4.50 billion net decrease in net assets from operations for the six months, driven by $2.47 billion in unrealized losses and $2.02 billion in realized losses on ether.

Shares outstanding declined from 458.72 million to 357.12 million as 132.04 million shares were created and 233.64 million redeemed. The Sponsor’s fee was $8.84 million for the period, equal to an annualized 0.25% of average net assets; it remains the Trust’s only ordinary expense as the Sponsor absorbs most administrative costs. Management highlights continued extreme ether volatility and evolving global regulatory and technological risks around Ethereum, forks and U.S. policy.

iShares Ethereum Trust ETF is implementing a one-for-three Reverse Split of its Shares, approved by its sponsor on July 31, 2026. Each three Shares outstanding as of the October 5, 2026 record date will be combined into one Share.

The Reverse Split becomes effective at the open of business on October 6, 2026, when Shares will begin trading on a split-adjusted basis on The Nasdaq Stock Market LLC. It will proportionately decrease Shares outstanding and increase net asset value per Share, without changing the total value of any shareholder’s investment or the Trust’s aggregate assets. No fractional Shares will be issued; fractional positions will be redeemed for cash, which may have tax consequences for affected shareholders.

iShares Ethereum Trust ETF is filing Post-Effective Amendment No. 2 to convert its existing Form S-1 registration into a Form S-3 and continue registering an indeterminate number of Shares for continuous creation and redemption; no additional securities are being registered in this amendment. The trust is a Delaware statutory trust whose Shares represent fractional undivided interests in net assets consisting primarily of ether held in custody, and it seeks to track the price of ether before expenses. Shares trade on NASDAQ under ticker ETHA and are issued and redeemed only in 40,000‑Share Baskets, for ether or cash, by Authorized Participants. As of July 22, 2026, the trust’s net asset value was $5,549,878,800 and NAV per Share was $14.53. The trust will not engage in ether staking or other yield‑generating activities, and it abandons any fork- or airdrop‑related Incidental Rights. It is treated as a grantor trust for U.S. tax purposes and qualifies as an “emerging growth company,” allowing reduced reporting. The prospectus emphasizes substantial risk from ether price volatility, regulatory uncertainty, scaling challenges on the Ethereum network, and potential network attacks, which could materially reduce Share value.

iShares Ethereum Trust ETF reported a sharp decline in value for the quarter ended March 31, 2026, driven by the drop in ether prices. Net assets fell from $10,300,756,520 to $6,378,405,156, while ether decreased 29.27% from $2,971.55 to $2,101.84.

Net asset value per share dropped from $22.46 to $15.87, a 29.34% total return loss at NAV. The Trust recorded a net decrease in net assets from operations of $2,996,490,501, mainly from realized and unrealized losses on ether. Shares outstanding declined as 131,520,000 Shares were redeemed and 74,680,000 were created.

The Sponsor’s fee was $4,969,537 for the quarter, accrued at a 0.25% annualized rate with no fee waiver. The filing also highlights regulatory risks around how ether is classified, noting a 2026 SEC interpretive release describing ether as a “digital commodity,” while acknowledging future legal or regulatory changes could still affect ether and the Trust.

iShares Ethereum Trust ETF reported leadership changes at its sponsor. On March 27, 2026, Jay Jacobs was appointed to the Board of Directors of iShares Delaware Trust Sponsor LLC and became its President and Chief Executive Officer.

Jacobs is a Managing Director at BlackRock and has served as U.S. Head of Equity ETFs at BlackRock since April 7, 2025, after joining as U.S. Head of Thematics and Active Equity ETFs in April 2022. On the same date, Shannon Ghia resigned as Director and as President and Chief Executive Officer of the Sponsor. Her resignation was explicitly stated not to result from any dispute or disagreement regarding the Trust’s operations, policies, or practices.

iShares Ethereum Trust ETF reports that its net asset value rose from $3,571,262,167 at December 31, 2024 to $10,300,756,520 at December 31, 2025, reflecting strong growth in assets tracking the price of ether.

Outstanding Shares increased from 141,480,000 to 458,720,000 over the same period, showing significant creation of new baskets. Each Share represents a fractional, undivided beneficial interest in ether held by the Trust, which is not actively managed and does not engage in staking.

Ether is held primarily with Coinbase Custody as Ether Custodian, with Anchorage Digital Bank available as an additional custodian and The Bank of New York Mellon serving as Cash Custodian and administrator. The Trust’s Sponsor’s Fee is 0.25% annually of net assets, with a temporary partial fee waiver through July 23, 2025 on the first $2.5 billion of assets.