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Grayscale Ethereum Mini Trust(ETH)Earnings, Financials & Key Ratios
ETH•AMEX•Banking & Credit
$22.53
$573M mkt cap·11.2× P/E·Price updated May 6, 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
- Net Interest Income$0
- Total Revenue$615M-4.9%
- Net Income$52M-19.1%
- Return on Equity10.69%-20.1%
- Net Interest Margin0%
- Efficiency Ratio50.4%+3.3%
- ROA6.96%-18.7%
- Equity / Assets65.43%+0.9%
- Book Value per Share18.81+99.8%
- Tangible BV/Share17.05+99.8%
- Debt/Equity0.26-3.5%
ETH Key Insights
Grayscale Ethereum Mini Trust (ETH) fundamental analysis — strengths, weaknesses & financial health based on data analysis
✓Strengths
- ✓Strong 5Y profit CAGR of 42.1%
- ✓Efficient operations: 50.4% efficiency ratio
- ✓Well capitalized: 65.4% equity/assets
- ✓Good 3Y average ROE of 16.1%
- ✓Share count reduced 50.0% through buybacks
- ✓Diversified revenue: 100.0% from non-interest income
✗Weaknesses
- ✗Trading more than 30% below 52-week high
* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.
ETH Price & Volume
Grayscale Ethereum Mini Trust (ETH) stock price & volume — 10-year historical chart
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ETH Growth Metrics
Grayscale Ethereum Mini Trust (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-10.92%
EPS CAGR
10 Years4.7%
5 Years42.67%
3 Years-20.83%
TTM-18.36%
Return on Capital
10 Years15.28%
5 Years18.61%
3 Years16.14%
Last Year10.55%
ETH Peer Comparison
Grayscale Ethereum Mini Trust (ETH) competitors in Crypto Investment and Yield Vehicles — business model, growth, and fundamentals comparison
| Company | Market Cap | Stock Price | P/E Ratio (TTM) | Revenue Growth 1Y | Net Margin | Return on Equity (ROE) | FCF Yield | Debt / Equity |
|---|---|---|---|---|---|---|---|---|
 COIN | 56.8B | 197.75 | 44.44 | 1.03% | 19% | 20.08% | 4.27% | 0.52 |
 MSTR | 51.89B | 186.90 | -12.27 | 2.97% | -8.45% | -8.35% | 0.16 | |
 MARA | 4.62B | 12.16 | -3.30 | 38.2% | -144.58% | -30.54% | 1.05 | |
 RIOT | 7.71B | 20.35 | -10.43 | 71.89% | -102.43% | -28.78% | 0.10 | |
 CLSK | 3.43B | 13.41 | 11.97 | 102.21% | -33.25% | -13.75% | 0.38 | |
 HUT | 8.86B | 80.50 | -37.61 | 44.79% | -96.19% | -13.39% | 0.25 | |
 CIFR | 8.97B | 22.10 | -10.28 | 48.04% | -367.17% | -115.53% | 3.31 |
Compare ETH vs Peers
Grayscale Ethereum Mini Trust (ETH) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
ETH Income Statement
Grayscale Ethereum Mini Trust (ETH) annual income statement — 10-year revenue, gross profit & net income history
10Y historyFree accessUpdated daily
| Line item | Jun'17 | Jun'18 | Jun'19 | Jun'20 | Jun'21 | Jun'22 | Jun'23 | Jun'24 | Jun'25 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.54M |
| NII Growth % | - | - | - | - | - | - | - | - | - | 0% |
| Net Interest Margin % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0.21% |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 224K | 226K | 0 | 0 | 1.6M |
| Interest Expense | 1.22M | 325K | 87K | 455K | 481K | 0 | 0 | 0 | 0 | 60K |
| Loan Loss Provision | 342.44M | 350.5M | 337.11M | 266.25M | 291.58M | 333.06M | 311.01M | 253.16M | 242.53M | 238.79M |
| Non-Interest Income | 763.38M | 766.78M | 746.68M | 589.84M | 685.17M | 817.54M | 791.16M | 646.22M | 614.65M | 605.7M |
| Non-Interest Income % | 100% | 100% | 100% | 100% | 100% | 99.97% | 99.97% | 100% | 100% | 99.74% |
| Total Revenue | 763.38M▲ 0% | 766.78M▲ 0.4% | 746.68M▼ 2.6% | 589.84M▼ 21.0% | 685.17M▲ 16.2% | 817.76M▲ 19.4% | 791.38M▼ 3.2% | 646.22M▼ 18.3% | 614.65M▼ 4.9% | 607.3M▲ 0% |
| Revenue Growth % | -3.88% | 0.45% | -2.62% | -21.01% | 16.16% | 19.35% | -3.23% | -18.34% | -4.89% | 14.84% |
| Non-Interest Expense | 361.77M | 367.1M | 375.21M | 308.24M | 315.8M | 346.36M | 339.12M | 315.15M | 309.79M | 313.42M |
| Efficiency Ratio | 47.39% | 47.87% | 50.25% | 52.26% | 46.09% | 42.35% | 42.85% | 48.77% | 50.4% | 51.61% |
| Operating Income | 57.95M▲ 0% | 48.87M▼ 15.7% | 52.61M▲ 7.7% | 11.63M▼ 77.9% | 79.7M▲ 585.6% | 133.79M▲ 67.9% | 133.48M▼ 0.2% | 77.99M▼ 41.6% | 61.99M▼ 20.5% | 54.39M▲ 0% |
| Operating Margin % | 7.59% | 6.37% | 7.05% | 1.97% | 11.63% | 16.36% | 16.87% | 12.07% | 10.09% | 8.96% |
| Operating Income Growth % | -35.02% | -15.67% | 7.66% | -77.9% | 585.56% | 67.87% | -0.23% | -41.57% | -20.52% | - |
| Pretax Income | 56.99M▲ 0% | 49.07M▼ 13.9% | 33.86M▼ 31.0% | 14.19M▼ 58.1% | 76.41M▲ 438.5% | 138.12M▲ 80.8% | 141.03M▲ 2.1% | 85.45M▼ 39.4% | 69.02M▼ 19.2% | 63.32M▲ 0% |
| Pretax Margin % | 7.47% | 6.4% | 4.53% | 2.41% | 11.15% | 16.89% | 17.82% | 13.22% | 11.23% | 10.43% |
| Income Tax | 20.8M | 12.7M | 8.16M | 5.29M | 16.41M | 34.84M | 35.22M | 21.63M | 17.42M | 15.99M |
| Effective Tax Rate % | 36.5% | 25.87% | 24.11% | 37.28% | 21.47% | 25.22% | 24.97% | 25.31% | 25.24% | 25.26% |
| Net Income | 36.19M▲ 0% | 36.37M▲ 0.5% | 25.7M▼ 29.3% | 8.9M▼ 65.4% | 60.01M▲ 574.2% | 103.28M▲ 72.1% | 105.81M▲ 2.4% | 63.82M▼ 39.7% | 51.6M▼ 19.1% | 47.33M▲ 0% |
| Net Margin % | 4.74% | 4.74% | 3.44% | 1.51% | 8.76% | 12.63% | 13.37% | 9.88% | 8.39% | 7.79% |
| Net Income Growth % | -36.09% | 0.49% | -29.34% | -65.37% | 574.21% | 72.12% | 2.45% | -39.69% | -19.15% | -10.92% |
| Net Income (Continuing) | 36.19M | 36.37M | 25.7M | 8.9M | 60.01M | 103.28M | 105.81M | 63.82M | 51.6M | 47.33M |
| EPS (Diluted) | 1.29▲ 0% | 1.32▲ 2.3% | 0.96▼ 27.3% | 0.34▼ 64.6% | 2.37▲ 597.1% | 4.05▲ 70.9% | 4.13▲ 2.0% | 2.49▼ 39.7% | 2.01▼ 19.3% | 1.85▲ 0% |
| EPS Growth % | -35.5% | 2.33% | -27.27% | -64.58% | 597.06% | 70.89% | 1.98% | -39.71% | -19.28% | -18.36% |
| EPS (Basic) | 1.29 | 1.32 | 0.96 | 0.34 | 2.37 | 4.05 | 4.13 | 2.50 | 2.01 | - |
| Diluted Shares Outstanding | 55.92M | 55.25M | 53.5M | 52.14M | 50.7M | 51.04M | 51.21M | 51.29M | 25.63M | 25.62M |
ETH Balance Sheet
Grayscale Ethereum Mini Trust (ETH) balance sheet — assets, liabilities & shareholders' equity
| Line item | Jun'17 | Jun'18 | Jun'19 | Jun'20 | Jun'21 | Jun'22 | Jun'23 | Jun'24 | Jun'25 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Short Term Investments | 57.7M | 22.36M | 20.82M | 72.28M | 104.6M | 121.12M | 172.71M | 161.03M | 76.18M | 272.63M |
| Cash & Due from Banks | 57.7M | 22.36M | 20.82M | 72.28M | 104.6M | 109.92M | 62.13M | 69.71M | 76.18M | 73.65M |
| Short Term Investments | 0 | 0 | 0 | 0 | 0 | 11.2M | 110.58M | 91.32M | 0 | 0 |
| Total Investments | 0 | 0 | -2.11M | -137K | -1.08M | 11.2M | 110.58M | 126.09M | 60.03M | 70.05M |
| Investments Growth % | - | - | - | 93.5% | -686.86% | 1138.87% | 887.38% | 14.03% | -52.39% | -157.31% |
| Long-Term Investments | 0 | 0 | -2.11M | -137K | -1.08M | 0 | 0 | 34.77M | 60.03M | 185.21M |
| Accounts Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Goodwill & Intangibles | 45.13M | 45.13M | 45.13M | 45.13M | 45.13M | 45.13M | 45.13M | 45.13M | 45.13M | 45.13M |
| Goodwill | 25.4M | 25.39M | 25.39M | 25.39M | 25.39M | 25.39M | 25.39M | 25.39M | 25.39M | 25.39M |
| Intangible Assets | 19.73M | 19.74M | 19.74M | 19.74M | 19.74M | 19.74M | 19.74M | 19.74M | 19.74M | 19.74M |
| PP&E (Net) | 270.2M | 267.9M | 245.25M | 346.02M | 340.18M | 324.31M | 338.03M | 329.5M | 319.41M | 320.04M |
| Other Assets | 9.8M | 2.98M | 3.69M | 1.69M | 2.66M | 3.71M | 2.84M | 2.01M | 2.23M | 2.19M |
| Total Current Assets | 243.1M | 214.43M | 216.29M | 229.95M | 295.28M | 346.75M | 359.45M | 332.68M | 309.93M | 299.34M |
| Total Non-Current Assets | 325.12M | 316.01M | 294.06M | 392.84M | 387.97M | 373.15M | 386M | 412.23M | 427.17M | 437.77M |
| Total Assets | 568.22M▲ 0% | 530.43M▼ 6.7% | 510.35M▼ 3.8% | 622.79M▲ 22.0% | 683.25M▲ 9.7% | 719.89M▲ 5.4% | 745.45M▲ 3.6% | 744.92M▼ 0.1% | 737.1M▼ 1.0% | 737.11M▲ 0% |
| Asset Growth % | -1.59% | -6.65% | -3.79% | 22.03% | 9.71% | 5.36% | 3.55% | -0.07% | -1.05% | -26.99% |
| Return on Assets (ROA) | 6.32% | 6.62% | 4.94% | 1.57% | 9.19% | 14.72% | 14.44% | 8.56% | 6.96% | 6.42% |
| Accounts Payable | 16.96M | 33.29M | 34.17M | 25.59M | 37.79M | 37.37M | 28.57M | 0 | 0 | 0 |
| Total Debt | 14.34M | 1.1M | 516K | 152.23M | 98.7M | 90.08M | 104.5M | 128.28M | 123.67M | 125.37M |
| Net Debt | -43.36M | -21.27M | -20.31M | 79.96M | -5.9M | -19.83M | 42.38M | 58.57M | 47.49M | 51.72M |
| Long-Term Debt | 11.61M | 1.1M | 516K | 152.23M | 98.7M | 90.08M | 104.5M | 100.9M | 96.26M | 98.49M |
| Short-Term Debt | 2.73M | 584K | 550K | 27.37M | 27.39M | 0 | 0 | 27.39M | 27.4M | 26.87M |
| Other Liabilities | 29.27M | 24.21M | 23.08M | 3.52M | 9.23M | 6.84M | 6.84M | 4.37M | 3.66M | 3.5M |
| Total Current Liabilities | 126.44M | 121.26M | 122.83M | 138.98M | 223.9M | 215.64M | 163.1M | 153.7M | 152.85M | 157.54M |
| Total Non-Current Liabilities | 40.88M | 25.3M | 23.6M | 155.75M | 107.92M | 96.93M | 111.35M | 108.31M | 101.98M | 104.17M |
| Total Liabilities | 167.33M | 146.56M | 146.42M | 294.73M | 331.83M | 312.57M | 274.45M | 262M | 254.83M | 261.72M |
| Total Equity | 400.9M▲ 0% | 383.87M▼ 4.2% | 363.93M▼ 5.2% | 328.06M▼ 9.9% | 351.42M▲ 7.1% | 407.32M▲ 15.9% | 471.01M▲ 15.6% | 482.92M▲ 2.5% | 482.27M▼ 0.1% | 475.39M▲ 0% |
| Equity Growth % | 2.22% | -4.25% | -5.19% | -9.85% | 7.12% | 15.91% | 15.63% | 2.53% | -0.13% | -37.83% |
| Equity / Assets (Capital Ratio) | 70.55% | 72.37% | 71.31% | 52.68% | 51.43% | 56.58% | 63.18% | 64.83% | 65.43% | 64.49% |
| Return on Equity (ROE) | 9.13% | 9.27% | 6.87% | 2.57% | 17.66% | 27.22% | 24.09% | 13.38% | 10.69% | 9.96% |
| Book Value per Share | 7.17 | 6.95 | 6.80 | 6.29 | 6.93 | 7.98 | 9.20 | 9.42 | 18.81 | 18.56 |
| Tangible BV per Share | 6.36 | 6.13 | 5.96 | 5.43 | 6.04 | 7.10 | 8.32 | 8.54 | 17.05 | 16.79 |
| Common Stock | 490K | 490K | 491K | 491K | 492K | 494K | 494K | 495K | 496K | 497K |
| Additional Paid-in Capital | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Retained Earnings | 661.98M | 669.01M | 647.71M | 638.63M | 655.35M | 710.37M | 769.82M | 783.37M | 784.88M | 778.97M |
| Accumulated OCI | -4.13M | -6.17M | -5.65M | -8.44M | -5.93M | -6.46M | -2.79M | -4.19M | -5.69M | -5.1M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
ETH Cash Flow Statement
Grayscale Ethereum Mini Trust (ETH) cash flow — operating, investing & free cash flow history
| Line item | Jun'17 | Jun'18 | Jun'19 | Jun'20 | Jun'21 | Jun'22 | Jun'23 | Jun'24 | Jun'25 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operations | 78.63M | 42.5M | 55.25M | 52.7M | 129.91M | 69.36M | 100.66M | 80.19M | 61.7K | 61.7K |
| Operating CF Growth % | 34.72% | -45.96% | 30% | -4.62% | 146.53% | -46.61% | 45.14% | -20.33% | -99.92% | -286.57% |
| Net Income | 36.19M | 36.37M | 25.7M | 8.9M | 60.01M | 103.28M | 105.81M | 63.82M | 51.6K | 47.33M |
| Depreciation & Amortization | 20.11M | 19.83M | 19.53M | 16.86M | 16.39M | 15.99M | 15.61M | 15.96M | 15.5K | 350.27M |
| Deferred Taxes | 3.51M | -106K | -3.51M | 2.52M | 3.01M | 0 | 0 | -205K | 0 | 129K |
| Other Non-Cash Items | 7.67M | 119K | 10.69M | 27.08M | 111.5M | 14.57M | -27.32M | -822K | -5.4K | -382.03M |
| Working Capital Changes | 13.39M | -14.78M | -789K | -474K | -59.25M | -65.62M | 5.27M | 0 | 0 | 0 |
| Cash from Investing | -16.87M | -18.24M | -9.5M | -4.62M | -7.12M | -13.97M | -101.52M | -19.99M | -2.4K | -1.1M |
| Purchase of Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -134.91M | 8.9K | -10M |
| Sale/Maturity of Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1000K | 0 | 1000K |
| Net Investment Activity | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -133.91M | 8.9K | -9M |
| Acquisitions | -676K | -6.29M | -534K | -1.35M | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Investing | 1.45M | 531K | 154K | 12.44M | 4.91M | -584K | -87.64M | 49K | 0 | 1.35M |
| Cash from Financing | -57.34M | -66.89M | -47.34M | 3.7M | -90.99M | -49M | -47.59M | -52.33M | -52.6K | -38.99M |
| Dividends Paid | -20.03M | -29.51M | -46.99M | -21.47M | -43.29M | -48.26M | -46.36M | -50.27M | -50.1K | -16.36M |
| Share Repurchases | -10.25M | -23.12M | -46K | -24.32M | -75K | -843K | -812K | 0 | 0 | 0 |
| Stock Issued | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Stock Activity | -10.25M | -23.12M | -46K | -24.32M | -75K | -843K | -812K | 0 | 0 | 0 |
| Debt Issuance (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -37.31M | -37.38M | -348K | 25.17M | -47.7M | -743K | -1.23M | -2.06M | -2.5K | -22.62M |
| Net Change in Cash | 12.37M▲ 0% | -42.67M▼ 444.9% | -1.54M▲ 96.4% | 51.45M▲ 3443.2% | 32.32M▼ 37.2% | 6.28M▼ 80.6% | -48.25M▼ 868.9% | 7.59M▲ 115.7% | 0▼ 100.0% | -2.52M▲ 0% |
| Exchange Rate Effect | 135K | -32K | 52K | -325K | 513K | -110K | 201K | -279K | 0 | 46K |
| Cash at Beginning | 52.66M | 65.03M | 22.36M | 20.82M | 72.28M | 104.6M | 110.87M | 62.62M | 0 | 76.95M |
| Cash at End | 65.03M | 22.36M | 20.82M | 72.28M | 104.6M | 110.87M | 62.62M | 70.22M | 0 | 74.43M |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Income Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | 60.99M▲ 0% | 30.01M▼ 50.8% | 46.13M▲ 53.7% | 36.99M▼ 19.8% | 117.88M▲ 218.7% | 55.97M▼ 52.5% | 86.78M▲ 55.0% | 70.59M▼ 18.7% | 50.4K▼ 99.9% | 20.31M▲ 0% |
| FCF Growth % | 73.08% | -50.79% | 53.7% | -19.81% | 218.71% | -52.52% | 55.05% | -18.66% | -99.93% | -65.57% |
ETH Banking Ratios
Grayscale Ethereum Mini Trust (ETH) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios
| Metric | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity (ROE) | 9.13% | 9.27% | 6.87% | 2.57% | 17.66% | 27.22% | 24.09% | 13.38% | 10.69% | 9.96% |
| Return on Assets (ROA) | 6.32% | 6.62% | 4.94% | 1.57% | 9.19% | 14.72% | 14.44% | 8.56% | 6.96% | 6.42% |
| Net Interest Margin | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0.21% |
| Efficiency Ratio | 47.39% | 47.87% | 50.25% | 52.26% | 46.09% | 42.35% | 42.85% | 48.77% | 50.4% | 51.61% |
| Equity / Assets | 70.55% | 72.37% | 71.31% | 52.68% | 51.43% | 56.58% | 63.18% | 64.83% | 65.43% | 64.49% |
| Book Value / Share | 7.17 | 6.95 | 6.8 | 6.29 | 6.93 | 7.98 | 9.2 | 9.42 | 18.81 | 18.56 |
| Dividend Payout | 55.34% | 81.13% | 182.85% | 241.22% | 72.14% | 46.72% | 43.81% | 78.77% | 0.1% | 34.57% |
ETH SEC Filings & Documents
Grayscale Ethereum Mini Trust (ETH) SEC filings — annual & quarterly reports (10-K, 10-Q)
ETH Frequently Asked Questions
Grayscale Ethereum Mini Trust (ETH) stock FAQ — growth, dividends, profitability & financials explained
Growth & Financials
Grayscale Ethereum Mini Trust (ETH) saw revenue decline by 4.9% over the past year.
Yes, Grayscale Ethereum Mini Trust (ETH) is profitable, generating $47.3M in net income for fiscal year 2025 (8.4% net margin).
Dividend & Returns
Grayscale Ethereum Mini Trust (ETH) does not currently pay a meaningful dividend. The company may be reinvesting profits for growth.
Grayscale Ethereum Mini Trust (ETH) has a return on equity (ROE) of 10.7%. This is reasonable for most industries.
Industry Metrics
Grayscale Ethereum Mini Trust (ETH) has a net interest margin (NIM) of N/A. NIM has been under pressure due to interest rate environment.
Grayscale Ethereum Mini Trust (ETH) has an efficiency ratio of 50.4%. This is excellent, indicating strong cost control.
Explore More ETH
Grayscale Ethereum Mini Trust (ETH) financial analysis — history, returns, DCA and operating performance tools
Total Return Calculator
Historical returns with dividends reinvested
DCA Calculator
Dollar cost averaging vs lump sum
Dividend History
Yield, growth, payout safety & DRIP
Earnings History
EPS trends, net income & profitability
Price History
Long-term charts & historical price data
Revenue History
Sales growth patterns & revenue breakdown
Financial Ratios
30 years of market, efficiency and balance-sheet ratios
Valuation
DCF intrinsic value, peer multiples & estimates