Grayscale Ethereum Mini Trust ETF SEC 10-Q Report

Grayscale Ethereum Mini Trust ETF, a passive investment vehicle managed by Grayscale Investments, LLC, has released its Form 10-Q report for the third quarter of 2025. The report highlights significant financial and operational developments, driven primarily by the appreciation in Ether prices and strategic business initiatives.

Financial Highlights

Net realized and unrealized gain (loss) on investment in Ether: The Trust reported a substantial net gain of $932,923 thousand, attributed to the increase in Ether prices from $2,516.23 per Ether as of June 30, 2025, to $4,161.61 per Ether as of September 30, 2025.

Net increase (decrease) in net assets resulting from operations: The Trust's net assets increased by $931,931 thousand, which includes the net realized and unrealized gain on investment in Ether, offset by the Sponsor’s Fee of $992 thousand.

Net assets: As of September 30, 2025, the Trust's net assets stood at $3,001,975 thousand, marking a 126% increase over the three-month period, driven by Ether price appreciation and contributions related to Share creations.

Business Highlights

Trust Overview: The Grayscale Ethereum Mini Trust ETF is a passive investment vehicle that holds Ether and issues Creation Baskets in exchange for Ether. The Trust began trading on NYSE Arca on July 23, 2024, following SEC approval and the effectiveness of its registration statement.

Reorganization Impact: On January 1, 2025, Grayscale Investments, LLC underwent a corporate reorganization, merging with Grayscale Operating, LLC, which became the surviving entity. This reorganization did not materially impact the Trust's operations.

Principal Market Determination: The Trust determines its principal market for Ether annually and conducts quarterly analyses to ensure the highest market-based volume, level of activity, and price stability. As of September 30, 2025, Crypto.com was identified as the principal market.

Ether Holdings and Transactions: As of September 30, 2025, the Trust held 721,349 Ether, reflecting significant contributions and redemptions during the period. The Trust's operations include receiving Ether for Share creations and delivering Ether for redemptions or expenses.

Sponsor's Fee and Expenses: The Sponsor's Fee is set at 0.15% of the Trust's NAV, with a temporary waiver in place for the first six months of operations. The Sponsor assumes most of the Trust's expenses, excluding taxes and extraordinary expenses.

Future Outlook: The Trust does not anticipate material changes to its liquidity needs and expects to continue its operations without maintaining a cash balance, relying on Ether transactions for creations and redemptions.

Staking Initiatives: On October 6, 2025, the Trust began staking its Ether through arrangements with the Custodian and third-party providers, as part of its operational strategy.

Management Reorganization: On October 22, 2025, a management reorganization occurred, resulting in Grayscale Investments becoming the sole managing member of the Sponsor, with no expected material impact on the Trust's operations.

SEC Filing: Grayscale Ethereum Mini Trust ETF [ ETH ] - 10-Q - Nov. 05, 2025