Bitwise Ethereum ETF SEC 10-Q Report

Bitwise Ethereum ETF, a Delaware statutory trust focused on providing exposure to the value of ether, has released its Form 10-Q report for the third quarter of 2025. The report highlights significant financial and operational metrics, reflecting the company's performance and strategic direction in the volatile cryptocurrency market.

Financial Highlights

• Net Investment Loss: $(251) thousand for the three months ended September 30, 2025, primarily due to the Sponsor Fee and lack of investment income.
• Net Realized and Unrealized Gain (Loss): $187,870 thousand for the three months ended September 30, 2025, driven by an increase in the fair value of ether.
• Net Increase (Decrease) in Net Assets Resulting from Operations: $187,619 thousand for the three months ended September 30, 2025, mainly due to the appreciation in the price of ether.
• Net Increase (Decrease) in Net Assets Resulting from Operations: $99,567 thousand for the nine months ended September 30, 2025, compared to a net decrease of $(69,387) thousand for the period from July 22, 2024, to September 30, 2024, due to fluctuations in ether prices.
• Principal Market NAV Per-Share: $29.82 as of September 30, 2025, reflecting a 24.46% increase for the nine months ended September 30, 2025.

Business Highlights

• Trust Overview: The Bitwise Ethereum ETF is a Delaware statutory trust that commenced operations on July 22, 2024. It issues common shares representing units of undivided beneficial ownership, listed on the NYSE Arca under the ticker symbol 'ETHW'. The Trust's objective is to provide exposure to the value of ether, less operational expenses.
• Investment Objective: The Trust aims to reflect the actual ether market value, using the CME CF Ether – Dollar Reference Rate – New York Variant (ETHUSD_NY) to establish its net asset value (NAV).
• Sponsor Fee: The Trust pays a unitary Sponsor Fee of 0.20% per annum of its ether holdings. Initially, the Sponsor waived this fee on the first $500 million of assets through January 22, 2025. Post-waiver, the fee accrues at 0.20% annually.
• Net Realized and Unrealized Gains: For the three months ended September 30, 2025, the Trust experienced a net realized and unrealized gain on ether investments, primarily due to an increase in ether's fair value.
• Ether Holdings: As of September 30, 2025, the Trust held 120,095.5620 ether, with a market value of approximately $499.79 million, based on the principal market price from Crypto.com.
• Market Performance: The Trust's shares traded at an average premium of 0.003% from July 23, 2024, to September 30, 2025, with the highest premium at 1.87% and the highest discount at 1.91%.
• Liquidity and Capital Resources: The Trust does not hold cash except for creation and redemption of shares or to pay expenses not assumed by the Sponsor. It relies on ether sales to cover any non-assumed expenses.
• Operational Risks: The Trust's assets are concentrated in ether, exposing it to price volatility risks. Factors such as global ether supply and demand, market conditions, and trading activity on crypto exchanges can impact the Trust's value.
• Future Outlook: The Trust does not anticipate significant changes in liquidity needs despite potential market volatility. It remains focused on maintaining its operational strategy and managing risks associated with ether price fluctuations.

SEC Filing: Bitwise Ethereum ETF [ ETHW ] - 10-Q - Nov. 10, 2025