Welcome to our dedicated page for Bitwise Ethereum ETF SEC filings (Ticker: ETHW), 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.
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Bitwise Ethereum ETF’s quarter reflected ether’s sharp price decline rather than operating issues. Net assets fell from $343.7M to $219.2M as of March 31, 2026, driven mainly by ether price dropping from $2,964.79 to $2,097.12.
The Trust held 104,650.7879 ether and reported a net decrease in net assets from operations of $110.6M, almost entirely from $110.4M of realized and unrealized losses on ether. Operating costs were minimal, with a $139k Sponsor Fee at a 0.20% annual rate and no other recurring expenses borne by the Trust.
Investor flows were modestly negative: creations added about 36,871 ether ($102.5M), while redemptions removed roughly 47,821 ether ($116.5M). The Principal Market NAV per share declined from $21.28 to $15.00, a total return of (29.51)% for the quarter, consistent with the ETF’s design to track ether’s market performance, less fees.
Bitwise Ethereum ETF is a Delaware statutory trust that offers exchange-traded shares giving investors exposure to the value of ether, less expenses. The Shares trade on NYSE Arca under the symbol ETHW and are issued and redeemed in blocks of 10,000 Shares called Baskets.
The Trust is passively managed and holds ether directly, valuing its portfolio using the CME CF Ether–Dollar Reference Rate – New York Variant (ETHUSD_NY). On December 31, 2025, this reference price was $2,964.79. The Trust conducts cash creations and redemptions and then buys or sells ether through approved trading counterparties or via Coinbase Prime.
Coinbase Custody Trust Company safeguards ether in segregated cold-storage accounts with multilayer security, while BNY Mellon holds cash and serves as administrator and transfer agent. The Trust’s NAV is calculated once each trading day at 4:00 p.m. ET by multiplying ether holdings by the Pricing Index and subtracting accrued expenses, then dividing by Shares outstanding. As of March 3, 2026, the Trust had 15,280,000 Shares outstanding and non‑affiliate equity market value of $269,274,600.
Bitwise Ethereum ETF (ETHW) reported Q3 2025 results reflecting ether price appreciation. Net assets were $499,703 thousand as of September 30, 2025, with 120,095.5620 ether held. Principal Market NAV per share was $29.82.
Performance was driven by market gains in ether: the quarter showed a 65.30% total return at NAV, and the nine‑month period posted a 24.46% total return. The quarter recorded a net increase from operations of $187,619 thousand, including an unrealized gain of $187,615 thousand.
The unitary Sponsor Fee of 0.20% resumed on January 22, 2025. For the nine months ended September 30, 2025, Sponsor Fee expense was $492 thousand, with $43 thousand waived. Cash balances were zero at period end, consistent with the Trust’s practice of holding ether and creating/redeeming in cash through Authorized Participants. Shares outstanding were 16,760,000 as of September 30, 2025.
Bitwise Investment Advisers has filed a Post-Effective Amendment No. 2 to Form S-1 for the Bitwise Ethereum ETF (ETHW), an exchange-traded product designed to track Ethereum's value. Key features include:
The ETF will:
- Trade on NYSE Arca under symbol ETHW
- Charge a 0.20% annual management fee
- Create/redeem in blocks of 10,000 shares (Baskets)
- Use CME CF Ether-Dollar Reference Rate for NAV calculation
- Not participate in Ethereum staking or validation
Notable updates in this amendment include incorporating the Annual Report from March 2025 and adding provisions for in-kind creations/redemptions pending regulatory approval. The Trust qualifies as an emerging growth company under the JOBS Act, providing certain reporting requirement exemptions. The filing emphasizes significant investment risks and speculative nature of cryptocurrency exposure.