Mon, May 12, 3:26 PM (40 days ago)
**Bitwise Ethereum ETF (ETHW) Q1 2025 Financial Summary** **Financial Health and Performance:** - **Revenue and Profit Margins:** The Trust's sole asset is ether, with a significant decrease in value from $404,529,000 to $173,794,000 due to market depreciation. - **Cash Flow:** The Trust does not hold cash except for operational needs, with cash flows primarily from ether sales and share transactions. - **Earnings Changes:** Net investment loss of $149,835,000, driven by ether price depreciation from $3,340.40 to $1,827.33. - **Net Assets:** Decreased to $173,762,000, with a 45.33% decrease in NAV per share. **Quarterly Performance Discussion:** - **Revenue:** No investment income; expenses include a $136,000 sponsor fee. - **Profit Margins:** Negative due to ether price depreciation. - **Cash Flow:** Negative $149,928,000 from operations, offset by $80,839,000 from capital share transactions. - **Earnings:** Significant loss due to ether price volatility. **Trends and Uncertainties:** - **Market Volatility:** Extreme volatility in ether prices, with a significant depreciation impacting net assets. - **Regulatory Risks:** Potential regulatory changes affecting crypto assets and blockchain technologies. - **Operational Risks:** Dependence on service providers and market conditions. **Future Operations Impact:** - **Liquidity:** The Trust relies on ether sales for liquidity, with no significant cash holdings. - **Expenses:** Sponsor fee is the primary expense, with potential extraordinary costs not covered by the sponsor. - **Market Conditions:** Future performance will depend on ether price movements and market demand. **Ticker:** ETHW **Full Name:** Bitwise Ethereum ETF **Note:** Amounts are in thousands, 000s.