VanEck Ethereum ETF, a Delaware statutory trust designed to reflect the performance of ether (ETH) minus operating expenses, has released its Form 10-Q report for the quarter ended September 30, 2025. The report highlights substantial growth in the Trust’s Net Asset Value (NAV) driven by a significant increase in the price of ETH, alongside key operational updates.

Financial Highlights

Net Asset Value (NAV): The Trust’s NAV reached $265,946,969, marking a 124.74% increase from June 30, 2025. This growth is primarily attributed to a 66.09% rise in the price of ETH.

Net Asset Value per Share: NAV per share increased by 66.00%, from $36.41 at June 30, 2025, to $60.44 at September 30, 2025, reflecting the upward movement in ETH prices.

Net Increase in Net Assets Resulting from Operations: The Trust reported a net increase of $86,212,750, driven by net unrealized appreciation on investment in ETH and net realized gains on ETH sold.

Net Investment Loss: The Trust incurred a net investment loss of $97,492, primarily due to the Sponsor Fee, with no other expenses reported during the quarter.

Business Highlights

Trust Overview: The VanEck Ethereum ETF is a passive investment vehicle that aims to track the performance of ETH, minus the operating expenses of the Trust. It does not engage in active investment strategies beyond this objective.

Share Transactions: During the quarter, the number of shares outstanding increased from 3,250,000 to 4,400,000. This net increase was due to the creation of 1,800,000 shares and the redemption of 650,000 shares, reflecting strong investor demand.

Net Asset Value (NAV) Performance: The Trust’s NAV saw a significant increase of 124.74%, rising from $118,333,419 at June 30, 2025, to $265,946,969 at September 30, 2025. This was primarily driven by a 66.09% increase in the price of ETH.

ETH Price Movement: The price of ETH rose from $2,486 at June 30, 2025, to $4,129 at September 30, 2025, contributing to the increase in the Trust’s NAV per share from $36.41 to $60.44.

Operational Expenses: The Trust’s only ordinary expense during the period was the Sponsor’s Fee, which was waived. The Trust’s operations are primarily funded through the sale of ETH.

Future Outlook: The Trust does not anticipate any material changes to its liquidity needs. The Sponsor has agreed to assume most of the Trust’s expenses, ensuring that the Trust’s operations remain focused on tracking the price of ETH.

SEC Filing: VanEck Ethereum ETF [ ETHV ] – 10-Q – Nov. 13, 2025