21Shares Core Ethereum ETF Releases Q1 2025 10-Q Report

The 21Shares Core Ethereum ETF, a Delaware statutory trust operating as an exchange-traded fund (ETF) under the ticker symbol 'CETH' on the Cboe BZX Exchange, has released its Form 10-Q report for the quarter ended March 31, 2025. The report provides insights into the Trust's financial and operational performance, highlighting key developments and future outlook.

Financial Highlights

The provided SEC filing 10-Q does not contain the specific financial metrics typically found in Part 1 Item 1 (Condensed Consolidated Statements of Income) and Part 1 Item 2 (Management’s Discussion and Analysis of Financial Condition and Results of Operations) such as Revenue, Gross Profit, Operating Income, Net Income, and Net Income Per Share. The document focuses on the financial position and operations of the 21Shares Core Ethereum ETF, which primarily involves investment in ether and related financial activities. Therefore, the requested financial metrics are not applicable or explicitly stated in this context.

Business Highlights

Trust Overview

The 21Shares Core Ethereum ETF is a Delaware statutory trust formed on September 5, 2023. It operates as an exchange-traded fund (ETF) that issues units of beneficial interest representing fractional undivided beneficial interests in its net assets, trading on the Cboe BZX Exchange under the ticker symbol 'CETH'.

Investment Objective

The Trust aims to track the performance of ether, as measured by the CME CF Ether-Dollar Reference Rate—New York Variant, adjusted for the Trust’s expenses and other liabilities. The Trust holds ether at its Custodians and values its Shares daily based on the Index.

Sponsor Fee Structure

The Trust pays a unitary Sponsor Fee of 0.21% of its ether holdings. The Sponsor agreed to waive this fee for a six-month period starting July 23, 2024, or until the Trust's assets reached $500 million, whichever came first. The waiver period ended on January 23, 2025.

Share Creation and Redemption

Shares are created and redeemed in Creation Baskets of 10,000 or multiples thereof, exchanged for cash. During the quarter ended March 31, 2025, 520,000 shares were created and 610,000 shares were redeemed.

Operational Performance

The Trust's net asset value decreased from $16,869,879 at December 31, 2024, to $8,403,421 at March 31, 2025. This was primarily due to a decrease in the price of ether from $3,340.57 to $1,827.55 during the same period.

Future Outlook

The Trust does not anticipate any material changes to its liquidity needs. It will continue to sell ether as needed to pay the Sponsor’s fee and cover any extraordinary expenses that may arise.

SEC Filing: 21Shares Core Ethereum ETF Releases Q1 2025 [ CBOE:CETH ] - 10-Q - May. 13, 2025