Bitwise Ethereum ETF 10-K: No revenue; EPS $(2.68), Net loss $(54.736)M

Bitwise Ethereum ETF reported no investment income for the years ended December 31, 2025 and 2024 and recorded a net decrease in net assets resulting from operations of $(54.736) million, driving a principal market NAV per-share decline to $21.28 and net income per share of $(2.68). The trust’s results were dominated by fair value changes in held ether rather than traditional revenue-generating operations. Sponsor fee treatment and ether price volatility materially influenced operating outflows and NAV movements.

Financial Highlights

• Revenue: $—; no investment income reported for periods ended Dec 31, 2025 and 2024.
• Gross Profit: $—; not applicable—trust holds ether and reports fair value changes as realized/unrealized gain (loss).
• Operating Income: $—; not presented—expenses are limited to the Sponsor Fee with Sponsor assuming ordinary operating expenses.
• Net Income: $(54.736) million — net decrease in net assets resulting from operations for year ended Dec 31, 2025.
• Net Income Per Share: $(2.68) — principal market NAV per share changed from $23.96 to $21.28 for the year ended Dec 31, 2025.

Business Highlights

• Launch & Listing: Trust commenced operations on July 22, 2024, and its shares began trading publicly on July 23, 2024, enabling continuous public offering activity.
• Asset Growth & Flows: Initial capital inflows came through Seed Baskets and cash creations, producing rapid net asset increases during 2024.
• Sponsor Fee & Cost Structure: The Sponsor covers ordinary operating expenses; a 0.20% fee was waived through January 22, 2025 and thereafter accrued, affecting operating outflows.
• Market Exposure & NAV Sensitivity: Trust performance and NAV are driven primarily by ether price volatility, with realized and unrealized gains (losses) dominating reported results.
• Liquidity & Operations: The trust does not borrow; cash is used for creations/redemptions and non‑sponsor expenses, and the Sponsor may sell ether to satisfy USD funding needs.

Original SEC Filing: Bitwise Ethereum ETF [ ETHW ] - 10-K - Mar. 12, 2026