• 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
Close Price of Common Stock	23.25$	34.27$	20.85$	15.24$	28.03$	21.86$
Market Cap of Common Stock	2,886,452,625$	4,701,107,195$	2,879,353,725$	2,365,682,340$	5,315,286,855$	5,601,592,210$
QoQ%	(38.60%)	63.27%	21.71%	(55.49%)	(5.11%)
YoY%	(45.70%)	(16.08%)
Common Shares Outstanding	124,148,500	129,218,500	136,148,500	146,028,500	169,098,500	197,798,500	310,158,500	310,158,500	310,158,500	310,158,500	310,158,500	310,158,500	310,158,500	310,158,500	310,158,500	310,158,500	310,158,500	310,158,500	310,158,500	310,158,500	285,269,400	24,262,800	163,219,500	101,421,900	47,071,800	4,022,100
QoQ%	(3.92%)	(5.09%)	(6.77%)	(13.64%)	(14.51%)	(36.23%)	.00%	.00%	.00%	.00%	.00%	.00%	.00%	.00%	.00%	.00%	.00%	.00%	.00%	8.73%	1,075.75%	(85.14%)	60.93%	115.46%	1,070.33%
YoY%	(26.58%)	(34.67%)	(56.10%)	(52.92%)	(45.48%)	(36.23%)	.00%	.00%	.00%	.00%	.00%	.00%	.00%	.00%	.00%	.00%	8.73%	1,178.33%	90.03%	205.81%	506.03%	503.24%
Price to Sales	1.51x	2.46x	.61x	.51x	1.28x	1.60x
Price to Earnings	1.65x	2.69x	-	-	2.06x	1.75x
Price to Book
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%
TTM		1,914,593,000$	4,742,278,000$	4,630,461,000$	4,153,722,000$	3,508,847,000$	153,734,000$	126,959,000$	102,973,000$	90,978,000$	86,892,000$	94,551,000$	120,933,000$	176,408,000$	203,324,000$	211,469,000$	185,516,000$	116,777,000$	70,108,000$	27,235,000$	4,739,000$	734,583$	(1,028,136$)
TTM_QoQ%		(59.63%)	2.42%	11.48%	18.38%	2,182.41%	21.09%	23.29%	13.19%	4.70%	(8.10%)	(21.82%)	(31.45%)	(13.24%)	(3.85%)	13.99%	58.86%	66.57%	157.42%	474.70%	545.13%	171.45%
TTM_YoY%		(45.44%)	2,984.73%	3,547.21%	3,933.80%	3,756.81%	76.93%	34.28%	(14.85%)	(48.43%)	(57.26%)	(55.29%)	(34.81%)	51.06%	190.02%	676.46%	3,814.67%	15,797.05%	6,918.94%
Gross Margin		100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
QoQ		.00%	.00%	.00%	.00%	.00%	.00%	.00%	.00%	.00%	.00%	.00%	.00%	.00%	.00%	.00%	.00%	.00%	.00%	.00%	.00%	.00%	.00%	.00%	.00%
YoY		.00%	.00%	.00%	.00%	.00%	.00%	.00%	.00%	.00%	.00%	.00%	.00%	.00%	.00%	.00%	.00%	.00%	.00%	.00%	.00%	.00%
Operating Income
QoQ%
YoY%
TTM
TTM_QoQ%
TTM_YoY%
Operating Margin
QoQ
YoY
Net Income		1,840,062,000$	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$
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%
TTM		1,750,443,000$	(1,905,071,000$)	(3,354,791,000$)	2,585,133,000$	3,193,203,000$	4,237,903,000$	5,189,487,000$	3,108,856,000$
TTM_QoQ%		191.88%	43.21%	(229.77%)	(19.04%)	(24.65%)	(18.34%)	66.93%
TTM_YoY%		(45.18%)	(144.95%)	(164.65%)	(16.85%)
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%
QoQ		(122.63%)	835.83%	(549.85%)	223.31%	1,239.34%	(9,927.95%)	2,587.22%	9,102.82%	(4,004.29%)	(7,642.32%)
YoY		386.66%	1,748.63%	(9,015.15%)	(5,878.07%)	3,001.44%	(2,242.20%)	43.43%
Equity to Common Shareholders
QoQ
QoQ%
YoY
YoY%
Dividends Paid
Additional Paid-In Capital QoQ
Treasury Stock
QoQ
Goodwill
QoQ%
YoY%
Other Intangible Assets
QoQ
Amortization of Intangible Assets
Total Assets		4,425,198,000$	2,836,933,000$	2,223,557,000$	4,735,980,000$	4,329,796,000$	10,015,786,000$	10,711,110,000$	6,758,054,000$	5,007,131,000$	5,777,883,000$	5,521,623,000$	3,649,198,000$	4,088,607,000$	3,136,819,000$	10,165,791,000$	11,351,691,000$	9,378,779,000$	7,077,588,000$	6,030,070,000$	2,188,127,000$	803,953,864$			63,540,386$
QoQ		1,588,265,000$	613,376,000$	(2,512,423,000$)	406,184,000$	(5,685,990,000$)	(695,324,000$)	3,953,056,000$	1,750,923,000$	(770,752,000$)	256,260,000$	1,872,425,000$	(439,409,000$)	951,788,000$	(7,028,972,000$)	(1,185,900,000$)	1,972,912,000$	2,301,191,000$	1,047,518,000$	3,841,943,000$	1,384,173,136$
YoY		95,402,000$	(7,178,853,000$)	(8,487,553,000$)	(2,022,074,000$)	(677,335,000$)	4,237,903,000$	5,189,487,000$	3,108,856,000$	918,524,000$	2,641,064,000$	(4,644,168,000$)	(7,702,493,000$)	(5,290,172,000$)	(3,940,769,000$)	4,135,721,000$	9,163,564,000$	8,574,825,136$			2,124,586,614$
Total Liabilities
QoQ
YoY
Current Ratio
Total Current Assets
QoQ
Total Current Liabilities
QoQ
Debt to Asset Ratio
Long Term Debt
QoQ
YoY
Capital Lease Obligations
Cash and Cash Equivalents
QoQ
YoY
Interest Expenses
Interest Income

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