Summary of Significant Accounting Policies - Summary of Fair Value Estimates (Details) - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024	Jul. 22, 2024
Assets
Investment in Ether	$ 1,330,256	$ 1,572,914	$ 0
Level 1
Assets
Investment in Ether	1,330,256	1,572,914
Level 2
Assets
Investment in Ether	0	0
Level 3
Assets
Investment in Ether	$ 0	$ 0