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ETHGrayscale Ethereum Mini Trust ETF
$26.27$652M
Overview & Tools
OverviewChart Terminal ↗Visualize
Valuation & Forecasts
Valuation ModelsEstimatesDCF Model
Price & Analyst Data
Analyst TargetsPrice History
Financial Statements
Income StatementBalance SheetCash FlowRatios & Margins
Performance
P/E HistoryRevenue HistoryEarnings HistoryDividend HistoryTotal Return
Discovery & Screens
Live BreakoutsStock ScreenerOwnership
ETH logo

Grayscale Ethereum Mini Trust ETF

ETH
AMEX · Crypto Asset Management
$26.27
At close - Sep 22, 4:00 PM EDT - USD
Market Cap$670M
P/E16.8x
52W High$44.84
Volume2.43M
OverviewTerminalAnalysisFinancialsValuationEarningsBreakoutsOwnership
VCP Research Verdict2026Q4

Fee-Based Model Under Severe Provision Strain

The Grayscale Ethereum Mini Trust ETF operates a pure fee-based revenue model, with non-interest income constituting 100% of total revenue in most quarters, but its profitability is severely constrained by persistent loan loss provisions that consume 35-40% of...

GrowthMixed
ProfitabilityStrained
ValuationExpensive
TechnicalsNeutral
Explore valuation models
MARKET ACTION

ETH price & volume

Price trend, volume and key moving averages

Launch Terminal
Loading chart...
Decision Checklist4 Core Signals

What matters now

The signals most likely to change the investment case.

01

Earnings momentum

0/2 Beats

EPS beat 0 of last 2 quarters

02

Valuation risk

-43% Peers

P/E is 43% below peer median

03

Market leadership

RS 84 · Leader

High momentum (Outperforming 84% of market)

04

Trend Check

N/A

Trend data unavailable

Next CatalystEstimated earnings · Oct 29

Market performance

Price History →

Trailing total returns as of 9/24/2026, which may include dividends or other distributions. Benchmark is S&P 500 (^GSPC).

YTD Return
ETH-10.74%
S&P 500 (^GSPC)+13.20%
1-Year Return
ETH-32.48%
S&P 500 (^GSPC)+15.98%
3-Year Return
ETH-19.56%
S&P 500 (^GSPC)+79.21%
5-Year Return
ETH-19.56%
S&P 500 (^GSPC)+76.11%
02

Test the fundamentals

Check whether operating performance supports the current valuation.

VALUATION & INTRINSIC VALUE

Valuation Scenarios

Valuation Analysis
Trailing P/E5Y High
16.4x
Forward P/EExpansion
10.0x
EV/EBITDA100th %ile
15.5x
FCF YieldCash Flow
8.1%

Valuation vs 5-Year History

Multiple Range
Metric
Current
5Y Median
Historical Range
Percentile
P/E
16.4x
11.8x
100th· High
EV/EBITDA
15.5x
10.6x
100th· High
Price/FCF
12.4x
7.3x
100th· High
Current Multiple
5Y Median (50th %ile)

Intrinsic Value Scenarios

DCF Projection
No DCF Model AvailableIntrinsic value modeling is not supported for this equity.

Growth & profitability

Annual revenue & EPS trend
Revenue
$579M-5.7% YoY
Net income
$40M-22.7% YoY
Free cash flow
$52M+104021.0% YoY
Operating margin
7.8%-2.3 pts YoY
ROIC (TTM)5.6%
Avg ROIC 5Y-
ROE (TTM)8.4%
Piotroski Score7 / 9
Financial Statements →
03

Monitor what changed

Recent results and news deserve attention only when they alter the forward view.

OPERATING RESULTS

Recent Earnings

Earnings History
EPS Beat Rate0/2 (0%)
Revenue Beat Rate0/2 (0%)
QuarterEPS (Act vs Est)Revenue (Act vs Est)
Q3 2026Latest
Jul 29, 2026
$0.46
vs —
$147M
vs —
Q2 2026
Apr 29, 2026
$0.23-31.3%
vs $0.34
$136M-8.4%
vs $148M
Historical baseline: 2 quarters analyzedGAAP / Adjusted
MARKET COVERAGE

Latest News

5 Stories
247 Wallst·2d ago
Why Is Ethereum Up Today? It Just Broke Above $2,672, Opening the Door to $3,000

Ethereum just crossed a Fibonacci level traders have watched for weeks, and whether it holds could determine if a run toward $3,000 is real or just a Bitcoin-driven blip.

24/7 Wall Street·2d ago
Bitmine Climbs 6% as Ethereum Extends Rally After SEC Tokenization Order; Sharplink Rises 5%, Coinbase Jumps 6%

Crypto-linked equities are trading higher Monday morning as Ethereum (CRYPTO:ETH) extends a rally after a Securities and Exchange Commission (SEC) order opened a regulated pathway for tokenized U.S. stocks. Ethereum is at $2,727.39, up 5.

247 Wallst·2d ago
Why Is Crypto Up Today? Oil Prices Drop, Short Sellers Squeezed, and Bitcoin Reclaims Key Level After 45 Weeks

Bitcoin just broke a barrier it had failed to clear four times in a month, and three forces collided on the same morning to make it happen. Understanding which of those forces can last tells you whether this rally has legs or burns out by quarter end.

247 Wallst·2d ago
Ethereum’s Layer-2 Tokens Rallied Up to 26% in a Day. Why Ethereum Only Managed 7%

When a market rally lifted all boats, two small tokens built on Ethereum left the flagship cryptocurrency far behind, and the reason reveals something uncomfortable about how investors chase gains in crypto markets.

Filtered for Grayscale Ethereum Mini Trust ETFMore Headlines
04

Compare before deciding

Benchmark ETH against direct peers instead of judging its metrics in isolation.

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
$26.27$669.6M16.84-5.72%6.88%8.36%—
COIN logoCOINCoinbase Global, Inc.
$201.07$52.97B45.189.45%-17.85%-6.89%—
MSTR logoMSTRStrategy Inc
$167.33$55.35B-10.992.97%-9260.26%-97.51%—
MARA logoMARAMarathon Digital Holdings, Inc.
$13.63$5.2B-3.6933.47%-429.71%-125.83%—
RIOT logoRIOTRiot Platforms, Inc.
$24.93$9.43B-12.7866.36%-196.28%-48.36%—
CLSK logoCLSKCleanSpark, Inc.
$15.14$3.89B13.52102.21%-146.9%-75.24%—

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

05

Keep researching

Verify the primary filings, follow material updates, and answer the remaining questions.

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

Jul 29, 2026·SEC

Material company update

Jul 17, 2026·SEC

Material company update

Jul 2, 2026·SEC

10-K Annual Reports

3
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
How fast is Grayscale Ethereum Mini Trust ETF growing?

Grayscale Ethereum Mini Trust ETF (ETH) saw revenue decline by 5.7% over the past year.

Is ETH profitable?

Yes, Grayscale Ethereum Mini Trust ETF (ETH) is profitable, generating $39.9M in net income for fiscal year 2026 (6.9% net margin).

Dividend & Returns
What is ETH's return on equity?

Grayscale Ethereum Mini Trust ETF (ETH) has a return on equity (ROE) of 8.4%. This is below average, suggesting room for improvement.

Industry Metrics
What is Grayscale Ethereum Mini Trust ETF's efficiency ratio?

Grayscale Ethereum Mini Trust ETF (ETH) has an efficiency ratio of 53.3%. This is excellent, indicating strong cost control.

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

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

See returns →