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iShares Ethereum Trust (BLK-1.10%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a net asset value increase from $10,589,875 at June 30, 2024 to $1,019,342,543 at September 30, 2024, primarily due to an increase in the number of outstanding shares.
The Trust reported a net decrease in net assets resulting from operations of $138,702,639 for the quarter, attributed to an unrealized loss on investment in ether of $138,509,122 and a net realized loss of $21,660 from ether sold to pay expenses.
The Trust's net asset value per share decreased from $26.47 at June 30, 2024 to $19.91 at September 30, 2024, reflecting a 24.78% decrease in the price of ether.
During the period from May 21, 2024 to September 30, 2024, the Trust's net asset value per share decreased from $25.00 to $19.91, with the decrease attributed to the Sponsor's fee and a decline in the price of ether.
The Trust issued 51,200,000 shares as of September 30, 2024, up from 400,000 shares at June 30, 2024, with 50,800,000 shares being created during the quarter.
The Trust's financial statements were prepared in accordance with generally accepted accounting principles in the United States, with the Trust qualifying as an investment company for accounting purposes.
The Trust's assets consist primarily of ether, creating a concentration risk associated with fluctuations in the price of ether.
The filing also details the Trust's valuation methodology for ether, which relies on the CME CF Ether–Dollar Reference Rate – New York Variant.
The Trust's only ordinary expense during the quarter was the Sponsor's fee, with the Sponsor assuming most other expenses incurred by the Trust.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the iShares Ethereum Trust quarterly 10-Q report dated November 7, 2024. To report an error, please email earnings@qz.com.