{"url_path":"/sec/ethe/10-q/2026/cover-page","section_key":"cover-page","section_title":"Cover Page","topic":"sec","document":{"doc_type":"10-Q","doc_date":"2026-05-08","source_url":"https://www.sec.gov/Archives/edgar/data/1725210/0001193125-26-214610-index.html","accession_number":"0001193125-26-214610","cik":"0001725210","ticker":"ETHE","issuer_name":"Grayscale Ethereum Staking ETF","edgar_url":"https://www.sec.gov/Archives/edgar/data/1725210/0001193125-26-214610-index.html","primary_entity_key":"0001725210","primary_entity_name":"Grayscale Ethereum Staking ETF"},"word_count":979,"has_tables":true,"body_markdown":"10-Q\n\nfalseQ10001725210--12-31Unlimited Unlimited 00017252102026-05-040001725210us-gaap:CashDistributionMember2026-01-012026-03-310001725210us-gaap:CashDistributionMember2026-02-040001725210us-gaap:CashDistributionMember2026-03-042026-03-040001725210us-gaap:SubsequentEventMember2026-04-080001725210us-gaap:SubsequentEventMember2026-05-062026-05-0600017252102024-07-230001725210us-gaap:SubsequentEventMember2026-04-082026-04-0800017252102025-03-3100017252102024-12-310001725210us-gaap:FairValueInputsLevel3Member2025-12-310001725210us-gaap:CashDistributionMember2026-03-0400017252102025-01-012025-12-310001725210ethe:DigitalCurrencyGroupIncMember2022-03-022026-03-3100017252102026-03-310001725210ethe:SponsorMembersrt:MaximumMember2026-01-012026-03-310001725210srt:MinimumMemberethe:NonSponsorPaidExpensesMember2026-01-012026-03-310001725210ethe:InvestmentMember2026-03-310001725210us-gaap:FairValueInputsLevel1Member2026-03-310001725210us-gaap:FairValueInputsLevel1Member2025-12-310001725210us-gaap:CashDistributionMember2026-01-060001725210ethe:InvestmentInEthereumMember2025-12-3100017252102025-01-012025-03-310001725210ethe:InvestmentInEthereumMember2026-03-3100017252102025-12-310001725210us-gaap:CashDistributionMember2026-02-042026-02-040001725210us-gaap:FairValueInputsLevel2Member2025-12-310001725210us-gaap:FairValueInputsLevel3Member2026-03-3100017252102026-01-012026-03-310001725210ethe:SponsorMember2025-01-012025-03-310001725210ethe:SponsorMember2026-01-012026-03-310001725210ethe:DigitalCurrencyGroupIncMember2022-03-020001725210us-gaap:SubsequentEventMember2026-05-060001725210us-gaap:CashDistributionMember2026-01-062026-01-0600017252102025-10-060001725210us-gaap:FairValueInputsLevel2Member2026-03-310001725210us-gaap:CashDistributionMember2026-03-310001725210ethe:InvestmentMember2025-12-31xbrli:pureethe:Ethereumiso4217:USDxbrli:sharesxbrli:sharesethe:Rightiso4217:USD\n\n \n\n+\n\nUNITED STATES\n\nSECURITIES AND EXCHANGE COMMISSION\n\nWashington, D.C. 20549\n\nFORM 10-Q\n\n☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFor the quarterly period ended March 31, 2026\n\nor\n\n☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFor the transition period from ______ to ______\n\nCommission File Number 001-42185\n\n \n\nGrayscale Ethereum Staking ETF\n\nSPONSORED BY GRAYSCALE INVESTMENTS SPONSORS, LLC\n\n(Exact Name of Registrant as Specified in Its Charter)\n\n \n\n \n\n \n\n \n\nDelaware\n\n82-6677805\n\n(State or Other Jurisdiction of\n\nIncorporation or Organization)\n\n(I.R.S. Employer\n\nIdentification No.)\n\n \n\nc/o Grayscale Investments Sponsors, LLC\n\n290 Harbor Drive, 4th Floor\n\nStamford, Connecticut 06902\n\n(Address of Principal Executive Offices) (Zip Code)\n\n(212) 668-1427\n\n(Registrant’s telephone number, including area code)\n\nSecurities registered pursuant to Section 12(b) of the Act:\n\n \n\nTitle of each class\n\nTrading Symbol(s)\n\nName of each exchange on which registered\n\nGrayscale Ethereum Staking ETF Shares\n\nETHE\n\nNYSE Arca, Inc.\n\n \n\n \n\nIndicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐\n\nIndicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐\n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.\n\n \n\nLarge accelerated filer\n\n☒\n\n \n\nAccelerated filer\n\n☐\n\n \n\nNon-accelerated filer\n\n☐\n\n \n\nSmaller reporting company\n\n☐\n\n \n\n \n\nEmerging growth company\n\n☐\n\n \n\nIf an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐\n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒\n\nNumber of Shares of the registrant outstanding as of May 4, 2026: 100,508,500\n\n \n\n \n\n \n\nGrayscale® ETHEREUM STAKING ETF\n\nTable of Contents\n\n \n\n \n\nPage\n\n \n\n[Forward-Looking Statements](#statement_regarding_forwardlooking_state)\n\n3\n\n \n\n \n\n[PART I – FINANCIAL INFORMATION](#part_i_financial_information)\n\n \n\n[Item 1.](#item_1_financial_statements_unaudited)\n\n[Financial Statements (Unaudited)](#item_1_financial_statements_unaudited)\n\n4\n\n \n\n \n\n[Statements of Assets and Liabilities at March 31, 2026 and December 31, 2025](#statements_assets_liabilities)\n\n4\n\n \n\n \n\n \n\n[Schedules of Investment at March 31, 2026 and December 31, 2025](#schedules_investment)\n\n5\n\n \n\n \n\n \n\n[Statements of Operations for the Three Months Ended March 31, 2026 and 2025](#statements_operations)\n\n6\n\n \n\n \n\n \n\n[Statements of Changes in Net Assets for the Three Months Ended March 31, 2026 and 2025](#statement_changes_in_net_assets)\n\n7\n\n \n\n \n\n \n\n[Notes to the Unaudited Financial Statements](#notes_to_unaudited_financial_statements)\n\n8\n\n \n\n[Item 2.](#item_2_managements_discussion_analysis_f)\n\n[Management’s Discussion and Analysis of Financial Condition and Results of Operations](#item_2_managements_discussion_analysis_f)\n\n17\n\n \n\n \n\n \n\n[Item 3.](#item_3_quantitative_qualitative_disclosu)\n\n[Quantitative and Qualitative Disclosures about Market Risk](#item_3_quantitative_qualitative_disclosu)\n\n25\n\n \n\n \n\n \n\n[Item 4.](#item_4_controls_procedures)\n\n[Controls and Procedures](#item_4_controls_procedures)\n\n25\n\n \n\n \n\n[PART II – OTHER INFORMATION](#part_ii_or_information)\n\n \n\n[Item 1.](#item_1_legal_proceedings)\n\n[Legal Proceedings](#item_1_legal_proceedings)\n\n26\n\n \n\n[Item 1A.](#item_1a_risk_factors)\n\n[Risk Factors](#item_1a_risk_factors)\n\n26\n\n \n\n[Item 2.](#item_2_unregistered_sales_equity_securit)\n\n[Unregistered Sales of Equity Securities and Use of Proceeds](#item_2_unregistered_sales_equity_securit)\n\n26\n\n \n\n[Item 3.](#item_3_defaults_upon_senior_securities)\n\n[Defaults Upon Senior Securities](#item_3_defaults_upon_senior_securities)\n\n28\n\n \n\n[Item 4.](#item_4_mine_safety_disclosures)\n\n[Mine Safety Disclosures](#item_4_mine_safety_disclosures)\n\n28\n\n \n\n[Item 5.](#item_5_or_information)\n\n[Other Information](#item_5_or_information)\n\n28\n\n \n\n[Item 6.](#item_6_exhibits)\n\n[Exhibits](#item_6_exhibits)\n\n29\n\n \n\n \n\n \n\n[GLOSSARY OF DEFINED TERMS](#glossary_defined_terms)\n\n30\n\n \n\n \n\n[SIGNATURES](#signatures)\n\n35\n\n \n\n \n\n \n\n2\n\n \n\nForward-Looking Statements\n\nThis Quarterly Report on Form 10-Q contains “forward-looking statements” with respect to the financial conditions, results of operations, plans, objectives, future performance and business of Grayscale Ethereum Staking ETF (the “Trust”). Statements preceded by, followed by or that include words such as “may,” “might,” “will,” “should,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” or “continue,” the negative of these terms and other similar expressions are intended to identify some of the forward-looking statements. All statements (other than statements of historical fact) included in this Quarterly Report that address activities, events or developments that will or may occur in the future, including such matters as changes in market prices and conditions, the Trust’s operations, the plans of Grayscale Investments Sponsors, LLC (the “Sponsor”) and references to the Trust’s future success and other similar matters are forward-looking statements. These statements are only predictions. Actual events or results may differ materially from such statements. These statements are based upon certain assumptions and analyses the Sponsor made based on its perception of historical trends, current conditions and expected future developments, as well as other factors appropriate in the circumstances. Whether or not actual results and developments will conform to the Sponsor’s expectations and predictions, however, is subject to a number of risks and uncertainties, including, but not limited to, those described in “Part I, Item 1A. Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the Securities and Exchange Commission (the “SEC”) on February 25, 2026 (our “Annual Report”) and in “Part II, Item 1A. Risk Factors” herein. Forward-looking statements are made based on the Sponsor’s beliefs, estimates and opinions on the date the statements are made and neither the Trust nor the Sponsor is under a duty or undertakes an obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change, other than as required by applicable laws. Investors are therefore cautioned against relying on forward-looking statements.\n\nUnless otherwise stated or the context otherwise requires, the terms “we,” “our” and “us” in this Quarterly Report refer to the Sponsor acting on behalf of the Trust.\n\nA glossary of industry and other defined terms is included in this Quarterly Report, beginning on page 30.\n\n \n\n3\n\n \n\nPART I – FINANCIAL INFORMATION:"}