Index changes for Grayscale Ethereum Trust ETF (NYSE: ETHE)

Rhea-AI Filing Summary

Grayscale Ethereum Trust ETF reported a change in the digital asset trading platforms used to calculate its underlying CoinDesk Ether Price Index (ETX). Effective September 21, 2025, the Index Provider, CoinDesk Indices, Inc., added Gemini as a Constituent Trading Platform after it met the minimum liquidity requirement and removed Bullish after it failed to meet that requirement as part of a scheduled quarterly review.

As of this report, the Index now reflects prices from Coinbase, Kraken, Crypto.com, LMAX Digital, and Gemini. The Index Provider may change trading venues or the Index calculation methodology at any time, including during future scheduled quarterly reviews.

8-K Event Classification

Item 8.01 — Other Events

1 item

Item 8.01 Other Events Other

Voluntary disclosure of events the company deems important to shareholders but not covered by other items.

Understanding 8-K Material Events →

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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): September 21, 2025

Grayscale Ethereum Trust ETF

(Exact name of Registrant as Specified in Its Charter)

Delaware			000-56193	82-6677805
(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 Trust ETF Shares		ETHE		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.

CoinDesk Indices, Inc. (the “Index Provider”) announced a change to the Digital Asset Trading Platforms used to derive the Index Price (collectively, “Constituent Trading Platforms”) for Grayscale Ethereum Trust ETF (the “Trust”). Effective September 21, 2025, the Index Provider added Gemini to the CoinDesk Ether Price Index (ETX) (the “Index”) due to the trading platform meeting the Index Provider’s minimum liquidity requirement, and removed Bullish from the Index due to the trading platform failing to meet the Index Provider’s minimum liquidity requirement, as part of its scheduled quarterly review. As of the date of this current report, the Constituent Trading Platforms included in the Index are Coinbase, Kraken, Crypto.com, LMAX Digital, and Gemini.

The Index Provider may change the trading venues that are used to calculate the Index Price, or otherwise change the way in which an Index Price is calculated, at any time. The Index Provider has scheduled quarterly reviews, in which it may add or remove Constituent Trading Platforms that satisfy or fail the criteria described in “Item 1. Business—Overview of the Ethereum Industry and Market—Ether Value—The Index and the Index Price” in the Trust’s Annual Report on Form 10-K for the year ended December 31, 2024, as filed with the Securities and Exchange Commission on February 27, 2025.

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 Trust ETF
Date:	September 24, 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

What change did Grayscale Ethereum Trust ETF (ETHE) disclose about its price index?

The Trust disclosed that CoinDesk Indices, Inc. changed the digital asset trading platforms used to calculate the CoinDesk Ether Price Index (ETX), adding Gemini and removing Bullish based on liquidity criteria.

When do the new Constituent Trading Platform changes for ETHE’s index take effect?

Effective September 21, 2025, Gemini was added to the CoinDesk Ether Price Index and Bullish was removed as part of the Index Provider’s scheduled quarterly review.

Which exchanges are currently included in the CoinDesk Ether Price Index for ETHE?

As of the date of the report, the Constituent Trading Platforms used in the CoinDesk Ether Price Index for Grayscale Ethereum Trust ETF are Coinbase, Kraken, Crypto.com, LMAX Digital, and Gemini.

Why were Gemini and Bullish changed in ETHE’s index composition?

Gemini was added because it met the Index Provider’s minimum liquidity requirement, while Bullish was removed because it failed to meet that requirement, both determined during a scheduled quarterly review by CoinDesk Indices, Inc.

Can the trading venues used for ETHE’s index change again in the future?

Yes. The Index Provider states that it may change the trading venues used to calculate the Index Price, or change how the Index Price is calculated, at any time and during scheduled quarterly reviews.

Who is responsible for maintaining the index used by Grayscale Ethereum Trust ETF?

The index used by Grayscale Ethereum Trust ETF is maintained by CoinDesk Indices, Inc., which acts as the Index Provider and oversees the selection and review of Constituent Trading Platforms.