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Bitwise Ethereum ETF (ETHW-5.66%) Beneficial Interest has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports a net asset value (NAV) of $259,851,000, with a NAV per-share of $18.61. The Trust's ether holdings had a market value of $259,850,853 based on the principal market price at Crypto.com.
The Trust commenced operations on July 22, 2024, and its Shares are listed on the NYSE Arca under the ticker symbol ETHW. The Trust's investment objective is to provide exposure to the value of ether held by the Trust, less operational expenses.
During the period from July 22, 2024, to September 30, 2024, the Trust reported a net realized and unrealized loss on investment in ether of $69,387,000, driven by ether price depreciation.
The Trust's Sponsor, Bitwise Investment Advisers, LLC, waived the Sponsor Fee on the first $500 million of Trust assets through January 22, 2025. The Sponsor Fee is set at 0.20% per annum of the Trust’s ether holdings.
The Trust does not hold a cash balance except for creation and redemption of Shares or to pay expenses not assumed by the Sponsor. The Trust's only sources of cash are proceeds from the sale of Baskets and ether.
The filing also discusses various risks, including the volatility of ether prices and regulatory changes that could affect the value of the Shares. The Trust is classified as an 'emerging growth company' under the JOBS Act, allowing for certain reduced reporting requirements.
The Trust's financial statements are prepared in accordance with U.S. GAAP and utilize an exchange-traded price from the principal market for ether. The Trust engaged a third-party vendor to obtain pricing from the principal market.
The filing mentions that the Trust had 13,440,000 outstanding shares as of November 6, 2024. The Trust is not subject to U.S. federal income tax, and its income and expenses flow through to the shareholders.
The Trust reported no legal proceedings or defaults upon senior securities during the period. The filing includes certifications by the Principal Executive Officer and Principal Financial Officer of the Sponsor.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Bitwise Ethereum ETF Beneficial Interest quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.