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Fair Value of Ether (Tables)

6 Months Ended

Jun. 30, 2025

Changes in Quantity of Ether and Respective Fair Value

The following represents the changes in quantity of Ether and the respective fair value:


(Amounts in thousands, except Ether amounts)	Quantity			Fair Value
Balance at July 23, 2024 (the Commencement of the Trust’s Operations)		-		$	-
Ether contributed		216,682.35550389			706,933
Ether contributed from Initial Distribution(1)		292,262.98913350			1,010,935
Ether redeemed		(38,069.58688651	)		(112,142	)
Ether distributed for Sponsor’s Fee, related party		-			-
Net change in unrealized depreciation on investment in Ether		-			(17,499	)
Net realized loss on investment in Ether sold to pay expenses		-			-
Net realized loss on investment in Ether sold for redemption of Shares		-			(15,313	)
Balance at December 31, 2024		470,875.75775088		$	1,572,914
Ether contributed		106,063.76794599			265,463
Ether redeemed		(47,954.16582573	)		(119,392	)
Ether distributed for Sponsor’s Fee, related party		(314.96476721	)		(729	)
Net change in unrealized depreciation on investment in Ether		-			(346,430	)
Net realized loss on investment in Ether sold to pay expenses		-			(310	)
Net realized loss on investment in Ether sold for redemption of Shares		-			(41,260	)
Balance at June 30, 2025		528,670.39510393		$	1,330,256

(1)

Represents the impact of the Initial Distribution of 292,262.98913350 Ether, with a value of approximately $1,010.9 million from Grayscale Ethereum Trust ETF, completed on July 23, 2024, as discussed in Note 4.