VanEck Ethereum ETF Files 10-Q for Q2 2024

TL;DR

**VanEck Ethereum ETF filed its Q2 10-Q. All systems go.**

AI Summary

VanEck Ethereum ETF filed its 10-Q report for the period ending June 30, 2024. The ETF, previously known as VanEck Ethereum Trust, is incorporated in Delaware and has its fiscal year end on December 31. The filing details its financial status and operations as a quarterly report under the Securities Exchange Act of 1934.

Why It Matters

This filing provides investors and the public with an update on the financial health and operational status of the VanEck Ethereum ETF, crucial for understanding its performance and risks.

Risk Assessment

Risk Level: low — This is a routine quarterly filing for an established ETF, not indicating any immediate or unusual risks.

Key Numbers

• 001-42141 — Commission file number (Identifies the ETF's registration with the SEC)
• 86-6752793 — IRS Employer Identification No. (Tax identification number for the ETF)

Key Players & Entities

• VanEck Ethereum ETF (company) — Registrant
• VanEck Ethereum Trust (company) — Former company name
• June 30, 2024 (date) — Quarterly period end date
• 20240903 (date) — Filing date
• Delaware (jurisdiction) — State of incorporation

FAQ

Key Financial Figures

• $1.5 billion — ssets. If the Trust's net assets exceed $1.5 billion prior to July 22, 2025, the Sponsor Fee
• $100,000 — , 2024 The Trust's NAV increased from $100,000 at May 20, 2024 (date of Seeding) to $1
• $10,234,617 — 00 at May 20, 2024 (date of Seeding) to $10,234,617 at June 30, 2024, a 10,135% increase. T
• $3,414 — f ETH, which grew approximately 2% from $3,414 at June 25, 2024 (date of initial ether
• $3,494 — 4 (date of initial ether investment) to $3,494 at June 30, 2024. The 2% increase in t

Filing Documents

• c109908_10q-ixbrl.htm (10-Q) — 188KB
• c109908_ex31-1.htm (EX-31.1) — 8KB
• c109908_ex31-2.htm (EX-31.2) — 8KB
• c109908_ex32-1.htm (EX-32.1) — 4KB
• c109908_ex32-2.htm (EX-32.2) — 5KB
• 0000930413-24-002715.txt ( ) — 1464KB
• ethv-20240630.xsd (EX-101.SCH) — 26KB
• ethv-20240630_cal.xml (EX-101.CAL) — 7KB
• ethv-20240630_def.xml (EX-101.DEF) — 68KB
• ethv-20240630_lab.xml (EX-101.LAB) — 146KB
• ethv-20240630_pre.xml (EX-101.PRE) — 74KB
• c109908_10q-ixbrl_htm.xml (XML) — 144KB

FINANCIAL INFORMATION

Part I. FINANCIAL INFORMATION. 1

Unaudited Financial Statements

Item 1. Unaudited Financial Statements. 1

Management's Discussion and Analysis of Financial Condition and Results of

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations. 10

Quantitative and Qualitative Disclosure About Market Risk

Item 3. Quantitative and Qualitative Disclosure About Market Risk. 11

Controls and Procedures

Item 4. Controls and Procedures. 11

OTHER INFORMATION

Part II. OTHER INFORMATION. 12

Legal Proceedings

Item 1. Legal Proceedings. 12

Risk Factors

Item 1A. Risk Factors. 12

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds. 12

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities. 12

Mine Safety Disclosures

Item 4. Mine Safety Disclosures. 12

Other Information

Item 5. Other Information. 12

Exhibits

Item 6. Exhibits. 12 SIGNATURES. 14

FINANCIAL INFORMATION

Part I. FINANCIAL INFORMATION.

Unaudited Financial Statements

Item 1. Unaudited Financial Statements. VANECK ETHEREUM ETF Assets and Liabilities (a) June 30, 2024 (Unaudited) Assets Investment in ether, at fair value (cost $ 10,000,000 ) $ 10,234,617 Total assets 10,234,617 Liabilities Total liabilities — Net assets $ 10,234,617 Shares issued and outstanding (no par value, unlimited amount authorized) 200,000 Net Asset Value per Share (Note 2) $ 51.17 (a) No comparative financial statements have been provided as the Trust did not have any operations as of December 31, 2023. The accompanying notes are an integral part of these financial statements. 1 VANECK ETHEREUM ETF Operations (a) For the Period May 20, 2024 (Date of Seeding) to June 30, 2024 (Unaudited) Expenses Total expenses $ — Net investment income (loss) — Net realized gain (loss) and change in unrealized appreciation (depreciation) Net realized gain (loss) on: Ether sold for redemption of shares — Net realized gain — Net change in unrealized appreciation (depreciation) 234,617 Net realized gain (loss) and change in unrealized appreciation (depreciation) 234,617 Net increase in net assets resulting from operations $ 234,617 (a) No comparative financial statements have been provided as the Trust did not have any operations as of June 30, 2023. The accompanying notes are an integral part of these financial statements. 2 VANECK ETHEREUM ETF Changes in Net Assets (a) For the Period May 20, 2024 (Date of Seeding) to June 30, 2024 (Unaudited) Net increase (decrease) from investment operations Net investment income (loss) $ — Net realized gain (loss) from investment in ether — Change in net unrealized appreciation (depreciation) from investments in ether 234,617 Net increase in net assets resulting from operations 234,617 Capital share transactions Contributions for shares issued 10,100,000 Withdrawals for shares redeemed ( 100,000 ) T

Management's Discussion and Analysis of Financial

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations. This information should be read in conjunction with the financial that relate to future events or future performance. In some cases, such forward-looking statements can be identified by terminology such as "may," "will," "should," "could," "expect," "plan," "anticipate," "believe," "estimate," "predict," "potential" or the negative of these terms or other comparable terminology. All statements (other than statements of historical fact) included in this report that address activities, events or developments that may occur in the future, including such matters as changes in commodity prices and market conditions (for ETH and the Shares), the operations of the Trust, the plans of the Sponsor and references to the Trust's future success and other similar matters are forward-looking statements. These statements are only predictions. Actual events or results may differ materially. These statements are based upon certain assumptions and analyses made by the Sponsor on the basis of its perception of historical trends, current conditions and expected future developments, as well as other factors it believes are appropriate in the circumstances. Whether or not actual results and developments will conform to the Sponsor's expectations and predictions is subject to a number of risks and uncertainties, including the special considerations discussed in this report, general economic, market and business conditions, changes in laws or regulations, including those concerning taxes, made by governmental authorities or regulatory bodies, and other world economic and political developments. Consequently, all the forward-looking statements made in this report are qualified by these cautionary statements, and there can be no assurance that the actual results

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View this 10-Q filing on SEC EDGAR