• Income Statement
• Balance Sheet
• Cash Flow
• Ratios
• Market Data
• Valuation

	Grayscale Ethereum Trust ETF (ETHE)
	Q4-CY2025	Q3-CY2025	Q2-CY2025	Q1-CY2025	Q4-CY2024	Q3-CY2024	Q2-CY2024	Q1-CY2024	Q4-CY2023	Q3-CY2023	Q2-CY2023	Q1-CY2023	Q4-CY2022	Q3-CY2022	Q2-CY2022	Q1-CY2022	Q4-CY2021	Q3-CY2021	Q2-CY2021	Q1-CY2021	Q4-CY2020	Q3-CY2020	Q2-CY2020	Q1-CY2020	Q4-CY2019	Q3-CY2019	Q2-CY2019	Q1-CY2019	Q4-CY2018	Q3-CY2018	Q2-CY2018	Q1-CY2018	Q4-CY2017	Q3-CY2017	Q2-CY2017	Q1-CY2017	Q4-CY2016	Q3-CY2016	Q2-CY2016	Q1-CY2016	Q4-CY2015	Q3-CY2015	Q2-CY2015	Q1-CY2015	Q4-CY2014	Q3-CY2014	Q2-CY2014	Q1-CY2014	Q4-CY2013
Balance Sheet Date		2025-Sep-30	2025-Jun-30	2025-Mar-31	2024-Dec-31	2024-Sep-30	2024-Jun-30	2024-Mar-31	2023-Dec-31	2023-Sep-30	2023-Jun-30	2023-Mar-31	2022-Dec-31	2022-Sep-30	2022-Jun-30	2022-Mar-31	2021-Dec-31	2021-Sep-30	2021-Jun-30	2021-Mar-31	2020-Dec-31	2020-Sep-30
Fiscal Period		Q3-FY2025	Q2-FY2025	Q1-FY2025	Q4-FY2024	Q3-FY2024	Q2-FY2024	Q1-FY2024	Q4-FY2023	Q3-FY2023	Q2-FY2023	Q1-FY2023	Q4-FY2022	Q3-FY2022	Q2-FY2022	Q1-FY2022	Q4-FY2021	Q3-FY2021	Q2-FY2021	Q1-FY2021	Q4-FY2020	Q3-FY2020
Total Revenue		552,656,000$	165,591,000$	522,519,000$	673,827,000$	3,380,341,000$	53,774,000$	45,780,000$	28,952,000$	25,228,000$	26,999,000$	21,794,000$	16,957,000$	21,142,000$	34,658,000$	48,176,000$	72,432,000$	48,058,000$	42,803,000$	22,223,000$	3,693,000$	1,389,000$	(70,000$)	(273,000$)	(311,417$)	(373,719$)
QoQ%		233.75%	(68.31%)	(22.46%)	(80.07%)	6,186.20%	17.46%	58.12%	14.76%	(6.56%)	23.88%	28.53%	(19.80%)	(39.00%)	(28.06%)	(33.49%)	50.72%	12.28%	92.61%	501.76%	165.88%	2,084.29%	74.36%	12.34%	16.67%
YoY%		(83.65%)	207.94%	1,041.37%	2,227.39%	13,299.16%	99.17%	110.06%	70.74%	19.33%	(22.10%)	(54.76%)	(76.59%)	(56.01%)	(19.03%)	116.78%	1,861.33%	3,359.90%	61,247.14%	8,240.29%	1,285.87%	471.67%
Cost Of Revenue		0$	0$	0$	0$	0$	0$	0$	0$	0$	0$	0$	0$	0$	0$	0$	0$	0$	0$	0$	0$	0$	0$	0$	0$	0$
Gross Profit		552,656,000$	165,591,000$	522,519,000$	673,827,000$	3,380,341,000$	53,774,000$	45,780,000$	28,952,000$	25,228,000$	26,999,000$	21,794,000$	16,957,000$	21,142,000$	34,658,000$	48,176,000$	72,432,000$	48,058,000$	42,803,000$	22,223,000$	3,693,000$	1,389,000$	(70,000$)	(273,000$)	(311,417$)	(373,719$)
Gross Margin		100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Operating Expenses
Operating Income
Operating Margin
Interest Income
Interest Expenses
Income Before Tax		1,840,062,000$	754,396,000$	(1,986,868,000$)	1,142,853,000$	(1,815,452,000$)	(695,324,000$)	3,953,056,000$	1,750,923,000$	(770,752,000$)	256,260,000$	1,872,425,000$
Tax Expenses
Net Income		1,840,062,000$	754,396,000$	(1,986,868,000$)	1,142,853,000$	(1,815,452,000$)	(695,324,000$)	3,953,056,000$	1,750,923,000$	(770,752,000$)	256,260,000$	1,872,425,000$
Profit Margin		332.95%	455.58%	(380.25%)	169.61%	(53.71%)	(1,293.05%)	8,634.90%	6,047.68%	(3,055.15%)	949.15%	8,591.47%
TTM		91.43%	(40.17%)	(72.45%)	62.24%	91.00%	2,756.65%	4,087.53%	3,019.10%
Earnings to Minority
Earnings to Common Shareholders		1,840,062,000$	754,396,000$	(1,986,868,000$)	1,142,853,000$	(1,815,452,000$)	(695,324,000$)	3,953,056,000$	1,750,923,000$	(770,752,000$)	256,260,000$	1,872,425,000$
QoQ%		143.91%	137.97%	(273.85%)	162.95%	(161.09%)	(117.59%)	125.77%	327.17%	(400.77%)	(86.31%)
YoY%		201.36%	208.50%	(150.26%)	(34.73%)	(135.54%)	(371.34%)	111.12%
Earnings Per Share, Basic
Earnings Per Share, Diluted
Unlevered FCF Per Share, Basic
Unlevered FCF Per Share, Diluted
Average Shares, Basic
Average Shares, Diluted
EBIT		1,840,062,000$	754,396,000$	(1,986,868,000$)	1,142,853,000$	(1,815,452,000$)	(695,324,000$)	3,953,056,000$	1,750,923,000$	(770,752,000$)	256,260,000$	1,872,425,000$
EBITDA		1,840,062,000$	754,396,000$	(1,986,868,000$)	1,142,853,000$	(1,815,452,000$)	(695,324,000$)	3,953,056,000$	1,750,923,000$	(770,752,000$)	256,260,000$	1,872,425,000$

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