Grayscale Ethereum Mini Trust ETF (ETH) quarterly cash flow statement — complete operating, investing & financing history
| Metric | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 | Q3'21 |
|---|
| Cash from Operations | 15.05M | 12.98M | 2.02M | 0 | 20.69M | 0 | 15.08M | 23.6M | 13.59M | 16.7M | 26.31M | 33.42M | 2.52M | 38.42M | 29.36M | 17.3M | 5.71M | 16.99M | 27.79M | 36.2M |
| Operating CF Margin % | 11.08% | 8.66% | 1.38% | - | 14.5% | - | 9.77% | 18.48% | 8.12% | 10.19% | 14.04% | 17.94% | 1.24% | 17.91% | 12.78% | 8.75% | 2.74% | 9.32% | 15.59% | 20.46% |
| Operating CF Growth % | -27.23% | - | -86.57% | -100% | - | -100% | -9.7% | -10.29% | 439.93% | -56.54% | -10.39% | 93.17% | -55.93% | 126.16% | 5.62% | -52.21% | -75.93% | -59.73% | 98.34% | 136.68% |
| Net Income | 5.93M | 11.74M | 10.45M | 6.25M | 35.31M | 2.03M | 14.72M | 6.06M | 17.41M | 14.94M | 25.41M | 22.36M | 28.17M | 29.88M | 31.52M | 24.71M | 26.89M | 20.15M | 18.16M | 15.61M |
| Depreciation & Amortization | 0 | -3.84M | 3.84M | -335.22M | 681.65M | 0 | 3.87M | 4.01M | 4.06M | 3.95M | 3.94M | 3.98M | 3.84M | 3.86M | 3.95M | 3.85M | 3.86M | 4.33M | 4.03M | 4.21M |
| Stock-Based Compensation | 0 | -293K | 293K | 0 | 0 | 0 | 375K | 586K | 364K | 357K | 143K | 382K | 495K | 268K | 356K | 157K | 349K | 277K | 269K | 288K |
| Deferred Taxes | 0 | -129K | 129K | 0 | 0 | 0 | -213K | -205K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3.64M | 82K |
| Other Non-Cash Items | 9.12M | 5.5M | -12.69M | 328.96M | -696.27M | -2.03M | -3.67M | 10.2M | -13.12M | 9.11M | -7.01M | 13.62M | -26.15M | -7.77M | -14.82M | 23.47M | -10.51M | 16.44M | 25.18M | 36.16M |
| Working Capital Changes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.94M | 4.88M | -11.65M | 3.83M | -6.91M | -3.83M | 12.19M | 8.36M | -34.89M | -14.89M | -24.2M | -19.84M | -20.07M |
| Change in Receivables | 0 | -374K | 374K | 0 | 0 | 0 | -89K | -4.17M | 4.22M | 524K | 4.24M | -5.12M | -2.09M | 8.41M | -5.47M | -4.05M | 447K | 1.08M | 2.55M | -2.59M |
| Change in Inventory | 0 | -972K | 972K | 0 | 0 | 0 | -1.29M | -3.56M | 8.68M | -1.39M | 2.46M | 8.22M | 7.78M | 8.85M | 6.18M | -18.14M | -5.82M | -14.76M | -8.54M | -8.94M |
| Change in Payables | 0 | -2.12M | 2.12M | 0 | 0 | 0 | -370K | -1.73M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -10.91M | -10.14M |
| Cash from Investing | -2.04M | 1.1M | -1.1M | 0 | 0 | 0 | -2.78M | 311K | -6.36M | 1.99M | -15.93M | -41.77M | -10.29M | -33.52M | -6.03M | -12.41M | 6M | -1.53M | -1.69M | -776K |
| Capital Expenditures | -8.26M | 2.4M | -2.4M | 0 | 0 | 0 | -3.59M | -1.16M | -1.54M | -3.7M | -3.21M | -2.21M | -5.29M | -3.18M | -4.36M | -5.3M | -2.2M | -1.53M | -1.69M | -4.46M |
| CapEx % of Revenue | 6.08% | 1.6% | 1.64% | - | - | - | 2.33% | 0.91% | 0.92% | 2.26% | 1.71% | 1.18% | 2.61% | 1.48% | 1.9% | 2.68% | 1.06% | 0.84% | 0.95% | 2.52% |
| Acquisitions | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Investments | 74.38M | 39.99M | 70.05M | 60.03M | 10.04M | 45.09M | 127.16M | 126.09M | 112.74M | 106.28M | 110.58M | 95.17M | 55.03M | 49.57M | 11.2M | 9.53M | 0 | 0 | -1.08M | -1.75M |
| Other Investing | 1.23M | -1.35M | 1.35M | 0 | 0 | 0 | 0 | 11.9M | -4.82M | 5.69M | -12.72M | -39.57M | -5M | -30.35M | -1.68M | -7.11M | 8.21M | 0 | 0 | 3.69M |
| Cash from Financing | -10.07M | -10.07M | -18.3M | 0 | -20.69M | 0 | -22.48M | -9.87M | -9.31M | -23.85M | -9.3M | -16.41M | -95K | -21.78M | -8.24M | -15.13M | 653K | -26.28M | -30.59M | -6.46M |
| Debt Issued (Net) | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Equity Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | -3.58M | -16.36M | -16.36M | 0 | 0 | 0 | -20.18M | -9.98M | -9.19M | -21.93M | -9.17M | -16.3M | 0 | -20.88M | -8.14M | -14.74M | 0 | -25.37M | -31.68M | -6.32M |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.1M | 0 | -2.1M | 0 | -47K | 0 | -765K | 0 | -65K | 0 | -778K | 1K | -76K |
| Other Financing | -6.48M | 6.3M | -1.94M | 0 | -20.69M | 0 | -2.29M | 110K | -123K | -1.92M | -130K | -111K | -95K | -898K | -102K | -384K | 653K | -910K | 1.09M | -134K |
| Net Change in Cash | 2.15M | -9.86M | -2.52M | 0 | 0 | 0 | -10.38M | 14.78M | -1.94M | -5.25M | 1.25M | -24.62M | -7.72M | -17.15M | 14.93M | -10.11M | 12.39M | -10.93M | -4.36M | 28.92M |
| Free Cash Flow | 6.8M | 15.38M | -379K | 0 | 20.69M | 0 | 11.49M | 22.44M | 12.05M | 13M | 23.1M | 31.21M | -2.78M | 35.24M | 25M | 12M | 3.51M | 15.46M | 26.11M | 31.74M |
| FCF Margin % | 5% | 10.26% | -0.26% | - | 14.5% | - | 7.45% | 17.58% | 7.2% | 7.93% | 12.33% | 16.75% | -1.37% | 16.43% | 10.88% | 6.07% | 1.69% | 8.48% | 14.64% | 17.93% |
| FCF Growth % | -67.14% | - | -103.3% | -100% | - | -100% | -11.63% | -2.86% | 533.78% | -63.1% | -7.6% | 160.13% | -179.09% | 127.96% | -4.24% | -62.19% | -82.7% | -61.11% | 142.61% | 193.16% |
| FCF per Share | 0.27 | 0.60 | -0.01 | - | 0.40 | - | 0.22 | 0.44 | 0.23 | 0.25 | 0.45 | 0.61 | -0.05 | 0.69 | 0.49 | 0.23 | 0.07 | 0.30 | 0.51 | 0.62 |
| FCF Conversion (FCF/Net Income) | 2.54x | 1.11x | 0.19x | - | 2.15x | - | 1.02x | 3.89x | 0.78x | 1.12x | 1.04x | 1.49x | 0.09x | 1.29x | 0.93x | 0.70x | 0.21x | 0.84x | 1.53x | 2.32x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |