Welcome to our dedicated page for Grayscale Ethereum Staking ETF SEC filings (Ticker: ETHE), a comprehensive resource for investors and traders seeking official regulatory documents including 10-K annual reports, 10-Q quarterly earnings, 8-K material events, and insider trading forms.
Grayscale Ethereum Staking ETF filings document the trust structure, Ether holdings, NAV methodology, sponsor arrangements, and redemption mechanics for ETHE shares. Material-event reports describe the use of CoinDesk Ether reference rates, constituent digital asset trading platforms, delayed delivery orders, liquidity sleeves, Authorized Participants, Liquidity Providers, and Variable Fee mechanics.
The filings also cover governance and sponsor-related matters, including the completed internal reorganization affecting the sponsor’s managing-member structure, board and officer disclosures, trust name-change records, social-media communication policies, and risk-related disclosures for a staked digital asset ETF.
Grayscale Ethereum Staking ETF reported net assets of $1,223,344 (amounts in thousands) at June 30, 2026, down from $2,703,115 at December 31, 2025, as Ether fell from $2,971.94 to $1,578.53 per coin and redemptions reduced holdings to 774,998.51 Ether. Principal Market NAV per Share declined to $12.77 on 95,828,500 Shares, with each Share representing about 0.0081 Ether.
For the six months ended June 30, 2026, the Trust recorded a net decrease in net assets from operations of $1,178,132 (in thousands), including net realized and unrealized losses on Ether of $1,169,714 and a net investment loss of $8,418. Staking reward income was $18,808, partly offsetting Sponsor’s Fees of $23,348 and Sponsor’s Staking Fees of $3,878, and total return for the period was -47.62%.
Staking activity is significant, with $999,963 (in thousands) of Ether staked at June 30, 2026 and cash distributions funded by staking rewards totaling $21,150,080, or $0.196777 per Share, during the first half of 2026. A new trust agreement dated August 6, 2026 requires net staking rewards to be converted to cash no less often than quarterly and distributed, and the Trust currently intends to do so monthly; it subsequently paid July and August 2026 staking distributions of $2,089,961 and $2,037,467, respectively.
Grayscale Ethereum Staking ETF updates its governing Trust Agreement and tax disclosure. A Fourth Amended and Restated Trust Agreement requires the Trust to convert staking rewards to cash no less often than quarterly and promptly distribute net cash proceeds (after the Staking Fee and other expenses) to shareholders; the Trust currently intends to do so monthly, but at least quarterly. The Shares continue to trade on NYSE Arca under the symbol ETHE.
The supplement extensively revises U.S. federal income tax risk disclosure. The Sponsor continues to treat the Trust as a grantor trust, so income, gains and losses flow through to shareholders, including staking rewards, forks, airdrops and similar events. The filing warns that IRS guidance on digital assets and staking is incomplete, the Trust may not meet all conditions of the new 2025 staking safe harbor, and adverse IRS or court views could cause reclassification as a partnership or corporation. If treated as a corporation, the Trust could face a 21% entity-level tax and non‑U.S. holders could face 30% withholding on certain dividends, potentially reducing after‑tax returns and causing the Shares to diverge from the value of Ether. Non‑U.S. holders and tax‑exempt investors may also face withholding, effectively connected income or UBTI risks linked to staking rewards and digital-asset events.
On August 6, 2026, Grayscale Investments Sponsors, LLC and CSC Delaware Trust Company entered a Fourth Amended and Restated Declaration of Trust and Trust Agreement for Grayscale Ethereum Staking ETF. The revised agreement establishes a framework for regular cash distributions of staking rewards to shareholders.
The Trust must convert Staking Consideration to cash no less often than quarterly and promptly distribute net cash proceeds after the Staking Fee and other expenses, including a portion paid to the Sponsor for facilitating Staking Arrangements. The Trust currently intends to make these distributions on a monthly, but at least quarterly, basis and plans to update related disclosure through a prospectus supplement. Shareholders are advised to consult tax advisors regarding any tax consequences.
Grayscale Ethereum Staking ETF plans to amend and restate its trust agreement through a Fourth Amended and Restated Declaration of Trust and Trust Agreement, expected to be effective on or around August 7, 2026. The amendment would require the trust to convert staking rewards (“Staking Consideration”) to cash at least quarterly and promptly distribute the net cash proceeds, after trust expenses not assumed by the sponsor, to shareholders. A portion of the Staking Consideration may be paid to the sponsor as consideration for facilitating staking arrangements. The amendment also includes conforming changes to support the staking program and mandatory distribution framework. The amount of future distributions will depend on actual staking rewards, and shareholders are encouraged to consult tax advisors. Shares trade on NYSE Arca under the symbol ETHE.
Grayscale Ethereum Staking ETF plans for its sponsor to enter into a Fourth Amended and Restated Declaration of Trust and Trust Agreement on or around August 7, 2026, replacing the prior agreement. The amendment would require the trust to convert staking rewards (“Staking Consideration”) to cash no less often than quarterly and promptly distribute the net cash, after expenses and a facilitation payment to the sponsor, to shareholders, while also making conforming changes to its staking program and mandatory distribution framework.
The sponsor views the change as not materially adverse and as necessary or desirable to align with IRS Revenue Procedure 2025-31 so the trust can continue to be treated as a grantor trust for U.S. federal income tax purposes. Detailed tax disclosures emphasize that U.S. tax treatment of digital assets and staking remains uncertain; the trust might lose grantor trust status and instead be taxed as a partnership or corporation. If taxed as a corporation, it could incur a 21% entity-level U.S. federal income tax and certain shareholder distributions could face 30% withholding for non‑U.S. investors, potentially reducing after‑tax returns and increasing divergence between share value and the ether the trust holds. U.S. holders generally must include their share of staking rewards as current ordinary income and may need other funds to pay related taxes.
Grayscale Ethereum Staking ETF reported a leadership change in its finance function. Effective July 2, 2026, Kathryn Masci and Daniel Plourde, both Senior Vice Presidents of Finance, were appointed interim Co-Chief Financial Officers of Grayscale Investments Sponsors, LLC, the ETF’s sponsor.
Masci was also appointed to the sponsor’s Board of Managers and will serve as Principal Financial and Accounting Officer of the ETF. They succeed Edward McGee, who is stepping down as Chief Financial Officer, Principal Financial and Accounting Officer and Board member for personal reasons, with no disagreement related to operations, policies or practices, after seven years of service.
Grayscale Ethereum Staking ETF reported a sharp first-quarter decline as lower Ether prices reduced the value of its holdings. Net assets fell to $1.78 billion at March 31, 2026 from $2.70 billion, and Principal Market NAV per share dropped to $17.05 from $24.38, a total return of -30.07% for the period.
The Trust held about 851,925 Ether at quarter-end, valued at $2,095.22 per Ether, down from $2,971.94. It earned $10.5 million in staking reward income after beginning staking in late 2025 and paid $14.4 million in cash distributions funded by selling Ether. Sponsor’s fees and staking fees totaled about $15.1 million, and net decrease in net assets from operations was $775.6 million, primarily driven by Ether price depreciation.
Grayscale Ethereum Staking ETF outlined new liquidity tools for handling share redemptions when Ethereum liquidity is tight. Beginning on April 6, 2026, the sponsor may use “Delayed Delivery Orders,” where digital assets owed to a Liquidity Provider are delivered later, once specific staked assets become transferable.
Under these arrangements, the Variable Fee charged to an Authorized Participant is adjusted to reflect the estimated wait for digital asset delivery, with no later true-up if timing differs. Delayed Delivery Orders are meant to supplement the Trust’s unstaked asset reserve, or Liquidity Sleeve, and may be used only after an unforeseen adverse liquidity event, once the Liquidity Sleeve is exhausted, and only until it is replenished.
The Trust notes these liquidity policies are intended to align with NYSE Arca’s generic listing standards and Internal Revenue Service Procedure 2025-31, but it cautions there is no assurance such arrangements will always be available or sufficient to meet redemption requests.
Grayscale Ethereum Staking ETF is changing how it values its Ether holdings and calculates net asset value. Effective April 1, 2026, the Trust will use the CoinDesk Ether Benchmark Rate instead of the CoinDesk Ether Price Index (ETX) to determine its Index Price, NAV and NAV per share.
The new benchmark uses trade data from selected digital asset trading platforms such as Binance, Kraken and OKX, applying volume-weighted pricing, outlier filters and inactivity adjustments. The filing also details a cascading backup process using a secondary Coin Metrics rate, the Trust’s principal market, and ultimately the Sponsor’s good faith estimate if benchmark data are unavailable or unreliable.
Grayscale Ethereum Staking ETF is a Delaware statutory trust designed to give investors exchange-traded exposure to Ether. As of December 31, 2025, it held approximately 0.8% of Ether in circulation, with each Share representing about 0.0082 Ether and trading on NYSE Arca under the symbol ETHE.
The Trust issues and redeems Shares in 10,000-Share Baskets via Authorized Participants, currently only through cash orders, and values holdings using an index-based NAV alongside a U.S. GAAP “Principal Market NAV.” From July 23, 2024 to December 31, 2025, the Shares traded between a 1.64% premium and a 0.64% discount to NAV per Share.
In 2025 the Trust rebranded as Grayscale Ethereum Staking ETF and began staking Ether on October 6, 2025 through third‑party providers, receiving Ether-denominated staking rewards of which 23% of gross consideration goes to the Sponsor, Custodian, and staking provider. As of June 30, 2025, non‑affiliate holdings were valued at $2.84 billion, and 104,058,500 Shares were outstanding as of February 20, 2026. The filing highlights extensive risks tied to Ether’s volatility, digital asset market structure, regulation, staking, and reliance on key service providers.