Grayscale Ethereum Mini Trust (ETH) Revenue History
Annual and quarterly revenue from 2014 to 2025
Compound Annual Growth Rate (CAGR)
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ETH Revenue Growth
Revenue Breakdown (FY 2025)
ETH's revenue distribution by segment and geography for fiscal year 2025
By Product/Segment
By Geography
ETH Revenue Analysis (2014–2025)
As of May 8, 2026, Grayscale Ethereum Mini Trust (ETH) generated trailing twelve-month (TTM) revenue of $607.3 million, reflecting slight decline in growth of -4.8% year-over-year. The most recent quarter (Q1 2026) recorded $147.0 million in revenue, down 8.3% sequentially.
Looking at the longer-term picture, ETH's 5-year compound annual growth rate (CAGR) stands at +0.8%, indicating moderate growth over time. The company achieved its highest annual revenue of $817.8 million in 2022.
Revenue diversification analysis shows ETH's business is primarily driven by Upholstery Furniture (49%), Case Goods Furniture (29%), and Accent (19%).
When compared to Financial Services sector peers including COIN, MSTR (+6.8% YoY), and MARA, ETH has underperformed the peer group in terms of 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 | $607M | -4.8% | +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 | +68.0% | +138.0% | 41.6% |
ETH Historical Revenue Data (2014–2025)
| 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% |
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Start ComparisonETH — 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 slowed to -4.8%, below the 5-year CAGR of +0.8%. TTM revenue is $607M. The deceleration marks a shift from historical growth rates.
What is ETH's long-term revenue growth rate?
Grayscale Ethereum Mini Trust's 5-year revenue CAGR of +0.8% reflects the variable expansion pattern. Current YoY growth of -4.8% is near this long-term average.
How is ETH's revenue distributed by segment?
ETH reports revenue by product line and geographic region. Annual and quarterly breakdowns from 2014-2025 are available for download. Segment mix reveals concentration and diversification trends.