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ETHGrayscale Ethereum Mini Trust ETF
$17.04$436M
Overview & Verdict
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ETH logoGrayscale Ethereum Mini Trust ETF(ETH)Earnings, Financials & Key Ratios

ETH•AMEX
$17.04
8.5× P/E·Price updated Jul 7, 2026
SectorFinancial ServicesIndustryCrypto Asset ManagementSub-IndustryCrypto Investment and Yield Vehicles
AboutWhile an investment in the Shares is not a direct investment in Ether, the Shares are designed to provide investors with a cost-effective and convenient way to gain investment exposure to Ether.Show more
  • EBITDA$62M-34.0%
  • Net Income$52M-19.1%
  • EPS (Diluted)2.01-19.3%
  • Gross Margin60.54%-0.5%
  • EBITDA Margin10.09%-30.6%
  • Operating Margin10.09%-16.4%
  • Net Margin8.39%-15.0%
  • ROE10.69%-20.1%

ETH Price & Volume

Grayscale Ethereum Mini Trust ETF (ETH) stock price & volume — 10-year historical chart

Loading chart...

Fee Compression Strains Grayscale Ethereum Trust Profitability

Investment Thesis • Updated 2026Q3

VerdictNegative
Growth:Contracting
Profitability:Strained
Financial:Adequate
Cash Flow:Mixed
Primary Risk:Fee compression and AUM outflows

Key Thesis Takeaways

  • The Grayscale Ethereum Mini Trust faces significant structural headwinds as competitive fee pressures erode operating margins, which have contracted to 4.8% as of 2026Q3.
  • While the trust maintains a stable debt-to-equity ratio of 0.25, the persistent decline in total assets from $744.9M in 2024Q4 to $723.3M in 2026Q3 suggests a weakening competitive moat.
  • Investors should remain cautious as the volatility in net income and inconsistent cash flow generation highlight the risks inherent in a fee-dependent model facing industry-wide capital migration.

Verdict Logic

the trust's operating income has declined from $21.5M in 2024Q2 to $6.5M in 2026Q3, indicating that the current business model is struggling to scale effectively against lower-fee competitors.

ETH Growth Metrics

Grayscale Ethereum Mini Trust ETF (ETH) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years-2.03%
5 Years0.83%
3 Years-9.08%
TTM-

Profit CAGR

10 Years3.34%
5 Years42.12%
3 Years-20.65%
TTM-11%

EPS CAGR

10 Years4.7%
5 Years42.67%
3 Years-20.83%
TTM-19.77%

Return on Capital

10 Years15.28%
5 Years18.61%
3 Years16.14%
Last Year10.55%

Latest ETH News

Recent stock market news and headlines for Grayscale Ethereum Mini Trust ETF (ETH)

247 Wallst·2 days ago
Which Crypto Can Make You a Millionaire by 2030 With $10,000? We Compared XRP, BTC, ETH, SOL, and HYPE

Everyone wants the same thing from crypto: put in a little now and pull out a fortune later. So let's actually run the numbers. If you dropped $10,000 into one coin today and wanted $1 million by 2030, which one gives you the best shot? We compared five of the most talked-about coins-XRP (CRYPTO: XRP), Bitcoin... Which Crypto Can Make You a Millionaire by 2030 With $10,000? We Compared XRP, BTC, ETH, SOL, and HYPE

Finbold·Jun 30, 2026
Robert Kiyosaki predicts ETH to hit $95,000 after ‘biggest bubble in history'

Although the Ethereum (ETH) price has been trapped in a five-year consolidation, Robert Kiyosaki, author of Rich Dad Poor Dad, has predicted a parabolic rally after an imminent stock market crash.

GlobeNewsWire·Jun 30, 2026
Sharplink Acquires 10,000 ETH, Bringing Total ETH Holdings to 886,725; Repurchases Over 2.1 Million Shares of Common Stock

MIAMI, June 30, 2026 (GLOBE NEWSWIRE) -- Sharplink, Inc. (Nasdaq: SBET) ("Sharplink" or the "Company"), one of the world's largest corporate holders of Ether ("ETH") and a prominent industry advocate of Ethereum adoption, today announced the purchase of 10,000 ETH at an average price of $1,611 per ETH, bringing total ETH holdings1 to 886,725. The Company also announced the repurchase of 2,132,773 shares of its common stock in the open market at an average purchase price of $4.69 per share in connection with its ongoing stock buyback program.

247 Wallst·Jun 29, 2026
David Schwartz Proposes Reserved Slots to Prevent XRP Ledger Trades From Being Front-Run by Bots

Trades on the XRP Ledger, the network behind XRP (CRYPTO: XRP), sometimes settle for slightly less than the quoted price. Often that's just the market moving, but other times, a bot sees the order coming, slips in front of it, and skims the difference-and that isn't something supposed to be possible. The issue drew attention when... David Schwartz Proposes Reserved Slots to Prevent XRP Ledger Trades From Being Front-Run by Bots

247 Wallst·Jun 29, 2026
XRP’s ETF Inflow Streak Hit 8 Weeks but It’s Not Moving the XRP Price

When it comes to ETF flows, XRP (CRYPTO: XRP) is defying the broader market. Its spot ETFs have pulled in fresh cash for eight weeks straight, even as money drained out of most other crypto funds. With almost everyone else selling, a buying streak like that is hard to overlook. But there's a catch. Across those... XRP's ETF Inflow Streak Hit 8 Weeks but It's Not Moving the XRP Price

Peers Comparison

Key metrics vs top competitors for Grayscale Ethereum Mini Trust ETF (ETH)

Full Screener →
CompanyPriceMarket CapP/E RatioRev Growth (1Y)Net MarginROEDiv Yield
ETH logoETHGrayscale Ethereum Mini Trust ETFCurrent
$17.04$436.5M8.48-4.89%8.39%10.69%0.01%
COIN logoCOINCoinbase Global, Inc.
$163.51$43.08B36.749.4%13.78%5.68%—
MSTR logoMSTRStrategy Inc
$97.36$32.51B-6.392.97%-2519.39%-24.09%—
MARA logoMARAMarathon Digital Holdings, Inc.
$12.05$4.59B-3.2738.2%-234.83%-51.65%—
RIOT logoRIOTRiot Platforms, Inc.
$21.17$8.03B-10.8671.89%-132.76%-28.78%—
CLSK logoCLSKCleanSpark, Inc.
$12.48$3.2B11.14102.21%-67.66%-29.93%—

Compare ETH vs Peers

Grayscale Ethereum Mini Trust ETF (ETH) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs COIN

Most directly comparable listed peer for ETH.

Scale Benchmark

vs MSTR

Larger-name benchmark to compare ETH against a more recognizable public peer.

Peer Set

Compare Top 5

vs COIN, MSTR, MARA, RIOT

ETH SEC Filings & Documents

Grayscale Ethereum Mini Trust ETF (ETH) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

Apr 29, 2026·SEC

Material company update

Apr 7, 2026·SEC

Material company update

Mar 16, 2026·SEC

10-K Annual Reports

4
FY 2026

Feb 25, 2026·SEC

FY 2025

Aug 22, 2025·SEC

FY 2025

Feb 28, 2025·SEC

10-Q Quarterly Reports

6
FY 2026

May 8, 2026·SEC

FY 2026

Apr 29, 2026·SEC

FY 2026

Feb 9, 2026·SEC

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ETH Frequently Asked Questions

Grayscale Ethereum Mini Trust ETF (ETH) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials
What is Grayscale Ethereum Mini Trust ETF's revenue?

Grayscale Ethereum Mini Trust ETF (ETH) reported $593.1M in revenue for fiscal year 2025.

How fast is Grayscale Ethereum Mini Trust ETF growing?

Grayscale Ethereum Mini Trust ETF (ETH) saw revenue decline by 4.9% over the past year.

Is ETH profitable?

Yes, Grayscale Ethereum Mini Trust ETF (ETH) is profitable, generating $40.4M in net income for fiscal year 2025 (8.4% net margin).

Dividend & Returns
Does ETH pay dividends?

Grayscale Ethereum Mini Trust ETF (ETH) does not currently pay a meaningful dividend. The company may be reinvesting profits for growth.

What is ETH's return on equity?

Grayscale Ethereum Mini Trust ETF (ETH) has a return on equity (ROE) of 10.7%. This is reasonable for most industries.

What is Grayscale Ethereum Mini Trust ETF's free cash flow?

Grayscale Ethereum Mini Trust ETF (ETH) generated $21.8M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

What if you invested $1,000 in ETH back in 2003?

Total return calculator · dividends reinvested · 23+ years of data

See returns →