iShares Ethereum Trust ETF reported a sharp decline in value for the quarter ended March 31, 2026, driven by the drop in ether prices. Net assets fell from $10,300,756,520 to $6,378,405,156, while ether decreased 29.27% from $2,971.55 to $2,101.84.
Net asset value per share dropped from $22.46 to $15.87, a 29.34% total return loss at NAV. The Trust recorded a net decrease in net assets from operations of $2,996,490,501, mainly from realized and unrealized losses on ether. Shares outstanding declined as 131,520,000 Shares were redeemed and 74,680,000 were created.
The Sponsor’s fee was $4,969,537 for the quarter, accrued at a 0.25% annualized rate with no fee waiver. The filing also highlights regulatory risks around how ether is classified, noting a 2026 SEC interpretive release describing ether as a “digital commodity,” while acknowledging future legal or regulatory changes could still affect ether and the Trust.
iShares Ethereum Trust ETF reported leadership changes at its sponsor. On March 27, 2026, Jay Jacobs was appointed to the Board of Directors of iShares Delaware Trust Sponsor LLC and became its President and Chief Executive Officer.
Jacobs is a Managing Director at BlackRock and has served as U.S. Head of Equity ETFs at BlackRock since April 7, 2025, after joining as U.S. Head of Thematics and Active Equity ETFs in April 2022. On the same date, Shannon Ghia resigned as Director and as President and Chief Executive Officer of the Sponsor. Her resignation was explicitly stated not to result from any dispute or disagreement regarding the Trust’s operations, policies, or practices.
iShares Ethereum Trust ETF reports that its net asset value rose from $3,571,262,167 at December 31, 2024 to $10,300,756,520 at December 31, 2025, reflecting strong growth in assets tracking the price of ether.
Outstanding Shares increased from 141,480,000 to 458,720,000 over the same period, showing significant creation of new baskets. Each Share represents a fractional, undivided beneficial interest in ether held by the Trust, which is not actively managed and does not engage in staking.
Ether is held primarily with Coinbase Custody as Ether Custodian, with Anchorage Digital Bank available as an additional custodian and The Bank of New York Mellon serving as Cash Custodian and administrator. The Trust’s Sponsor’s Fee is 0.25% annually of net assets, with a temporary partial fee waiver through July 23, 2025 on the first $2.5 billion of assets.
iShares Ethereum Trust ETF issued a prospectus supplement updating its plan of distribution to address how the prospectus may be used in the Abu Dhabi Global Market (ADGM). The document states that the prospectus may only be distributed in or from the ADGM to persons who meet the “Professional Client” criteria under the Financial Services Regulatory Authority (FSRA) conduct of business rules and is not directed to anyone considered a “Retail Client” there. It also clarifies that the Trust is not regulated or approved by the FSRA, and that the FSRA has not reviewed or verified the prospectus or related documents. The supplement notes that Shares may be illiquid or subject to resale restrictions for Professional Clients in the ADGM and reminds potential investors to perform their own due diligence and, if needed, consult a personal financial advisor.
iShares Ethereum Trust ETF reported Q3 2025 results reflecting ether price gains and strong share creation. Net assets were $15,870,778,522 with 508,080,000 shares outstanding and a NAV per share of $31.24 at September 30, 2025. The Trust held 3,842,823 ether at fair value of $15,874,086,142.
For the quarter, the Trust recorded a net increase from operations of $3,556,795,972, driven by $3,236,696,155 in unrealized gains and $327,812,749 in net realized gains, offset by $7,712,932 in Sponsor’s fees. Total return at NAV was 66.08%. Capital activity added scale: contributions for shares issued were $9,717,095,182 and redemptions were $1,798,908,440 during the quarter.
Regulatory updates enabled operational flexibility: on July 29 and 31, 2025, actions allowed the Trust to create and redeem shares in-kind with authorized participants, aligning share flows with ether holdings more tightly.