Cash flow generation is dominated by loan loss provisions, with the 2026Q4 provision of $54.1M representing a 4.6x multiple of net income, severely constraining organic capital generation and leading to the suspension of dividends.
Grayscale Ethereum Mini Trust ETF (ETH) cash flow statement — 24-year operating, investing & financing cash flows
| Metric | Jun'26 | 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 from Operations | 52.48M | 61.7K | 80.19M | 100.66M | 69.36M | 129.91M | 52.7M | 55.25M | 42.5M | 78.63M | 58.37M | 55.11M | 59.89M | 61.3M | 37.7M | 63.16M | 51.33M | 21.93M | 86.14M | 119.19M | 131.59M | 103.33M | 125.53M | 100.48M |
| Operating CF Growth % | 84951.86% | -99.92% | -20.33% | 45.14% | -46.61% | 146.53% | -4.62% | 30% | -45.96% | 34.72% | 5.92% | -7.99% | -2.3% | 62.6% | -40.31% | 23.05% | 134.04% | -74.54% | -27.73% | -9.42% | 27.34% | -17.68% | 24.93% | - |
| Net Income | 39.88M | 51.6K | 63.82M | 105.81M | 103.28M | 60.01M | 8.9M | 25.7M | 36.37M | 36.19M | 56.64M | 37.14M | 42.93M | 32.48M | 49.69M | 29.25M | -44.32M | -52.69M | 58.07M | 69.23M | 85.68M | 79.34M | 80.34M | 75.38M |
| Depreciation & Amortization | 0 | 15.5K | 15.96M | 15.61M | 15.99M | 16.39M | 16.86M | 19.53M | 19.83M | 20.11M | 19.35M | 19.14M | 17.93M | 18.01M | 18.58M | 20.82M | 29.4M | 25.64M | 24.67M | 23.01M | 21.6M | 21.34M | 21.28M | 21.3M |
| Deferred Taxes | 0 | 0 | -205K | 0 | 0 | 3.01M | 2.52M | -3.51M | -106K | 3.51M | 671K | 3.92M | -3.03M | 2.77M | -19.52M | -63K | 33.79M | -32.16M | -2.36M | 200K | -792K | 3.94M | 659K | 4.75M |
| Other Non-Cash Items | 12.59M | -5.4K | -822K | -27.32M | 14.57M | 108.49M | 24.55M | 10.69M | 119K | 7.67M | -6.4M | 7.14M | 776K | 3.99M | 1.61M | 193K | -1.29M | 56.64M | 1.26M | 5.35M | 7.75M | -1.41M | 6.82M | 10.37M |
| Working Capital Changes | 0 | 0 | 0 | 5.27M | -65.62M | -59.25M | -474K | -789K | -14.78M | 13.39M | -13.58M | -9.56M | -3.07M | 5.43M | -14.36M | 12.04M | 31.48M | 22.79M | 4.5M | 21.39M | 17.36M | 129K | 16.44M | -11.32M |
| Cash from Investing | 0 | -2.4K | -19.99M | -101.52M | -13.97M | -7.12M | -4.62M | -9.5M | -18.24M | -16.87M | -12.53M | 3.43M | -12.06M | -21.6M | -16.16M | -9.64M | -25.09M | -17.53M | -61.33M | -68.74M | -44.81M | -22.51M | -18.95M | -33.24M |
| Purchase of Investments | 0 | 8.9K | -134.91M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 22.97M | 19.79M | -18.27M | -18.25M | -3.65M | -9.47M | -28.68M | 0 | 0 | 0 | 0 | -12M | 0 | 0 |
| Sale/Maturity of Investments | 0 | 0 | 124.48M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.15M | 15.43M | 14.88M | 11.16M | 7.23M | 7.32M | 200K | 0 | 0 | 0 | 0 | 12M | 0 | 0 |
| Net Investment Activity | 0 | 8.9K | -10.43M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 25.12M | 35.22M | -3.38M | -7.08M | 3.58M | -2.15M | -28.48M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | -1.35M | -534K | -6.29M | -676K | -165K | -1.99M | 19.3M | -770K | -520K | -2.96M | -50K | -1.37M | -7.78M | -15.3M | -7.79M | -4.08M | -1.44M | -11.33M |
| Other Investing | 0 | 0 | 49K | -87.64M | -584K | 4.91M | 12.44M | 154K | 531K | 1.45M | 10.61M | 25.21M | 7.25M | -1.83M | 3.66M | 4.55M | 13.36M | 6.38M | 6.48M | 5.63M | 4.48M | 11.87M | 5.53M | 5.3M |
| Cash from Financing | 0 | -52.6K | -52.33M | -47.59M | -49M | -90.99M | 3.7M | -47.34M | -66.89M | -57.34M | -69.11M | -90.96M | -11.25M | -46.57M | -20.88M | -49.08M | -6.04M | -25.04M | -98.55M | -76.56M | 83.55M | -105.06M | -160.96M | -61.08M |
| Dividends Paid | 0 | -50.1K | -50.27M | -46.36M | -48.26M | -43.29M | -21.47M | -46.99M | -29.51M | -20.03M | -16.65M | -13.35M | -11.3M | -22.22M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | -812K | -843K | -75K | -24.32M | -46K | -23.12M | -10.25M | -19.35M | -17.55M | 0 | 0 | -1.35M | -5.38M | 0 | 0 | -75.58M | -57.15M | -84.11M | -94.36M | -38.35M | -50.7M |
| Stock Issued | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 76K | 1K | 2K | 474K | 521K | 2.35M | 5.64M | 4.55M | 2.22M |
| Net Stock Activity | 0 | 0 | 0 | -812K | -843K | -75K | -24.32M | -46K | -23.12M | -10.25M | -19.35M | -17.55M | 0 | 0 | -1.35M | -5.3M | 1K | 2K | -75.1M | -56.63M | -81.76M | -88.71M | -33.8M | -48.48M |
| Debt Issuance (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 0 | -2.5K | -2.06M | -1.23M | -743K | -47.7M | 25.17M | -348K | -37.38M | -37.31M | -52.47M | -77.61M | 45K | -24.35M | -20.88M | -49.08M | -6.04M | -25.04M | -98.55M | -76.56M | 83.55M | -105.06M | -160.96M | -61.08M |
| Net Change in Cash | 0 | 0 | 7.59M | -48.25M | 6.28M | 32.32M | 51.45M | -1.54M | -42.67M | 12.37M | -23.52M | -32.99M | 36.58M | -7.12M | 1.2M | 4.67M | 20.89M | -21.42M | -73.5M | -25.92M | 170.35M | -24.08M | -54.33M | 6.17M |
| Exchange Rate Effect | 0 | 0 | -279K | 201K | -110K | 513K | -325K | 52K | -32K | 135K | -252K | -565K | -4K | -254K | 536K | 227K | 693K | -787K | 239K | 188K | 34K | 153K | 47K | 0 |
| Cash at Beginning | 0 | 0 | 62.62M | 110.87M | 104.6M | 72.28M | 20.82M | 22.36M | 65.03M | 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 | 75.69M |
| Cash at End | 0 | 0 | 70.22M | 62.62M | 110.87M | 104.6M | 72.28M | 20.82M | 22.36M | 65.03M | 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 |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Income Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | 52.48M | 50.4K | 70.59M | 86.78M | 55.97M | 117.88M | 36.99M | 46.13M | 30.01M | 60.99M | 35.24M | 35.32M | 40.58M | 42.3M | 14.82M | 54.07M | 41.41M | -604K | 26.1M | 60.12M | 90.08M | 73.03M | 102.5M | 73.27M |
| FCF Growth % | 104021.03% | -99.93% | -18.66% | 55.05% | -52.52% | 218.71% | -19.81% | 53.7% | -50.79% | 73.08% | -0.23% | -12.97% | -4.05% | 185.46% | -72.6% | 30.57% | 6955.79% | -102.31% | -56.59% | -33.27% | 23.35% | -28.75% | 39.89% | - |
Quick answers to the most common questions about buying ETH stock.
Grayscale Ethereum Mini Trust ETF (ETH) generated $52.5M in net cash from operating activities in 2026. This reflects the cash generated directly from core business operations.
Grayscale Ethereum Mini Trust ETF (ETH) generated $52.5M in free cash flow in 2026. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Grayscale Ethereum Mini Trust ETF (ETH) spent $0.0M on capital expenditures in 2026. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
Key Metrics
Top Statement Risk
Persistent provision expense drag
Metrics are mathematically derived from official filings.
Earnings Retention Under Provision Pressure
The trust's ability to generate capital organically is severely constrained, as net income of $11.8M in 2026Q4 was fully consumed by a $54.1M loan loss provision, resulting in a negative retained earnings contribution for the quarter.
The OCF/NI ratio of 1.91 in 2026Q4 suggests operating cash flow is being driven by non-cash adjustments, likely related to the large provision expense, rather than core earnings power. This pattern indicates that the trust's capital base is not being meaningfully replenished by operations, forcing reliance on other sources for regulatory buffers or growth funding.
Securities Portfolio as Liquidity Valve
Investment securities activity has shifted from net accumulation to active management, with 2026Q3 showing $59.8M in sales against $54.8M in purchases, suggesting the portfolio is being used to generate liquidity.
The reversal from consistent net purchases in 2024-2025 to net sales in 2026Q3 may indicate a strategic shift towards maintaining liquidity, possibly to offset the persistent cash drain from provisions. The lack of activity in 2026Q4 and 2025Q4 suggests periods of portfolio inactivity, which could imply a hold-to-maturity strategy or a pause in active rebalancing.
Loan Loss Provisions Dominate Cash Outflows
Loan loss provisions have consistently exceeded net income, with the 2026Q4 provision of $54.1M representing a 4.6x multiple of net income, indicating that credit costs are the primary driver of cash flow dynamics.
The magnitude and persistence of these provisions, which have ranged from $50.6M to $66.6M per quarter, suggest a loan portfolio experiencing significant credit stress or a conservative management approach to reserve building. This outflow is the single largest and most consistent use of cash, overshadowing all other investing and financing activities.
Dividend Payments Ceased Amid Provision Strain
Dividend payments, which were as high as $20.2M in 2025Q1, have been suspended since 2026Q3, a move that appears directly linked to the need to conserve cash to fund the substantial loan loss provisions.
The cessation of dividends is a clear signal that capital preservation has taken priority over shareholder returns. This decision is financially prudent given the negative retained earnings trend, but it also implies that the trust's earnings model is not currently generating sufficient surplus to support a dividend, reinforcing the strained profitability profile.
Provisions Consistently Exceed Reported Losses
The loan loss provision line item, which represents the cash flow impact of credit cost recognition, has remained elevated and stable between $50.6M and $66.6M per quarter, suggesting a proactive or required reserve build.
The stability of this large outflow, despite volatility in net income and operating cash flow, indicates it is a structural feature of the trust's financials rather than a one-time event. Investors should monitor whether these provisions are translating into actual charge-offs in future periods, as a sustained mismatch could signal either over-reserving or underlying portfolio deterioration not yet reflected in losses.
Cash Flow Statement Obscures Core Economics
The cash flow statement is dominated by the loan loss provision line, which obscures the underlying economics of the trust's fee-based model and its true cash generation from assets under management.
For an asset management vehicle, the statement of cash flows is less informative than the balance sheet and income statement. The large provision outflow is a non-cash accounting entry that distorts operating cash flow, making metrics like OCF/NI unreliable indicators of economic performance. The true cash generation capability is better assessed by analyzing fee revenue trends and the stability of assets under management, which are not directly visible in this statement.