On February 17, 2026, Logan Stone Capital disclosed in a U.S. Securities and Exchange Commission (SEC) filing that it sold out its entire stake in iShares Ethereum Trust ETF (NASDAQ:ETHA), with the estimated transaction value at $18.83 million based on previously disclosed position values.

According to a SEC filing dated February 17, 2026, Logan Stone Capital reported a sale of 597,699 shares of the iShares Ethereum Trust ETF in the fourth quarter. The quarter-end value of the position fell by $18.83 million, as the fund fully liquidated its holding in the ETF.

• Top holdings after the filing:

  • NASDAQ:IBIT: $44.60 million (11.0% of AUM)

  • NASDAQ:FOX: $32.92 million (8.1% of AUM)

  • NYSEMKT:ETH: $21.89 million (5.4% of AUM)

  • NYSE:PDI: $21.62 million (5.3% of AUM)

  • NASDAQ:NWSA: $20.65 million (5.1% of AUM)

• As of February 17, 2026, ETHA shares were priced at $15.05, down 24.4% over the past year and trailing the S&P 500 by 39.14 percentage points.

• The ETF was previously 8.6% of the fund’s AUM as of the prior quarter.

• ETHA’s investment strategy seeks to provide exposure to the price performance of ether by holding ether as the sole underlying asset, allowing investors to gain access to digital asset markets through a regulated ETF structure.

• The portfolio is composed exclusively of ether, with no diversification across other cryptocurrencies or asset classes, enabling a direct correlation to the underlying digital asset.

• The fund operates as a trust structure, with an expense ratio that reflects the costs of custody, management, and administration, providing institutional and retail investors with a simplified way to access ether without direct ownership.

The iShares Ethereum Trust ETF offers investors a regulated vehicle to gain exposure to ether, the native cryptocurrency of the Ethereum blockchain, without the operational complexities of direct digital asset ownership. The ETF’s scale, with a market capitalization of $6 billion, positions it as a significant player in the digital asset investment space. Its structure is designed to meet the needs of investors seeking institutional-grade access to ether through traditional financial markets.

It’s important to note here that Logan Stone did not walk away from Ethereum. Instead, it walked away from this ETF.

The fund still holds a sizable $21.9 million position in the Grayscale Ethereum Staking Mini ETF, equal to 5% of assets. That remaining stake suggests the call here may be less about bearishness on ether and more about preferring a different wrapper.

And the wrappers are meaningfully different. ETHA offers plain spot ether exposure and charges a 0.25% sponsor fee. Grayscale’s ETH fund charges 0.15%, and unlike ETHA, it also incorporates staking. As of Wednesday, about 61.7% of the fund’s ether was staked, with net staking rewards running at 2.6%. That gives investors a way to keep ether exposure while also picking up network rewards over time. The fund still owns a big Bitcoin ETF position also, so crypto clearly remains part of the strategy.

For long-term investors, the takeaway is straightforward: in crypto and investments in general, structure matters, and two Ethereum ETFs can look similar on the surface while offering very different economics underneath.