Grayscale Ethereum Trust Files 10-K, Details Operations & Risks
Ticker: ETHE · Form: 10-K · Filed: 2024-02-23T00:00:00.000Z
Sentiment: neutral
Topics: earnings, crypto, regulatory-filing
TL;DR
**Grayscale Ethereum Trust's 10-K is out, showing its 2023 financials and ongoing crypto market risks.**
AI Summary
Grayscale Ethereum Trust (ETH) filed its 10-K on February 23, 2024, for the fiscal year ending December 31, 2023. The filing details the Trust's operations and financial position, including its relationship with its sponsor, Grayscale Investments, LLC, and its parent company, Digital Currency Group, Inc. The Trust also noted a subsequent event on February 19, 2024, and mentioned its transition to Ethereum Proof-of-Work on September 15, 2022.
Why It Matters
This filing provides transparency into the financial health and operational structure of a major Ethereum investment vehicle, impacting investors' understanding of their exposure to the cryptocurrency market.
Risk Assessment
Risk Level: high — The Trust's value is directly tied to the volatile price of Ethereum, and it faces regulatory uncertainties and operational risks inherent in the cryptocurrency market.
Key Players & Entities
- Grayscale Ethereum Trust (ETH) (company) — filer of the 10-K
- Grayscale Investments, LLC (company) — sponsor of the Trust
- Digital Currency Group, Inc. (company) — parent company of the sponsor
- Coinbase Incorporation (company) — custodian for the Trust
- December 31, 2023 (date) — end of the reporting period
- February 23, 2024 (date) — filing date of the 10-K
- September 15, 2022 (date) — date of Ethereum Proof-of-Work transition
- February 19, 2024 (date) — date of a subsequent event
FAQ
What is the fiscal year end for Grayscale Ethereum Trust (ETH) as reported in this 10-K?
The fiscal year end for Grayscale Ethereum Trust (ETH) is December 31, 2023, as stated in the 'CONFORMED PERIOD OF REPORT: 20231231' section.
When was this 10-K filing submitted to the SEC?
This 10-K filing was submitted to the SEC on February 23, 2024, as indicated by 'FILED AS OF DATE: 20240223'.
What is the Central Index Key (CIK) for Grayscale Ethereum Trust (ETH)?
The Central Index Key (CIK) for Grayscale Ethereum Trust (ETH) is 0001725210, found under 'CENTRAL INDEX KEY: 0001725210'.
When did Grayscale Ethereum Trust (ETH) change its name from Ethereum Investment Trust?
Grayscale Ethereum Trust (ETH) changed its name from Ethereum Investment Trust on December 12, 2017, as per 'DATE OF NAME CHANGE: 20171212'.
What significant event related to Ethereum occurred on September 15, 2022, as mentioned in the filing?
On September 15, 2022, the Ethereum Proof-of-Work event occurred, as referenced by 'ethe:EthereumProofOfWorkMember 2022-09-15'.
From the Filing
0000950170-24-019125.txt : 20240223 0000950170-24-019125.hdr.sgml : 20240223 20240223085213 ACCESSION NUMBER: 0000950170-24-019125 CONFORMED SUBMISSION TYPE: 10-K PUBLIC DOCUMENT COUNT: 52 CONFORMED PERIOD OF REPORT: 20231231 FILED AS OF DATE: 20240223 DATE AS OF CHANGE: 20240223 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Grayscale Ethereum Trust (ETH) CENTRAL INDEX KEY: 0001725210 STANDARD INDUSTRIAL CLASSIFICATION: [6221] ORGANIZATION NAME: 09 Crypto Assets IRS NUMBER: 826677805 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-56193 FILM NUMBER: 24667358 BUSINESS ADDRESS: STREET 1: 290 HARBOR DRIVE STREET 2: 4TH FLOOR CITY: STAMFORD STATE: CT ZIP: 06902 BUSINESS PHONE: 212 668 1427 MAIL ADDRESS: STREET 1: 290 HARBOR DRIVE STREET 2: 4TH FLOOR CITY: STAMFORD STATE: CT ZIP: 06902 FORMER COMPANY: FORMER CONFORMED NAME: Ethereum Investment Trust DATE OF NAME CHANGE: 20171212 10-K 1 ethe-20231231.htm 10-K 10-K FY 0001725210 false 0001725210 2022-01-01 2022-03-31 0001725210 2022-04-01 2022-06-30 0001725210 2022-01-01 2022-12-31 0001725210 2021-01-01 2021-12-31 0001725210 us-gaap:SubsequentEventMember 2024-02-19 2024-02-19 0001725210 2023-07-01 2023-09-30 0001725210 2022-07-01 2022-09-30 0001725210 us-gaap:FairValueInputsLevel1Member 2022-12-31 0001725210 us-gaap:FairValueInputsLevel3Member 2022-12-31 0001725210 2020-12-17 2020-12-17 0001725210 ethe:NonSponsorPaidExpensesMember srt:MinimumMember 2023-01-01 2023-12-31 0001725210 ethe:SponsorMember 2021-01-01 2021-12-31 0001725210 us-gaap:FairValueInputsLevel2Member 2022-12-31 0001725210 ethe:EthereumProofOfWorkMember 2022-09-15 0001725210 srt:MaximumMember ethe:SponsorMember 2023-01-01 2023-12-31 0001725210 2020-12-31 0001725210 ethe:DigitalCurrencyGroupIncMember 2022-03-02 2023-12-31 0001725210 ethe:DigitalCurrencyGroupIncMember 2022-03-02 0001725210 ethe:SponsorParentMember ethe:CoinbaseIncorporationMember 2023-12-31 0001725210 ethe:SponsorMember 2022-01-01 2022-12-31 0001725210 2023-01-01 2023-12-31 0001725210 ethe:SponsorMember 2023-01-01 2023-12-31 0001725210 2023-04-01 2023-06-30 0001725210 2023-06-30 0001725210 ethe:InvestmentInEthereumMember 2023-12-31 0001725210 2021-12-31 0001725210 us-gaap:FairValueInputsLevel3Member 2023-12-31 0001725210 2022-12-31 0001725210 us-gaap:FairValueInputsLevel2Member 2023-12-31 0001725210 ethe:InvestmentInEthereumMember 2022-12-31 0001725210 ethe:EthereumProofOfWorkMember 2022-09-26 0001725210 2023-01-01 2023-03-31 0001725210 2023-12-31 0001725210 us-gaap:FairValueInputsLevel1Member 2023-12-31 0001725210 2022-10-01 2022-12-31 0001725210 us-gaap:SubsequentEventMember 2024-02-19 0001725210 2024-02-19 0001725210 2023-10-01 2023-12-31 0001725210 2020-12-14 2020-12-14 xbrli:pure iso4217:USD xbrli:shares ethe:Ethereum xbrli:shares ethe:Right iso4217:USD     UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31 , 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____ to ______   Commission File Number 000-56193 Grayscale Ethereum Trust (ETH) SPONSORED BY GRAYSCALE INVESTMENTS, LLC (Exact Name of Registrant as Specified in Its Charter)   Delaware 82-6677805 (State or Other Jurisdiction of Incorporation or Organization) (I.R.S. Employer Identification No.)     290 Harbor Drive, 4 th Floor Stamford , Connecticut 06902 (Address of Principal Executive Offices) (Zip Code)   ( 212 ) 668-1427 (Registrant’s telephone number, including area code) Securities registered pursuant to Section 12(g) of the Act:   Title of each class Trading Symbol(s) Name of each exchange on which registered Grayscale Ethereum Trust (ETH) Shares ETHE N/A Indicate by check mark if the registrant is a well-known seasoned issuer,