<span item_type="fundamental" item_id="0787c53142ad93d6d4b3ffb2d29a91cc" counter_id="ETF/US/ETHV" env="prod"></span><span item_type="announcement" item_id="582412024954231681" env="prod"></span><p>Revenue: As of FY2025 Q3, the actual value is USD 0.</p><p>EBIT: As of FY2025 Q3, the actual value is USD -97.49 K.</p><p></p><h3>Segment Revenue</h3><ul><li>The VanEck Ethereum ETF’s net asset value (NAV) increased by 124.74% from $118,333,419 at June 30, 2025, to $265,946,969 at September 30, 2025, driven by a 66.09% increase in the price of ETH from $2,486 to $4,129.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1860788/000093041325003439/c114209_10q-ixbrl.htm"></span></li></ul><h3>Operational Metrics</h3><ul><li>Net investment loss for the quarter ended September 30, 2025, was - $97,492.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1860788/000093041325003439/c114209_10q-ixbrl.htm"></span></li><li>Net increase in net assets resulting from operations for the quarter was $86,212,750, which included a net unrealized appreciation on investment in ETH of $76,792,729 and a net realized gain of $9,505,163 on ETH sold for the redemption of shares.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1860788/000093041325003439/c114209_10q-ixbrl.htm"></span></li></ul><h3>Cash Flow</h3><ul><li>The Trust’s only source of liquidity is its sales of ETH, and the Sponsor’s fee was waived during the period.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1860788/000093041325003439/c114209_10q-ixbrl.htm"></span></li></ul><h3>Unique Metrics</h3><ul><li>The Trust’s NAV per share increased by 66.00% from $36.41 at June 30, 2025, to $60.44 at September 30, 2025, directly related to the increase in the price of ETH.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1860788/000093041325003439/c114209_10q-ixbrl.htm"></span></li></ul><h3>Future Outlook and Strategy</h3><ul><li>The Trust aims to reflect the performance of the price of ETH less the operating expenses, acting as a passive investment vehicle without pursuing any investment strategy beyond tracking the price of ETH.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1860788/000093041325003439/c114209_10q-ixbrl.htm"></span></li><li>The Trust does not anticipate any material changes to its liquidity needs, with the Sponsor assuming most expenses incurred by the Trust.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1860788/000093041325003439/c114209_10q-ixbrl.htm"></span></li></ul>

VanEck Ethereum ETF | 10-Q: FY2025 Q3 Revenue: USD 0