Fair Value of Ether (Tables)

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Schedule of Changes in Quantity of Ether and Fair Value

The following represents the changes in quantity of ether and the respective fair value for the three-month period ended March 31, 2026:

	Quantity of ether			Fair Value (amounts in thousands)
Beginning balance as of December 31, 2025		115,663.9141		$	343,746
Purchases		36,871.4255			102,476
In-Kind Redemptions		(2,504.9565	)		(5,123	)
Sales for the redemption of Shares		(45,316.4348	)		(111,251	)
Ether transferred for Sponsor Fee		(63.1604	)		(162	)
Net realized gain (loss) on investment in ether transferred to pay Sponsor Fee		—			54
Net realized gain (loss) on In-Kind Redemptions of ether		—			868
Net realized gain (loss) on investment in ether sold for redemptions		—			(38,498	)
Change in unrealized appreciation (depreciation) on investment in ether		—			(72,844	)
Ending balance as of March 31, 2026		104,650.7879		$	219,266

The following represents the changes in quantity of ether and the respective fair value for the period from December 31, 2024 to December 31, 2025:

	Quantity of ether			Fair Value (amounts in thousands)
Beginning balance as of December 31, 2024		121,101.8582		$	404,529
Purchases		156,792.8617			576,881
Sales for the redemption of Shares		(162,038.8128	)		(582,989	)
Ether transferred for Sponsor Fee		(191.9930	)		(599	)
Net realized gain (loss) on investment in ether transferred to pay Sponsor Fee		—			249
Net realized gain (loss) on investment in ether sold for redemptions		—			(54,632	)
Change in unrealized appreciation (depreciation) on investment in ether		—			307
Ending balance as of December 31, 2025		115,663.9141		$	343,746