Grayscale Ethereum Mini Trust ETF (ETH) Revenue History
Annual and quarterly revenue from 2003 to present
ETH Revenue Over Time (2003–2025)
ETH Revenue Growth History
10 of 22 years with positive growth- FY2003 revenue growth
- N/A
- FY2004 revenue growth
- +5.3%
- FY2005 revenue growth
- -0.6%
- FY2006 revenue growth
- +12.4%
- FY2007 revenue growth
- -5.7%
- FY2008 revenue growth
- -2.5%
- FY2009 revenue growth
- -31.2%
- FY2010 revenue growth
- -12.5%
- FY2011 revenue growth
- +15.1%
- FY2012 revenue growth
- +7.4%
- FY2013 revenue growth
- -0.0%
- FY2014 revenue growth
- +2.4%
- FY2015 revenue growth
- +1.1%
- FY2016 revenue growth
- +5.2%
- FY2017 revenue growth
- -3.9%
- FY2018 revenue growth
- +0.4%
- FY2019 revenue growth
- -2.6%
- FY2020 revenue growth
- -21.0%
- FY2021 revenue growth
- +16.2%
- FY2022 revenue growth
- +19.4%
- FY2023 revenue growth
- -3.2%
- FY2024 revenue growth
- -18.3%
- FY2025 revenue growth
- -4.9%
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $149.9M | — |
| Q1 2026 | $147.0M | — |
| Q4 2025 | $160.4M | — |
| Q3 2025 | $142.7M | — |
| Q2 2025 | $157.3M | — |
| Q1 2025 | $154.3M | — |
| Q4 2024 | $127.7M | — |
| Q2 2024 | $167.3M | — |
Multi-year avg. share of annual revenue by fiscal quarter
Revenue Breakdown (FY 2025)
ETH's revenue distribution by segment and geography for fiscal year 2025
By Product/Segment
By Geography
ETH Revenue Analysis (2003–2025)
Current Revenue & Growth
As of June 23, 2026, Grayscale Ethereum Mini Trust ETF (ETH) generated trailing twelve-month (TTM) revenue of $600.0 million, reflecting slight decline in growth of -4.7% year-over-year. The most recent quarter (Q2 2026) recorded $149.9 million in revenue, up 2.0% sequentially.
Historical Growth Trajectory
ETH's 5-year compound annual growth rate (CAGR) stands at +0.8%, indicating moderate growth over time. The 3-year CAGR of -9.1% is below the 5-year average, signalling a growth deceleration in recent years. Grayscale Ethereum Mini Trust ETF's highest annual revenue of $1.07 billion was recorded in 2006.
Revenue by Segment
ETH's revenue is primarily driven by Upholstery Furniture (49%), Case Goods Furniture (29%), and Accent (19%). The diversified mix across segments reduces dependence on any single product line, which can support more resilient revenue in downturns.
Peer Comparison
Compared to Financial Services sector peers — including COIN, MSTR (+6.8% YoY), and MARA — ETH has underperformed the peer group in revenue growth. Compare ETH vs COIN →
ETH Revenue vs Peers
Revenue metrics vs comparable public companies
| Company | TTM Revenue | YoY Growth | 5Y CAGR | Op. Margin | Compare |
|---|---|---|---|---|---|
| ETHCurrent | $600M | -4.7% | +0.8% | 10.1% | |
 COIN | $7.2B | - | - | 20.0% | |
 MSTR | $477M | +6.8% | -0.1% | -1140.8% | |
 MARA | $907M | - | - | -90.6% | |
 RIOT | $647M | - | - | -61.8% | |
 CLSK | $766M | +37.7% | +138.0% | 41.6% |
ETH Historical Revenue Data (2003–2025)
| Year | Revenue | YoY % | Gross Profit | Gross Margin | Op. Income | Op. Margin |
|---|---|---|---|---|---|---|
| 2025 | $614.6M | - | $372.1M | 60.5% | $62.0M | 10.1% |
| 2024 | $646.2M | - | $393.1M | 60.8% | $78.0M | 12.1% |
| 2023 | $791.4M | - | $480.4M | 60.7% | $133.5M | 16.9% |
| 2022 | $817.8M | - | $484.7M | 59.3% | $133.8M | 16.4% |
| 2021 | $685.2M | - | $393.1M | 57.4% | $79.7M | 11.6% |
| 2020 | $589.8M | - | $323.1M | 54.8% | $11.6M | 2.0% |
| 2019 | $746.7M | - | $409.5M | 54.8% | $52.6M | 7.0% |
| 2018 | $766.8M | - | $416.0M | 54.2% | $48.9M | 6.4% |
| 2017 | $763.4M | - | $419.7M | 55.0% | $58.0M | 7.6% |
| 2016 | $794.2M | - | $442.2M | 55.7% | $89.2M | 11.2% |
| 2015 | $754.6M | - | $411.2M | 54.5% | $65.9M | 8.7% |
| 2014 | $746.7M | - | $406.5M | 54.4% | $69.6M | 9.3% |
| 2013 | $729.1M | - | $398.3M | 54.6% | $60.4M | 8.3% |
| 2012 | $729.4M | - | $390.3M | 53.5% | $49.6M | 6.8% |
| 2011 | $679.0M | - | $349.5M | 51.5% | $33.1M | 4.9% |
Intrinsic Valuation
DCF models, multiple analysis, and analyst estimates.
Historical Returns
23+ years return with dividends reinvested.
DCA Calculator
See how regular investing compounds over time.
Peer Comparison
Compare growth, multiples, and margins vs sector.
ETH — Frequently Asked Questions
Quick answers to the most common questions about buying ETH stock.
Is ETH's revenue growth accelerating or slowing?
ETH revenue growth is slowing. TTM revenue is $600M, up -4.7% year-over-year — below the 5-year CAGR of +0.8%. The deceleration suggests maturing end-markets or increased competition.
What is ETH's revenue history from 2003 to 2026?
Grayscale Ethereum Mini Trust ETF (ETH) revenue history spans 2003 to 2026. TTM revenue as of 2026 is $600M, growing at -4.7% YoY. The 5-year CAGR is +0.8%. Complete annual and quarterly revenue figures are available on this page, including gross profit, operating income, and margin trends.
What is ETH's long-term revenue growth rate (CAGR)?
Grayscale Ethereum Mini Trust ETF's 5-year revenue CAGR of +0.8% reflects the variable nature of its business expansion. As of 2026, the current YoY growth rate of -4.7% is below this long-term average. CAGR is the most reliable measure of sustained revenue momentum for ETH.
Why does ETH's quarterly revenue fluctuate?
ETH quarterly revenue can fluctuate significantly between periods. A quarter-over-quarter (QoQ) change does not always indicate a trend; comparing the same quarter year-over-year (YoY) is a more reliable signal for underlying growth. Grayscale Ethereum Mini Trust ETF's revenue data from 2003 to 2026 shows full historical quarterly detail on this page.
How is ETH's revenue distributed by segment?
ETH reports revenue broken down by product line and geographic region. The segment breakdown on this page shows which business units contribute the most to total revenue as of the latest fiscal year. Concentration in a single segment above 50% indicates category dependence, while a diversified mix signals more resilient revenue streams.
How does ETH's revenue compare to industry peers?
Grayscale Ethereum Mini Trust ETF (ETH) with TTM revenue of $600M and -4.7% YoY growth can be benchmarked against sector peers using the comparison table on this page. Revenue growth relative to peers indicates market share gains or losses. The peer section shows TTM revenue, YoY growth, and operating margin for direct comparisons.