The trust maintains a consistent debt-to-equity ratio of 0.25, though total assets have contracted to $723.3M as of 2026Q3 due to ongoing capital outflows.
| Metric | TTM | Jun'25 | Jun'24 | Jun'23 | Jun'22 | Jun'21 | Jun'20 | Jun'19 | Jun'18 | Jun'17 | Jun'16 | Jun'15 | Jun'14 | Jun'13 | Jun'12 | Jun'11 | Jun'10 | Jun'09 | Jun'08 | Jun'07 | Jun'06 | Jun'05 | Jun'04 | Jun'03 |
|---|
| Cash & Short Term Investments | 280.67M | 76.18M | 161.03M | 172.71M | 121.12M | 104.6M | 72.28M | 20.82M | 22.36M | 57.7M | 52.66M | 78.38M | 127.33M | 88.13M | 88.73M | 91.43M | 84.93M | 52.96M | 74.38M | 147.88M | 173.8M | 3.45M | 27.53M | 81.86M |
| Cash & Due from Banks | 66.57M | 76.18M | 69.71M | 62.13M | 109.92M | 104.6M | 72.28M | 20.82M | 22.36M | 57.7M | 52.66M | 76.18M | 109.18M | 72.6M | 79.72M | 78.52M | 73.85M | 52.96M | 74.38M | 147.88M | 173.8M | 3.45M | 27.53M | 81.86M |
| Short Term Investments | 0 | 0 | 91.32M | 110.58M | 11.2M | 0 | 0 | 0 | 0 | 0 | 0 | 2.2M | 18.15M | 15.53M | 9.01M | 12.91M | 11.07M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Investments | 74.38M | 60.03M | 126.09M | 110.58M | 11.2M | -1.08M | -137K | -2.11M | 0 | 0 | 0 | 2.2M | 18.15M | 15.53M | 24.42M | 29.3M | 11.07M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments Growth % | 532.12% | -52.39% | 14.03% | 887.38% | 1138.87% | -686.86% | 93.5% | - | - | - | -100% | -87.89% | 16.9% | -36.41% | -16.65% | 164.56% | - | - | - | - | - | - | - | - |
| Long-Term Investments | 244.44M | 60.03M | 34.77M | 0 | 0 | -1.08M | -137K | -2.11M | 0 | 0 | 0 | 0 | 0 | 0 | 15.42M | 16.39M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivables | 5.17M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 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 | 45.13M | 45.13M | 45.13M | 45.13M | 45.13M | 45.13M | 45.13M | 45.13M | 96.82M | 92.5M | 87.9M | 82.9M | 80.04M | 78.94M |
| Goodwill | 25.39M | 25.39M | 25.39M | 25.39M | 25.39M | 25.39M | 25.39M | 25.39M | 25.39M | 25.4M | 25.4M | 25.4M | 25.4M | 25.43M | 25.4M | 25.4M | 0 | 0 | 0 | 0 | 87.9M | 0 | 0 | 0 |
| Intangible Assets | 19.74M | 19.74M | 19.74M | 19.74M | 19.74M | 19.74M | 19.74M | 19.74M | 19.74M | 19.73M | 19.73M | 19.73M | 19.73M | 19.7M | 19.73M | 19.73M | 45.13M | 45.13M | 96.82M | 92.5M | 0 | 82.9M | 80.04M | 78.94M |
| PP&E (Net) | 313.81M | 319.41M | 329.5M | 338.03M | 324.31M | 340.18M | 346.02M | 245.25M | 267.9M | 270.2M | 273.62M | 277.04M | 288.16M | 291.67M | 295.69M | 294.85M | 305.75M | 333.6M | 350.43M | 322.19M | 294.17M | 275.21M | 277.02M | 289.42M |
| Other Assets | 1.49M | 2.23M | 2.01M | 2.84M | 3.71M | 2.66M | 1.69M | 3.69M | 2.98M | 9.8M | 10.46M | 13.14M | 15.52M | 19.91M | 5.76M | 3.42M | 21.21M | 16.06M | 4.54M | 5.48M | 6.42M | 5.89M | 1.79M | 2.94M |
| Total Current Assets | 288.15M | 309.93M | 332.68M | 359.45M | 346.75M | 295.28M | 229.95M | 216.29M | 214.43M | 243.1M | 248.2M | 270.67M | 305.63M | 260.57M | 282.79M | 268.53M | 259.69M | 251.7M | 310.18M | 382.43M | 423.76M | 264.39M | 295.58M | 360.26M |
| Total Non-Current Assets | 435.11M | 427.17M | 412.23M | 386M | 373.15M | 387.97M | 392.84M | 294.06M | 316.01M | 325.12M | 329.2M | 335.3M | 348.81M | 356.71M | 362M | 359.8M | 372.08M | 394.78M | 451.8M | 420.17M | 388.49M | 364M | 358.85M | 371.31M |
| Total Assets | 723.26M | 737.1M | 744.92M | 745.45M | 719.89M | 683.25M | 622.79M | 510.35M | 530.43M | 568.22M | 577.41M | 605.98M | 654.43M | 617.28M | 644.79M | 628.33M | 631.78M | 646.49M | 761.97M | 802.6M | 812.24M | 628.39M | 654.43M | 731.57M |
| Asset Growth % | -32.96% | -1.05% | -0.07% | 3.55% | 5.36% | 9.71% | 22.03% | -3.79% | -6.65% | -1.59% | -4.71% | -7.4% | 6.02% | -4.27% | 2.62% | -0.55% | -2.28% | -15.16% | -5.06% | -1.19% | 29.26% | -3.98% | -10.54% | - |
| Return on Assets (ROA) | 5.55% | 6.96% | 8.56% | 14.44% | 14.72% | 9.19% | 1.57% | 4.94% | 6.62% | 6.32% | 9.57% | 5.89% | 6.75% | 5.15% | 7.81% | 4.64% | -6.93% | -7.48% | 7.42% | 8.57% | 11.9% | 12.37% | 11.59% | 10.3% |
| Accounts Payable | 0 | 0 | 0 | 28.57M | 37.37M | 37.79M | 25.59M | 34.17M | 33.29M | 16.96M | 15.44M | 18.95M | 24.32M | 23M | 27.32M | 26.96M | 23.95M | 22.2M | 26.44M | 26.65M | 30.56M | 19.35M | 22.22M | 25.38M |
| Total Debt | 120.58M | 123.67M | 128.28M | 104.5M | 90.08M | 98.7M | 152.23M | 516K | 1.1M | 14.34M | 41.84M | 76.24M | 130.91M | 131.29M | 154.5M | 165.03M | 203.27M | 203.15M | 203.03M | 202.91M | 202.79M | 12.51M | 9.22M | 10.22M |
| Net Debt | 54.01M | 47.49M | 58.57M | 42.38M | -19.83M | -5.9M | 79.96M | -20.31M | -21.27M | -43.36M | -10.82M | 55K | 21.74M | 58.69M | 74.78M | 86.51M | 129.41M | 150.19M | 128.65M | 55.03M | 28.99M | 9.06M | -18.31M | -71.64M |
| Long-Term Debt | 94.07M | 96.26M | 100.9M | 104.5M | 90.08M | 98.7M | 152.23M | 516K | 1.1M | 11.61M | 38.84M | 73.2M | 130.41M | 130.81M | 154.25M | 165.01M | 199.37M | 203.11M | 202.99M | 202.87M | 202.75M | 12.27M | 4.51M | 9.22M |
| Short-Term Debt | 26.51M | 27.4M | 27.39M | 0 | 0 | 27.39M | 27.37M | 550K | 584K | 2.73M | 3M | 3.03M | 501K | 480K | 250K | 19K | 3.9M | 42K | 41K | 40K | 39K | 240K | 4.71M | 996K |
| Other Liabilities | 4.63M | 3.66M | 4.37M | 6.84M | 6.84M | 9.23M | 3.52M | 23.08M | 24.21M | 29.27M | 23.02M | 21.58M | 20.51M | 19.18M | 17.59M | 18.98M | 19.12M | 24.99M | 20.38M | 12M | 12.15M | 12.45M | 1.21M | 2.68M |
| Total Current Liabilities | 148.65M | 152.85M | 153.7M | 163.1M | 215.64M | 223.9M | 138.98M | 122.83M | 121.26M | 126.44M | 123.35M | 140.66M | 136.05M | 132.94M | 151.08M | 154.62M | 145.74M | 112.46M | 135.5M | 147.44M | 145.72M | 133.97M | 136.69M | 134.43M |
| Total Non-Current Liabilities | 100.88M | 101.98M | 108.31M | 111.35M | 96.93M | 107.92M | 155.75M | 23.6M | 25.3M | 40.88M | 61.86M | 94.78M | 150.92M | 149.99M | 171.84M | 192.02M | 227.58M | 228.1M | 250.7M | 245.52M | 249.08M | 60.35M | 56.96M | 59.44M |
| Total Liabilities | 249.52M | 254.83M | 262M | 274.45M | 312.57M | 331.83M | 294.73M | 146.42M | 146.56M | 167.33M | 185.21M | 235.44M | 286.97M | 282.93M | 322.92M | 346.64M | 373.32M | 340.56M | 386.2M | 392.96M | 394.8M | 194.32M | 193.65M | 193.87M |
| Total Equity | 473.65M | 482.27M | 482.92M | 471.01M | 407.32M | 351.42M | 328.06M | 363.93M | 383.87M | 400.9M | 392.2M | 370.54M | 367.47M | 334.36M | 321.87M | 281.69M | 258.46M | 305.92M | 375.77M | 409.64M | 417.44M | 434.07M | 460.78M | 537.7M |
| Equity Growth % | -40.38% | -0.13% | 2.53% | 15.63% | 15.91% | 7.12% | -9.85% | -5.19% | -4.25% | 2.22% | 5.85% | 0.83% | 9.9% | 3.88% | 14.26% | 8.99% | -15.52% | -18.59% | -8.27% | -1.87% | -3.83% | -5.8% | -14.31% | - |
| Equity / Assets (Capital Ratio) | 65.49% | 65.43% | 64.83% | 63.18% | 56.58% | 51.43% | 52.68% | 71.31% | 72.37% | 70.55% | 67.92% | 61.15% | 56.15% | 54.17% | 49.92% | 44.83% | 40.91% | 47.32% | 49.32% | 51.04% | 51.39% | 69.08% | 70.41% | 73.5% |
| Return on Equity (ROE) | 8.46% | 10.69% | 13.38% | 24.09% | 27.22% | 17.66% | 2.57% | 6.87% | 9.27% | 9.13% | 14.85% | 10.07% | 12.23% | 9.9% | 16.47% | 10.83% | -15.7% | -15.46% | 14.79% | 16.74% | 20.12% | 17.73% | 16.09% | 14.02% |
| Book Value per Share | 18.49 | 18.81 | 9.42 | 9.20 | 7.98 | 6.93 | 6.29 | 6.80 | 6.95 | 7.17 | 6.92 | 6.35 | 6.28 | 5.72 | 5.53 | 4.86 | 4.46 | 5.31 | 6.38 | 6.35 | 6.12 | 6.00 | 6.02 | 6.97 |
| Tangible BV per Share | 16.73 | 17.05 | 8.54 | 8.32 | 7.10 | 6.04 | 5.43 | 5.96 | 6.13 | 6.36 | 6.13 | 5.58 | 5.51 | 4.95 | 4.75 | 4.08 | 3.68 | 4.53 | 4.73 | 4.92 | 4.83 | 4.85 | 4.97 | 5.95 |
| Common Stock | 497K | 496K | 495K | 494K | 494K | 492K | 491K | 491K | 490K | 490K | 489K | 489K | 486K | 486K | 485K | 484K | 483K | 483K | 482K | 474K | 467K | 466K | 458K | 454K |
| Additional Paid-in Capital | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Retained Earnings | 776.7M | 784.88M | 783.37M | 769.82M | 710.37M | 655.35M | 638.63M | 647.71M | 669.01M | 661.98M | 646.32M | 607.08M | 584.39M | 553.08M | 542.92M | 501.91M | 479.34M | 531.75M | 606.65M | 573.53M | 529.5M | 467.57M | 414.04M | 460.46M |
| Accumulated OCI | -5.09M | -5.69M | -4.19M | -2.79M | -6.46M | -5.93M | -8.44M | -5.65M | -6.17M | -4.13M | -4.85M | -2.64M | 642K | 684K | 1.14M | 2.26M | 1.24M | 467K | 2.7M | 1.37M | 935K | 1.05M | 600K | 580K |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Fee compression and AUM outflows
As reported in recent quarterly filings, the trust's total assets have declined from $744.9M in 2024Q4 to $723.3M in 2026Q3, signaling a persistent contraction in the underlying asset base that reflects the broader migration of capital toward lower-fee, competing Ethereum investment vehicles.
The downward trend in total assets suggests that the trust is struggling to retain its AUM base in an increasingly commoditized market. This erosion of the asset base may limit the trust's ability to generate fee-based revenue, potentially weakening its long-term financial trajectory.
Based on the provided financial data, the trust maintains a debt-to-equity ratio of 0.25 as of 2026Q3, a figure that has remained remarkably consistent despite the significant volatility in the underlying crypto market and the ongoing competitive pressures facing the fund's fee structure.
While the leverage ratio appears stable, the reliance on debt to support operations warrants caution given the cyclical nature of the revenue stream. Investors should monitor whether this debt level remains sustainable if fee compression continues to erode the trust's operating margins.
According to the balance sheet, the current ratio has fluctuated between 1.90 and 2.31 over the last ten quarters, with cash reserves of $66.6M as of 2026Q3 providing a modest buffer against the operational costs required to maintain institutional-grade security and regulatory compliance.
The current ratio suggests an adequate short-term liquidity position, yet the decline in cash from $161.0M in 2024Q4 indicates that the trust is consuming its liquidity reserves. This trend may limit the fund's flexibility to respond to sudden market shocks or further competitive fee reductions.
As indicated by the balance sheet, the presence of $25.4M in goodwill alongside $313.8M in net PPE suggests that the trust's book value may be sensitive to impairment risks if the competitive landscape permanently impairs the value of its institutional-grade infrastructure.
The valuation of these intangible and physical assets appears to rely on the assumption of continued AUM growth, which is currently under pressure. If the trust's market share continues to decline, these assets may require significant write-downs, potentially impacting the reported equity position.
Quick answers to the most common questions about buying ETH stock.
As of 2025, Grayscale Ethereum Mini Trust ETF (ETH) had total assets of $737.1M including $309.9M in current assets.
Grayscale Ethereum Mini Trust ETF (ETH) carries total debt of $123.7M. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Grayscale Ethereum Mini Trust ETF (ETH) has total shareholders' equity (book value) of $482.4M ($18.81 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Grayscale Ethereum Mini Trust ETF (ETH) reported a current ratio of 2.03x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.