Fidelity Ethereum Fund Q3 2024 Update

TL;DR

**Fidelity Ethereum Fund holds $161.5K in Ether as of 9/30/24. Net assets match.**

AI Summary

Fidelity Ethereum Fund filed its 10-Q for the period ending September 30, 2024. The fund reported a total investment in ether of $161,500 and total net assets of $161,500 as of September 30, 2024. The filing also details fair value inputs for its ether investments, categorized under Level 1, Level 2, and Level 3.

Why It Matters

This filing provides insight into the holdings and valuation of the Fidelity Ethereum Fund, which is relevant for investors interested in cryptocurrency-based investment vehicles.

Risk Assessment

Risk Level: medium — The fund's value is directly tied to the volatile price of Ethereum, and it holds a relatively small amount, indicating a niche or early-stage investment.

Key Numbers

• $161.5K — Total Investment in Ether (As of September 30, 2024)
• $161.5K — Total Net Assets (As of September 30, 2024)

Key Players & Entities

• Fidelity Ethereum Fund (company) — Filer of the 10-Q
• 2024-09-30 (date) — Reporting period end date
• $161,500 (dollar_amount) — Total investment in ether and total net assets

FAQ

Key Financial Figures

• $ — (unaudited) (Amounts in 000's of US$, except for share and per share data)
• $500 — abilities may reflect amounts less than $500. The accompanying notes are an integr

Filing Documents

• ck0002000046-20240930.htm (10-Q) — 477KB
• ck0002000046-ex31_1.htm (EX-31.1) — 16KB
• ck0002000046-ex31_2.htm (EX-31.2) — 16KB
• ck0002000046-ex32_1.htm (EX-32.1) — 10KB
• ck0002000046-ex32_2.htm (EX-32.2) — 11KB
• img158236775_0.jpg (GRAPHIC) — 175KB
• img158236775_1.jpg (GRAPHIC) — 152KB
• 0000950170-24-126257.txt ( ) — 3004KB
• ck0002000046-20240930.xsd (EX-101.SCH) — 306KB
• ck0002000046-20240930_htm.xml (XML) — 208KB

Financial Statements

Financial Statements 2 2 3 4 5 Schedule of Investment as of September 30, 2024 (unaudited) 6

Notes to Financial Statements (unaudited)

Notes to Financial Statements (unaudited) 7 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 13 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 17 Item 4.

Controls and Procedures

Controls and Procedures 17 PART II. OTHER INFORMATION 18 Item 1.

Legal Proceedings

Legal Proceedings 18 Item 1A.

Risk Factors

Risk Factors 18 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 18 Item 3. Defaults Upon Senior Securities 18 Item 4. Mine Safety Disclosures 18 Item 5. Other Information 18 Item 6. Exhibits 19

Signatures

Signatures 20 i CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q (this "Quarterly Report") contains "forward-looking statements" that generally relate to future events or future performance. In some cases, you can identify forward-looking statements by terminology such as "may," "will," "should," "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 Quarterly Report that address activities, events or developments that will or may occur in the future, including such matters as movements in the digital asset markets and indexes that track such movements, Fidelity Ethereum Fund's (the "Trust") operations, FD Funds Management LLC's (the "Sponsor") plans 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 the Sponsor has made based on its perception of historical trends, current conditions and expected future developments, as well as other factors appropriate in the circumstances. These statements are not guarantees of future performance and are subject to risks, uncertainties, and other factors, some of which are beyond our control and are difficult to predict, that could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements including, without limitation, the risks, uncertainties and other factors we identify in this Quarterly Report and in our filings with the Securities and Exchange Commission (the "SEC"). Whether or not actual results and developments will conform to the Sponsor's expectations and predictions, however, is subject to a number of risks and uncertainties, including the special conside

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements. Fidelity Ethereum Fund (unaudited) (Amounts in 000's of US$, except for share and per share data) September 30, 2024 Assets Investment in ether, at fair value (cost $ 481,408 ) $ 424,493 Total Assets $ 424,493 Liabilities $ — Commitments and Contingencies (Note 6) Net Assets Shares, no par value (unlimited shares authorized) 16,150,000 shares issued and outstanding at September 30, 2024 $ — Paid-in-capital 483,504 Total distributable earnings (loss) ( 59,011 ) Total Net Assets $ 424,493 Net Asset Value per share ( 16,150,000 shares issued and outstanding as of September 30, 2024) $ 26.28 Values shown as $— in the Statement of Assets and Liabilities may reflect amounts less than $500. The accompanying notes are an integral part of these financial statements 2 Fidelity Ethereum Fund (unaudited) (Amounts in 000's of US$) Three Months Ended September 30, For the period May 24, 2024 (seeding date) through September 30, 2024 2024 Investment Income: Investment income $ — $ — Expenses: Sponsor fee 139 139 Total Expenses Before Waiver 139 139 Sponsor fee waived ( 139 ) ( 139 ) Net Expenses — — Net Investment Income (Loss) $ — $ — Net Realized and Change in Unrealized Gain (Loss) from: Net realized gain (loss) on investment in ether ( 2,096 ) ( 2,096 ) Net change in unrealized appreciation (depreciation) on investment in ether ( 56,532 ) ( 56,915 ) Net Realized and Change in Unrealized Gain (Loss) on Investment in ether $ ( 58,628 ) $ ( 59,011 ) Net Increase (Decrease) in Net Assets Resulting from Operations $ ( 58,628 ) $ ( 59,011 ) Values shown as $— in the Statements of Operations may reflect amounts less than $500. The accompanying notes are an integral part of these financial statements 3 F

View Full Filing

View this 10-Q filing on SEC EDGAR