Grayscale Ethereum Trust (ETHE) 10-K 28 Feb 23 2022 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Feb. 23, 2023	Jun. 30, 2022
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Document Period End Date	Dec. 31, 2022
Document Annual Report	true
Document Transition Report	false
Current Fiscal Year End Date	--12-31
Entity Registrant Name	Grayscale® Ethereum Trust (ETH)
Entity Central Index Key	0001725210
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding			310,158,500
Entity Public Float				$ 2,106,284,805
Entity Shell Company	false
Entity Filer Category	Large Accelerated Filer
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity File Number	000-56193
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	82-6677805
Entity Address, Address Line One	290 Harbor Drive, 4th Floor
City Area Code	212
Local Phone Number	668-1427
Entity Address, City or Town	Stamford
Entity Address, Postal Zip Code	06902
Entity Address, State or Province	CT
Title of 12(g) Security	Grayscale Ethereum Trust (ETH) Shares
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
ICFR Auditor Attestation Flag	true
Documents Incorporated by Reference	DOCUMENTS INCORPORATED BY REFERENCE: None
Auditor Name	Marcum LLP	Friedman LLP
Auditor Location	East Hanover, New Jersey	East Hanover, New Jersey
Auditor Firm ID	688	711

STATEMENTS OF ASSETS AND LIABIL

STATEMENTS OF ASSETS AND LIABILITIES - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Assets:
Investment in ETH, at fair value (cost $1,276,257 and $1,308,566 as of December 31, 2022 and 2021, respectively)	$ 3,649,198	$ 11,351,691
Total assets	3,649,198	11,351,691
Liabilities:
Sponsor's Fee payable, related party	0	0
Total liabilities	0	0
Net assets	3,649,198	11,351,691
Net Assets consists of:
Paid-in-capital	1,353,419	1,353,419
Accumulated net investment loss	(387,179)	(233,937)
Accumulated net realized gain on investment in ETH	310,017	189,084
Accumulated net change in unrealized appreciation on investment in ETH	2,372,941	10,043,125
Net assets	$ 3,649,198	$ 11,351,691
Shares issued and outstanding, no par value (unlimited Shares authorized)	310,158,500	310,158,500
Net asset value per Share	$ 11.77	$ 36.60

STATEMENTS OF ASSETS AND LIAB_2

STATEMENTS OF ASSETS AND LIABILITIES (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Cost of investment in Ethereum, at fair value	$ 1,276,257	$ 1,308,566

SCHEDULES OF INVESTMENT

SCHEDULES OF INVESTMENT $ in Thousands	Dec. 31, 2022 USD ($) Ethereum	Dec. 31, 2021 USD ($) Ethereum
Schedule Of Investments [Line Items]
Cost	$ 1,276,257	$ 1,308,566
Fair Value	$ 3,649,198	$ 11,351,691
% of Net Assets	100%	100%
Investment in Ethereum
Schedule Of Investments [Line Items]
Quantity of Ethereum | Ethereum	3,037,631.42522860	3,114,532.09753906
Cost	$ 1,276,257	$ 1,308,566
Fair Value	$ 3,649,198	$ 11,351,691
% of Net Assets	100%	100%

STATEMENTS OF OPERATIONS

STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Investment income:
Investment income	$ 0	$ 0	$ 0
Expenses:
Sponsor's Fee, related party	153,242	217,445	15,130
Net investment loss	(153,242)	(217,445)	(15,130)
Net realized and unrealized gain (loss) from:
Net realized gain (loss) on investment in Ethereum	120,933	185,516	4,739
Net change in unrealized appreciation (depreciation) on investment in Ethereum	(7,670,184)	8,760,878	1,348,523
Net realized and unrealized (loss) gain on investment	(7,549,251)	8,946,394	1,353,262
Net (decrease) increase in net assets resulting from operations	$ (7,702,493)	$ 8,728,949	$ 1,338,132

STATEMENT OF CHANGES IN NET ASS

STATEMENT OF CHANGES IN NET ASSETS - USD ($) $ in Thousands	3 Months Ended				12 Months Ended
	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Increase (decrease) in net assets from operations:
Net investment loss	$ (25,025)	$ (56,218)	$ (80,704)	$ (29,270)	$ (153,242)	$ (217,445)	$ (15,130)
Net realized gain (loss) on investment in Ethereum	16,957	48,176	72,432	22,223	120,933	185,516	4,739
Net change in unrealized appreciation (depreciation) on investment in Ethereum	(431,341)	(1,177,858)	1,981,184	3,414,375	(7,670,184)	8,760,878	1,348,523
Net increase (decrease) in net assets resulting from operations					(7,702,493)	8,728,949	1,338,132
Increase in net assets from capital share transactions:
Shares issued					0	434,615	786,455
Net increase in net assets resulting from capital share transactions					0	434,615	786,455
Total increase (decrease) in net assets from operations and capital share transactions					(7,702,493)	9,163,564	2,124,587
Net assets:
Beginning of year		$ 11,351,691		$ 2,188,127	11,351,691	2,188,127	63,540
End of year	$ 3,649,198		$ 11,351,691		$ 3,649,198	$ 11,351,691	$ 2,188,127
Change in Shares outstanding:
Shares outstanding at beginning of year		310,158,500		285,269,400	310,158,500	285,269,400	47,071,800
Shares issued					0	24,889,100	238,197,600
Net increase in Shares					0	24,889,100	238,197,600
Shares outstanding at end of year	310,158,500		310,158,500		310,158,500	310,158,500	285,269,400

Organization

Organization	12 Months Ended
	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	1. Organization Grayscale Ethereum Trust (ETH) (the “Trust”) is a Delaware Statutory Trust that was formed on December 13, 2017 and commenced operations on December 14, 2017. In general, the Trust holds Ethereum (“ETH”) and, from time to time, issues common units of fractional undivided beneficial interest (“Shares”) (in minimum baskets of 100 Shares, referred to as “Baskets”) in exchange for ETH. The redemption of Shares is not currently contemplated and the Trust does not currently operate a redemption program. Subject to receipt of regulatory approval and approval by the Sponsor in its sole discretion, the Trust may in the future operate a redemption program. The Trust currently has no intention of seeking regulatory approval to operate an ongoing redemption program. The Trust’s investment objective is for the value of the Shares (based on ETH per Share) to reflect the value of ETH held by the Trust, less the Trust’s expenses and other liabilities. The Trust may also receive Incidental Rights and/or IR Virtual Currency as a result of the Trust’s investment in ETH, in accordance with the terms of the Trust Agreement. Incidental Rights are rights to claim, or otherwise establish dominion and control over, any virtual currency or other asset or right, which rights are incident to the Trust’s ownership of ETH and arise without any action of the Trust, or of the Sponsor or Trustee on behalf of the Trust; IR Virtual Currency is any virtual currency tokens, or other asset or right, received by the Trust through the exercise (subject to the applicable provisions of the Trust Agreement) of any Incidental Right. Grayscale Investments LLC (“Grayscale” or the “Sponsor”) acts as the Sponsor of the Trust and is a wholly owned subsidiary of Digital Currency Group, Inc. (“DCG”). The Sponsor is responsible for the day-to-day administration of the Trust pursuant to the provisions of the Trust Agreement. Grayscale is responsible for preparing and providing annual and quarterly reports on behalf of the Trust to investors and is also responsible for selecting and monitoring the Trust’s service providers. As partial consideration for the Sponsor’s services, the Trust pays Grayscale a Sponsor’s Fee as discussed in Note 6. The Sponsor also acts as the sponsor and manager of other investment products including Grayscale Basic Attention Token Trust (BAT) (OTCQB: GBAT), Grayscale Bitcoin Trust (BTC) (OTCQX: GBTC), Grayscale Bitcoin Cash Trust (BCH) (OTCQX: BCHG), Grayscale Chainlink Trust (LINK) (OTCQB: GLNK), Grayscale Decentraland Trust (MANA) (OTCQX: MANA), Grayscale Ethereum Classic Trust (ETC) (OTCQX: ETCG), Grayscale Filecoin Trust (FIL) (OTCQB: FILG), Grayscale Horizen Trust (ZEN) (OTCQX: HZEN), Grayscale Litecoin Trust (LTC) (OTCQX: LTCN), Grayscale Livepeer Trust (LPT) (OTCQB: GLIV), Grayscale Solana Trust (SOL), Grayscale Stellar Lumens Trust (XLM) (OTCQX: GXLM), Grayscale Zcash Trust (ZEC) (OTCQX: ZCSH), Grayscale Decentralized Finance (DeFi) Fund LLC (OTCQB: DEFG), Grayscale Digital Large Cap Fund LLC (OTCQX: GDLC), and Grayscale Smart Contract Platform Ex Ethereum (ETH) Fund LLC, each of which is an affiliate of the Trust. The following investment products sponsored or managed by the Sponsor are also SEC reporting companies with their shares registered pursuant to Section 12(g) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”): Grayscale Bitcoin Trust (BTC), Grayscale Bitcoin Cash Trust (BCH), Grayscale Ethereum Classic Trust (ETC), Grayscale Horizen Trust (ZEN), Grayscale Litecoin Trust (LTC), Grayscale Stellar Lumens Trust (XLM), Grayscale Zcash Trust (ZEC), and Grayscale Digital Large Cap Fund LLC. Grayscale Advisors, LLC, a Registered Investment Advisor and an affiliate of the Sponsor, is the advisor to the Grayscale Future of Finance (NYSE: GFOF) product. Authorized Participants of the Trust are the only entities who may place orders to create or, if permitted, redeem Baskets. Genesis Global Trading, Inc. (“Genesis” or, in such capacity, an “Authorized Participant”), a registered broker-dealer and wholly owned subsidiary of DCG, was the only Authorized Participant prior to October 3, 2022 and was party to a participant agreement with the Sponsor and the Trust. Additional Authorized Participants may be added at any time, subject to the discretion of the Sponsor. Effective October 3, 2022, Grayscale Securities, LLC (“Grayscale Securities” or, in such capacity, an “Authorized Participant”), a registered broker-dealer and wholly owned subsidiary of the Sponsor, is the only Authorized Participant, and is party to a participant agreement with the Sponsor and the Trust. As a result, since October 3, 2022, Genesis ceased acting as an Authorized Participant of the Trust, but serves as a Liquidity Provider to Grayscale Securities. The Authorized Participant(s) may engage additional Liquidity Providers at any time. The custodian of the Trust is Coinbase Custody Trust Company, LLC (the “Custodian”), a third-party service provider. The Custodian is responsible for safeguarding the ETH, Incidental Rights, and IR Virtual Currency held by the Trust, and holding the private key(s) that provide access to the Trust’s digital wallets and vaults. The transfer agent for the Trust (the “Transfer Agent”) is Continental Stock Transfer & Trust Company. The responsibilities of the Transfer Agent are to maintain creations, redemptions, transfers, and distributions of the Trust’s Shares which are primarily held in book-entry form. On May 23, 2019, the Trust received notice that its Shares were qualified for public trading on the OTCQX U.S. Marketplace of the OTC Markets Group Inc. (“OTCQX”). The Trust’s trading symbol on OTCQX is “ETHE” and the CUSIP number for its Shares is 389638107. On December 17, 2020, the Trust completed a 9 -for-1 Share Split of the Trust’s issued and outstanding Shares. Each beneficial owner of a Share (a “shareholder”) of record as of the close of business on December 14, 2020 received eight additional Shares of the Trust for each Share held. The number of outstanding Shares and per-Share amounts disclosed for all periods presented have been retroactively adjusted to reflect the effects of the Share Split.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies The following is a summary of significant accounting policies followed by the Trust: The financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”). The Trust qualifies as an investment company for accounting purposes pursuant to the accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, Financial Services—Investment Companies . The Trust uses fair value as its method of accounting for ETH in accordance with its classification as an investment company for accounting purposes. The Trust is not a registered investment company under the Investment Company Act of 1940. GAAP requires management to make estimates and assumptions that affect the reported amounts in the financial statements and accompanying notes. Actual results could differ from those estimates and these differences could be material. The Trust conducts its transactions in ETH, including receiving ETH for the creation of Shares and delivering ETH for the redemption of Shares and for the payment of the Sponsor’s Fee. At this time, the Trust is not accepting redemption requests from shareholders. Since its inception, the Trust has not held cash or cash equivalents. Principal Market and Fair Value Determination To determine which market is the Trust’s principal market (or in the absence of a principal market, the most advantageous market) for purposes of calculating the Trust’s net asset value (“NAV”), the Trust follows ASC 820-10, which outlines the application of fair value accounting. ASC 820-10 determines fair value to be the price that would be received for ETH in a current sale, which assumes an orderly transaction between market participants on the measurement date. ASC 820-10 requires the Trust to assume that ETH is sold in its principal market to market participants or, in the absence of a principal market, the most advantageous market. Market participants are defined as buyers and sellers in the principal or most advantageous market that are independent, knowledgeable, and willing and able to transact. The Trust only receives ETH in connection with a creation order from the Authorized Participant (or its Liquidity Provider) and does not itself transact on any Digital Asset Markets. Therefore, the Trust looks to market-based volume and level of activity for Digital Asset Markets. The Trust, through its Authorized Participant(s), or a Liquidity Provider on behalf of the Authorized Participant(s), may transact in a Brokered Market, a Dealer Market, Principal-to-Principal Markets and Exchange Markets, each as defined in the FASB ASC Master Glossary (collectively, “Digital Asset Markets”). In determining which of the eligible Digital Asset Markets is the Trust’s principal market, the Trust reviews these criteria in the following order: First, the Trust reviews a list of Digital Asset Markets that maintain practices and policies designed to comply with anti-money-laundering (“AML”) and know-your-customer (“KYC”) regulations, and non-Digital Asset Exchange Markets that the Trust reasonably believes are operating in compliance with applicable law, including federal and state licensing requirements, based upon information and assurances provided to it by each market. Second, the Trust sorts these Digital Asset Markets from high to low by market-based volume and level of activity of ETH traded on each Digital Asset Market in the trailing twelve months. Third, the Trust then reviews pricing fluctuations and the degree of variances in price on Digital Asset Markets to identify any material notable variances that may impact the volume or price information of a particular Digital Asset Market. Fourth, the Trust then selects a Digital Asset Market as its principal market based on the highest market-based volume, level of activity and price stability in comparison to the other Digital Asset Markets on the list. Based on information reasonably available to the Trust, Exchange Markets have the greatest volume and level of activity for the asset. The Trust therefore looks to accessible Exchange Markets as opposed to the Brokered Market, Dealer Market and Principal-to-Principal Markets to determine its principal market. As a result of the aforementioned analysis, an Exchange Market has been selected as the Trust’s principal market. The Trust determines its principal market (or in the absence of a principal market the most advantageous market) annually and conducts a quarterly analysis to determine (i) if there have been recent changes to each Digital Asset Market’s trading volume and level of activity in the trailing twelve months, (ii) if any Digital Asset Markets have developed that the Trust has access to, or (iii) if recent changes to each Digital Asset Market’s price stability have occurred that would materially impact the selection of the principal market and necessitate a change in the Trust’s determination of its principal market. The cost basis of ETH received in connection with a creation order is recorded by the Trust at the fair value of ETH at 4:00 p.m., New York time, on the creation date for financial reporting purposes. The cost basis recorded by the Trust may differ from proceeds collected by the Authorized Participant from the sale of the corresponding Shares to investors. Investment Transactions and Revenue Recognition The Trust considers investment transactions to be the receipt of ETH for Share creations and the delivery of ETH for Share redemptions or for payment of expenses in ETH. At this time, the Trust is not accepting redemption requests from shareholders. The Trust records its investment transactions on a trade date basis and changes in fair value are reflected as net change in unrealized appreciation or depreciation on investments. Realized gains and losses are calculated using the specific identification method. Realized gains and losses are recognized in connection with transactions including settling obligations for the Sponsor’s Fee in ETH. Fair Value Measurement Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., the ‘exit price’) in an orderly transaction between market participants at the measurement date. GAAP utilizes a fair value hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are those that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Trust. Unobservable inputs reflect the Trust’s assumptions about the inputs market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The fair value hierarchy is categorized into three levels based on the inputs as follows: • Level 1 – Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Trust has the ability to access. Since valuations are based on quoted prices that are readily and regularly available in an active market, these valuations do not entail a significant degree of judgment. • Level 2 – Valuations based on quoted prices in markets that are not active or for which significant inputs are observable, either directly or indirectly. • Level 3 – Valuations based on inputs that are unobservable and significant to the overall fair value measurement. The availability of valuation techniques and observable inputs can vary by investment. To the extent that valuations are based on sources that are less observable or unobservable in the market, the determination of fair value requires more judgment. Fair value estimates do not necessarily represent the amounts that may be ultimately realized by the Trust. Fair Value Measurement Using (Amounts in thousands) Amount at Level 1 Level 2 Level 3 December 31, 2022 Assets Investment in ETH $ 3,649,198 $ 3,649,198 $ — $ — December 31, 2021 Assets Investment in ETH $ 11,351,691 $ — $ 11,351,691 $ —

Fair Value of Ethereum

Fair Value of Ethereum	12 Months Ended
	Dec. 31, 2022
Fair Value Disclosures [Abstract]
Fair Value of Ethereum	3. Fair Value of Ethereum ETH is held by the Custodian on behalf of the Trust and is carried at fair value. As of December 31, 2022, 2021 and 2020 the Trust held 3,037,631.42522860 , 3,114,532.09753906 and 2,937,122.40311770 ETH, respectively. The Trust determined the fair value per ETH to be $ 1,201.33 , $ 3,644.75 , and $ 744.99 on December 31, 2022, 2021 and 2020 respectively, using the price provided at 4:00 p.m., New York time, by the Digital Asset Exchange Market considered to be the Trust’s principal market (Coinbase Pro). The following represents the changes in quantity of ETH and the respective fair value: (Amounts in thousands, except ETH amounts) Quantity Fair Value Balance at December 31, 2019 496,952.80257193 $ 63,540 ETH contributed 2,481,763.37854938 786,455 ETH distributed for Sponsor's Fee, related party ( 41,593.77800361 ) ( 15,130 ) Net change in unrealized appreciation on investment in ETH - 1,348,523 Net realized gain on investment in ETH - 4,739 Balance at December 31, 2020 2,937,122.40311770 $ 2,188,127 ETH contributed 255,555.46585612 434,615 ETH distributed for Sponsor's Fee, related party ( 78,145.77143476 ) ( 217,445 ) Net change in unrealized appreciation on investment in ETH - 8,760,878 Net realized gain on investment in ETH - 185,516 Balance at December 31, 2021 3,114,532.09753906 $ 11,351,691 ETH contributed - - ETH distributed for Sponsor's Fee, related party ( 76,900.67231046 ) ( 153,242 ) Net change in unrealized depreciation on investment in ETH - ( 7,670,184 ) Net realized gain on investment in ETH - 120,933 Balance at December 31, 2022 3,037,631.42522860 $ 3,649,198

Distributions

Distributions	12 Months Ended
	Dec. 31, 2022
Distributions [Abstract]
Distributions	4. Distributions When a proposed modification to the Ethereum Network is accepted by the vast majority of validators and users but is nonetheless not accepted by an other than insignificant population of participants in the network, a “fork” in the blockchain occurs, resulting in two separate Ethereum Networks. Holders of ETH on the original Ethereum Network, at the time the block is validated and the fork occurs, may also receive an identical amount of new tokens on the new network. Ethereum Fork on September 15, 2022 (ETHPoW) Background and Measurement The Ethereum Network completed the final stages of an upgrade referred to as the “Merge,” which is a stage of what was previously referred to as Ethereum 2.0, on September 15, 2022, and the Ethereum Network transitioned to a proof-of-stake model. Following the Merge, a hard fork of the Ethereum Network occurred, as certain ETH miners and network participants planned to maintain the proof-of-work consensus mechanism that was removed as part of the Merge. This version of the Ethereum Network was rebranded as Ethereum Proof-of-Work. Immediately following the hard fork on September 15, 2022, holders of ETH passively received Incidental Rights to an equal number of Ethereum Proof-of-Work tokens (“ETHPoW”). At that time, the Trust held approximately 3,059,976 ETH and the newly created ETHPoW was inaccessible to the Trust. On the date of the hard fork, the Incidental Rights to ETHPoW were determined to have no value as there were insufficient observable market inputs to determine the fair value of ETHPoW and the ETHPoW assets were not supported by the Custodian. Furthermore, on September 16, 2022, the Sponsor of the Trust announced that it had declared a distribution and established a record date for the distribution of the Incidental Rights to the shareholders of record as of the close of business on September 26, 2022 (“Record Date Shareholders”). Subsequent Measurement and Distribution of Incidental Rights to ETHPoW On September 26, 2022 (the “Record Date”), the Trust distributed the Incidental Rights to obtain approximately 3,059,976 ETHPoW tokens held by the Trust to the Record Date Shareholders as of the close of business on September 26, 2022. On the Record Date, the Trust, acting on behalf of the Record Date Shareholders and pursuant to the terms of the Trust Agreement governing the Trust, appointed Grayscale Investments, LLC as agent (in this capacity, the “Agent”) on behalf of the Record Date Shareholders and transferred the Incidental Rights to ETHPoW tokens held by the Trust to the Agent on behalf of the Record Date Shareholders. The Trust has no ownership interest in the distributed Incidental Rights to ETHPoW, no ability to control the actions of the Agent and no right to receive any information about the distributed Incidental Rights to ETHPoW or the disposition thereof or of the underlying ETHPoW from the Record Date Shareholders, their Agent or any other person. As of the Record Date, the Trust determined such Incidental Rights to have a fair value of $ 0 and no gain or loss was recognized as part of the Incidental Right distribution, due to the lack of a trading venue accessible to the Authorized Participant of the Trust and uncertainty regarding the ability to safely access and custody the ETHPoW.

Creations and Redemptions of Sh

Creations and Redemptions of Shares	12 Months Ended
	Dec. 31, 2022
Equity [Abstract]
Creations and Redemptions of Shares	5. Creations and Redemptions of Shares At December 31, 2022 and 2021, there were an unlimited number of Shares authorized by the Trust. The Trust creates (and, should the Trust commence a redemption program, redeems) Shares from time to time, but only in one or more Baskets. The creation and redemption of Baskets on behalf of investors are made by the Authorized Participant in exchange for the delivery of ETH to the Trust or the distribution of ETH by the Trust. The number of ETH required for each creation Basket or redemption Basket is determined by dividing (x) the number of ETH owned by the Trust at 4:00 p.m., New York time, on such trade date of a creation or redemption order, after deducting the number of ETH representing the U.S. dollar value of accrued but unpaid fees and expenses of the Trust, by (y) the number of Shares outstanding at such time and multiplying the quotient obtained by 100. Each Share represented approximately 0.0098 and 0.0100 of one ETH at December 31, 2022 and 2021, respectively. The decrease in the number of ETH represented by each Share since inception is primarily a result of the Share Split and, to a lesser degree, the periodic withdrawal of ETH to pay the Sponsor’s Fee. The cost basis of investments in ETH recorded by the Trust is the fair value of ETH, as determined by the Trust, at 4:00 p.m., New York time, on the date of transfer to the Trust by the Authorized Participant based on the creation Baskets. The cost basis recorded by the Trust may differ from proceeds collected by the Authorized Participant from the sale of each Share to investors. The Authorized Participant may realize significant profits buying, selling, creating, and, if permitted, redeeming Shares as a result of changes in the value of Shares or ETH. At this time, the Trust is not operating a redemption program and is not accepting redemption requests. Subject to receipt of regulatory approval and approval by the Sponsor in its sole discretion, the Trust may in the future operate a redemption program. The Trust currently has no intention of seeking regulatory approval to operate an ongoing redemption program.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Income Taxes	. Income Taxes The Sponsor takes the position that the Trust is properly treated as a grantor trust for U.S. federal income tax purposes. Assuming that the Trust is a grantor trust, the Trust will not be subject to U.S. federal income tax. Rather, if the Trust is a grantor trust, each beneficial owner of Shares will be treated as directly owning its pro rata Share of the Trust’s assets and a pro rata portion of the Trust’s income, gain, losses and deductions will “flow through” to each beneficial owner of Shares. If the Trust were not properly classified as a grantor trust, the Trust might be classified as a partnership for U.S. federal income tax purposes. However, due to the uncertain treatment of digital assets, including forks, airdrops and similar occurrences for U.S. federal income tax purposes, there can be no assurance in this regard. If the Trust were classified as a partnership for U.S. federal income tax purposes, the tax consequences of owning Shares generally would not be materially different from the tax consequences described herein, although there might be certain differences, including with respect to timing. In addition, tax information reports provided to beneficial owners of Shares would be made in a different form. If the Trust were not classified as either a grantor trust or a partnership for U.S. federal income tax purposes, it would be classified as a corporation for such purposes. In that event, the Trust would be subject to entity-level U.S. federal income tax (currently at the rate of 21 %) on its net taxable income and certain distributions made by the Trust to shareholders would be treated as taxable dividends to the extent of the Trust’s current and accumulated earnings and profits. In accordance with GAAP, the Trust has defined the threshold for recognizing the benefits of tax return positions in the financial statements as “more-likely-than-not” to be sustained by the applicable taxing authority and requires measurement of a tax position meeting the “more-likely-than-not” threshold, based on the largest benefit that is more than 50% likely to be realized. Tax positions not deemed to meet the “more-likely-than-not” threshold are recorded as a tax benefit or expense in the current period. As of and during the years ended December 31, 2022, 2021, and 2020, the Trust did not have a liability for any unrecognized tax amounts. However, the Sponsor’s conclusions concerning its determination of “more-likely-than-not” tax positions may be subject to review and adjustment at a later date based on factors including, but not limited to, further implementation guidance, and on-going analyses of and changes to tax laws, regulations and interpretations thereof. The Sponsor of the Trust has evaluated whether or not there are uncertain tax positions that require financial statement recognition and has determined that no reserves for uncertain tax positions related to federal, state and local income taxes existed as of December 31, 2022 or 2021 .

Related Parties

Related Parties	12 Months Ended
	Dec. 31, 2022
Related Party Transactions [Abstract]
Related Parties	7. Related Parties The Trust considers the following entities, their directors, and certain employees to be related parties of the Trust: DCG, Genesis, Genesis Global Holdco, LLC, Grayscale, Grayscale Securities, and CoinDesk Indices, Inc. As of both December 31, 2022 and 2021, 11,811,797 Shares of the Trust were held by related parties of the Trust. The Sponsor’s parent, an affiliate of the Trust, holds a minority interest in Coinbase, Inc., the parent company of the Custodian, that represents less than 1.0 % of Coinbase, Inc.’s ownership. In accordance with the Trust Agreement governing the Trust, the Trust pays a fee to the Sponsor, calculated as 2.5 % of the aggregate value of the Trust’s assets, less its liabilities (which include any accrued but unpaid expenses up to, but excluding, the date of calculation), as calculated and published by the Sponsor or its delegates in the manner set forth in the Trust Agreement (the “Sponsor’s Fee”). The Sponsor’s Fee accrues daily in U.S. dollars and is payable in ETH, monthly in arrears. The amount of ETH payable in respect of each daily U.S. dollar accrual will be determined by reference to the same U.S. dollar value of ETH used to determine such accrual. For purposes of these financial statements, the U.S. dollar value of ETH is determined by reference to the Digital Asset Exchange Market that the Trust considers its principal market as of 4:00 p.m., New York time, on each valuation date. The Trust held no Incidental Rights or IR Virtual Currency as of December 31, 2022 and 2021 . No Incidental Rights or IR Virtual Currencies have been distributed in payment of the Sponsor’s Fee during the years ended December 31, 2022, 2021 and 2020. As partial consideration for receipt of the Sponsor’s Fee, the Sponsor is obligated under the Trust Agreement to assume and pay all fees and other expenses incurred by the Trust in the ordinary course of its affairs, excluding taxes, but including marketing fees; administrator fees, if any; custodian fees; transfer agent fees; trustee fees; the fees and expenses related to the listing, quotation or trading of the Shares on any secondary market (including customary legal, marketing and audit fees and expenses) in an amount up to $ 600,000 in any given fiscal year; ordinary course legal fees and expenses; audit fees; regulatory fees, including, if applicable, any fees relating to the registration of the Shares under the Securities Act or the Exchange Act; printing and mailing costs; the costs of maintaining the Trust’s website and applicable license fees (the “Sponsor-paid Expenses”), provided that any expense that qualifies as an Additional Trust Expense will be deemed to be an Additional Trust Expense and not a Sponsor-paid Expense. The Trust may incur certain extraordinary, non-recurring expenses that are not Sponsor-paid Expenses, including, but not limited to, taxes and governmental charges, expenses and costs of any extraordinary services performed by the Sponsor (or any other service provider) on behalf of the Trust to protect the Trust or the interests of shareholders (including in connection with any Incidental Rights and any IR Virtual Currency), any indemnification of the Custodian or other agents, service providers or counterparties of the Trust, the fees and expenses related to the listing, quotation or trading of the Shares on any secondary market (including legal, marketing and audit fees and expenses) to the extent exceeding $ 600,000 in any given fiscal year and extraordinary legal fees and expenses, including any legal fees and expenses incurred in connection with litigation, regulatory enforcement or investigation matters (collectively “Additional Trust Expenses”). In such circumstances, the Sponsor or its delegate (i) will instruct the Custodian to withdraw from the Digital Asset Account ETH, Incidental Rights and/or IR Virtual Currency in such quantity as may be necessary to permit payment of such Additional Trust Expenses and (ii) may either (x) cause the Trust (or its delegate) to convert such ETH, Incidental Rights and/or IR Virtual Currency into U.S. dollars or other fiat currencies at the Actual Exchange Rate or (y) when the Sponsor incurs such expenses on behalf of the Trust, cause the Trust (or its delegate) to deliver such ETH, Incidental Rights and/or IR Virtual Currency in kind to the Sponsor in satisfaction of such Additional Trust Expenses. For the years ended December 31, 2022, 2021 and 2020, the Trust incurred Sponsor’s Fees of $ 153,242,544 , $ 217,445,124 and $ 15,130,269 , respectively. As of December 31, 2022 and 2021 , there were no accrued and unpaid Sponsor’s Fees. In addition, the Sponsor may pay Additional Trust Expenses on behalf of the Trust, which are reimbursable by the Trust to the Sponsor. For the years ended December 31, December 31, 2022, 2021 and 2020 , the Sponsor did no t pay any Additional Trust Expenses on behalf of the Trust. On March 2, 2022, the Board of the Sponsor approved the purchase by DCG, the parent company of the Sponsor, of up to an aggregate total of $ 200 million worth of Shares of the Trust and shares of any of the following five investment products the Sponsor also acts as the sponsor and manager of, including Grayscale Bitcoin Trust (BTC) (OTCQX: GBTC), Grayscale Bitcoin Cash Trust (BCH) (OTCQX: BCHG), Grayscale Digital Large Cap Fund LLC (OTCQX: GDLC), Grayscale Stellar Lumens Trust (XLM) (OTCQX: GXLM), and Grayscale Ethereum Classic Trust (ETC) (OTCQX: ETCG). The Share purchase authorization does not obligate DCG to acquire any specific number of Shares in any period, and may be expanded, extended, modified, or discontinued at any time. From March 2, 2022 through December 31, 2022 , DCG had no t purchased any Shares of the Trust under this authorization.

Risks and Uncertainties

Risks and Uncertainties	12 Months Ended
	Dec. 31, 2022
Risks and Uncertainties [Abstract]
Risks and Uncertainties	8. Risks and Uncertainties The Trust is subject to various risks including market risk, liquidity risk, and other risks related to its concentration in a single asset, ETH. Investing in ETH is currently highly speculative and volatile. The net asset value of the Trust relates primarily to the value of ETH held by the Trust, and fluctuations in the price of ETH could materially and adversely affect an investment in the Shares of the Trust. The price of ETH has a limited history. During such history, ETH prices have been volatile and subject to influence by many factors, including the levels of liquidity. If Digital Asset Markets continue to experience significant price fluctuations, the Trust may experience losses. Several factors may affect the price of ETH, including, but not limited to, global ETH supply and demand, theft of ETH from global exchanges or vaults, competition from other forms of digital currency or payment services, global or regional political, economic or financial conditions, and other unforeseen events and situations. The ETH held by the Trust are commingled and the Trust’s shareholders have no specific rights to any specific ETH. In the event of the insolvency of the Trust, its assets may be inadequate to satisfy a claim by its shareholders. There is currently no clearing house for ETH, nor is there a central or major depository for the custody of ETH. There is a risk that some or all of the Trust’s ETH could be lost or stolen. There can be no assurance that the Custodian will maintain adequate insurance or that such coverage will cover losses with respect to the Trust’s ETH. Further, transactions in ETH are irrevocable. Stolen or incorrectly transferred ETH may be irretrievable. As a result, any incorrectly executed ETH transactions could adversely affect an investment in the Shares. The Securities and Exchange Commission (the “SEC”) has stated that certain digital assets may be considered “securities” under the federal securities laws. The test for determining whether a particular digital asset is a “security” is complex and difficult to apply, and the outcome is difficult to predict. Public, though non-binding, statements by senior officials at the SEC have indicated that the SEC did not consider Bitcoin or Ethereum to be securities, and does not currently consider Bitcoin to be a security. The SEC staff also provided informal assurances to a handful of promoters that their digital assets are not securities. On the other hand, the SEC has brought enforcement actions against the issuers and promoters of several other digital assets on the basis that the digital assets in question are securities. If ETH is determined to be a “security” under federal or state securities laws by the SEC or any other agency, or in a proceeding in a court of law or otherwise, it may have material adverse consequences for ETH. For example, it may become more difficult for ETH to be traded, cleared and custodied as compared to other digital assets that are not considered to be securities, which could, in turn, negatively affect the liquidity and general acceptance of ETH and cause users to migrate to other digital assets. As such, any determination that ETH is a security under federal or state securities laws may adversely affect the value of ETH and, as a result, an investment in the Shares. To the extent that ETH is determined to be a security, the Trust and the Sponsor may also be subject to additional regulatory requirements, including those under the Investment Company Act of 1940, and the Sponsor may be required to register as an investment adviser under the Investment Advisers Act of 1940. If the Sponsor determines not to comply with such additional regulatory and registration requirements, the Sponsor will terminate the Trust. Any such termination could result in the liquidation of the Trust’s ETH at a time that is disadvantageous to shareholders. To the extent a private key required to access an ETH address is lost, destroyed or otherwise compromised and no backup of the private keys are accessible, the Trust may be unable to access the ETH controlled by the private key and the private key will not be capable of being restored by the Ethereum Network. The processes by which ETH transactions are settled are dependent on the peer-to-peer network, and as such, the Trust is subject to operational risk. A risk also exists with respect to previously unknown technical vulnerabilities, which may adversely affect the value of ETH. The Trust relies on third party service providers to perform certain functions essential to its operations. Any disruptions to the Trust’s service providers’ business operations, resulting from business failures, financial instability, security failures, government mandated regulation or operational problems could have an adverse impact on the Trust’s ability to access critical services and be disruptive to the operations of the Trust. The Sponsor and the Trust may be subject to various litigation, regulatory investigations, and other legal proceedings that arise in the ordinary course of its business.

Quarterly Statements of Operati

Quarterly Statements of Operations	12 Months Ended
	Dec. 31, 2022
Quarterly Financial Information Disclosure [Abstract]
Quarterly Statements of Operations	. Quarterly Statements of Operations Fiscal Years Ended December 31, 2022 and 2021 Three Months Ended Mar-31, 2022 Jun-30, 2022 Sept-30, 2022 Dec-31, 2022 Year Ended Expenses Sponsor's Fee, related party $ 56,218 $ 42,739 $ 29,260 $ 25,025 $ 153,242 Net investment loss $ ( 56,218 ) $ ( 42,739 ) $ ( 29,260 ) $ ( 25,025 ) $ ( 153,242 ) Net realized and unrealized (loss) gain from: Net realized gain on investment in ETH 48,176 34,658 21,142 16,957 120,933 Net change in unrealized (depreciation) appreciation on investment in ETH ( 1,177,858 ) ( 7,020,891 ) 959,906 ( 431,341 ) ( 7,670,184 ) Net realized and unrealized (loss) gain on investment ( 1,129,682 ) ( 6,986,233 ) 981,048 ( 414,384 ) ( 7,549,251 ) Net (decrease) increase in net assets resulting from operations $ ( 1,185,900 ) $ ( 7,028,972 ) $ 951,788 $ ( 439,409 ) $ ( 7,702,493 ) Three Months Ended Mar-31, 2021 Jun-30, 2021 Sept-30, 2021 Dec-31, 2021 Year Ended Expenses Sponsor's Fee, related party $ 29,270 $ 51,089 $ 56,382 $ 80,704 $ 217,445 Net investment loss $ ( 29,270 ) $ ( 51,089 ) $ ( 56,382 ) $ ( 80,704 ) $ ( 217,445 ) Net realized and unrealized gain from: Net realized gain on investment in ETH 22,223 42,803 48,058 72,432 185,516 Net change in unrealized appreciation on investment in ETH 3,414,375 1,055,804 2,309,515 1,981,184 8,760,878 Net realized and unrealized gain on investment 3,436,598 1,098,607 2,357,573 2,053,616 8,946,394 Net increase in net assets resulting from operations $ 3,407,328 $ 1,047,518 $ 2,301,191 $ 1,972,912 $ 8,728,949

Financial Highlights Per Share

Financial Highlights Per Share Performance	12 Months Ended
	Dec. 31, 2022
Investment Company, Financial Highlights [Abstract]
Financial Highlights Per Share Performance	10. Financial Highlights Per Share Performance Years Ended December 31, 2022 2021 2020 Per Share Data: Net asset value, beginning of year $ 36.60 $ 7.67 $ 1.35 Net (decrease) increase in net assets from investment operations: Net investment loss ( 0.49 ) ( 0.71 ) ( 0.09 ) Net realized and unrealized (loss) gain ( 24.34 ) 29.64 6.41 Net (decrease) increase in net assets resulting from operations ( 24.83 ) 28.93 6.32 Net asset value, end of year $ 11.77 $ 36.60 $ 7.67 Total return - 67.84 % 377.18 % 468.15 % Ratios to average net assets: Net investment loss - 2.50 % - 2.50 % - 2.50 % Expenses - 2.50 % - 2.50 % - 2.50 % An individual shareholder’s return, ratios, and per Share performance may vary from those presented above based on the timing of Share transactions. The amount shown for a Share outstanding throughout the period may not correlate with the Statement of Operations for the period due to the number of Shares issued in Creations occurring at an operational value derived from an operating metric as defined in the Trust Agreement. Total return is calculated assuming an initial investment made at the net asset value at the beginning of the year and assuming redemption on the last day of the year.

Indemnifications

Indemnifications	12 Months Ended
	Dec. 31, 2022
Indemnifications Disclosure [Abstract]
Indemnifications	11. Indemnifications In the normal course of business, the Trust enters into certain contracts that provide a variety of indemnities, including contracts with the Sponsor and affiliates of the Sponsor, DCG and its officers, directors, employees, subsidiaries and affiliates, and the Custodian as well as others relating to services provided to the Trust. The Trust’s maximum exposure under these and its other indemnities is unknown. However, no liabilities have arisen under these indemnities in the past and, while there can be no assurances in this regard, there is no expectation that any will occur in the future. Therefore, the Sponsor does not consider it necessary to record a liability in this regard.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2022
Subsequent Events [Abstract]
Subsequent Events	12. Subsequent Events As of the close of business on February 23, 2023, the fair value of ETH determined in accordance with the Trust’s accounting policy was $ 1,652.79 per ETH. There are no known events that have occurred that require disclosure other than that which has already been disclosed in these notes to the financial statements.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Principal Market and Fair Value Determination	Principal Market and Fair Value Determination To determine which market is the Trust’s principal market (or in the absence of a principal market, the most advantageous market) for purposes of calculating the Trust’s net asset value (“NAV”), the Trust follows ASC 820-10, which outlines the application of fair value accounting. ASC 820-10 determines fair value to be the price that would be received for ETH in a current sale, which assumes an orderly transaction between market participants on the measurement date. ASC 820-10 requires the Trust to assume that ETH is sold in its principal market to market participants or, in the absence of a principal market, the most advantageous market. Market participants are defined as buyers and sellers in the principal or most advantageous market that are independent, knowledgeable, and willing and able to transact. The Trust only receives ETH in connection with a creation order from the Authorized Participant (or its Liquidity Provider) and does not itself transact on any Digital Asset Markets. Therefore, the Trust looks to market-based volume and level of activity for Digital Asset Markets. The Trust, through its Authorized Participant(s), or a Liquidity Provider on behalf of the Authorized Participant(s), may transact in a Brokered Market, a Dealer Market, Principal-to-Principal Markets and Exchange Markets, each as defined in the FASB ASC Master Glossary (collectively, “Digital Asset Markets”). In determining which of the eligible Digital Asset Markets is the Trust’s principal market, the Trust reviews these criteria in the following order: First, the Trust reviews a list of Digital Asset Markets that maintain practices and policies designed to comply with anti-money-laundering (“AML”) and know-your-customer (“KYC”) regulations, and non-Digital Asset Exchange Markets that the Trust reasonably believes are operating in compliance with applicable law, including federal and state licensing requirements, based upon information and assurances provided to it by each market. Second, the Trust sorts these Digital Asset Markets from high to low by market-based volume and level of activity of ETH traded on each Digital Asset Market in the trailing twelve months. Third, the Trust then reviews pricing fluctuations and the degree of variances in price on Digital Asset Markets to identify any material notable variances that may impact the volume or price information of a particular Digital Asset Market. Fourth, the Trust then selects a Digital Asset Market as its principal market based on the highest market-based volume, level of activity and price stability in comparison to the other Digital Asset Markets on the list. Based on information reasonably available to the Trust, Exchange Markets have the greatest volume and level of activity for the asset. The Trust therefore looks to accessible Exchange Markets as opposed to the Brokered Market, Dealer Market and Principal-to-Principal Markets to determine its principal market. As a result of the aforementioned analysis, an Exchange Market has been selected as the Trust’s principal market. The Trust determines its principal market (or in the absence of a principal market the most advantageous market) annually and conducts a quarterly analysis to determine (i) if there have been recent changes to each Digital Asset Market’s trading volume and level of activity in the trailing twelve months, (ii) if any Digital Asset Markets have developed that the Trust has access to, or (iii) if recent changes to each Digital Asset Market’s price stability have occurred that would materially impact the selection of the principal market and necessitate a change in the Trust’s determination of its principal market. The cost basis of ETH received in connection with a creation order is recorded by the Trust at the fair value of ETH at 4:00 p.m., New York time, on the creation date for financial reporting purposes. The cost basis recorded by the Trust may differ from proceeds collected by the Authorized Participant from the sale of the corresponding Shares to investors.
Investment Transactions and Revenue Recognition	Investment Transactions and Revenue Recognition The Trust considers investment transactions to be the receipt of ETH for Share creations and the delivery of ETH for Share redemptions or for payment of expenses in ETH. At this time, the Trust is not accepting redemption requests from shareholders. The Trust records its investment transactions on a trade date basis and changes in fair value are reflected as net change in unrealized appreciation or depreciation on investments. Realized gains and losses are calculated using the specific identification method. Realized gains and losses are recognized in connection with transactions including settling obligations for the Sponsor’s Fee in ETH.
Fair Value Measurement	Fair Value Measurement Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., the ‘exit price’) in an orderly transaction between market participants at the measurement date. GAAP utilizes a fair value hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are those that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Trust. Unobservable inputs reflect the Trust’s assumptions about the inputs market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The fair value hierarchy is categorized into three levels based on the inputs as follows: • Level 1 – Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Trust has the ability to access. Since valuations are based on quoted prices that are readily and regularly available in an active market, these valuations do not entail a significant degree of judgment. • Level 2 – Valuations based on quoted prices in markets that are not active or for which significant inputs are observable, either directly or indirectly. • Level 3 – Valuations based on inputs that are unobservable and significant to the overall fair value measurement. The availability of valuation techniques and observable inputs can vary by investment. To the extent that valuations are based on sources that are less observable or unobservable in the market, the determination of fair value requires more judgment. Fair value estimates do not necessarily represent the amounts that may be ultimately realized by the Trust. Fair Value Measurement Using (Amounts in thousands) Amount at Level 1 Level 2 Level 3 December 31, 2022 Assets Investment in ETH $ 3,649,198 $ 3,649,198 $ — $ — December 31, 2021 Assets Investment in ETH $ 11,351,691 $ — $ 11,351,691 $ —

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Summary of Fair Value Estimates	Fair value estimates do not necessarily represent the amounts that may be ultimately realized by the Trust. Fair Value Measurement Using (Amounts in thousands) Amount at Level 1 Level 2 Level 3 December 31, 2022 Assets Investment in ETH $ 3,649,198 $ 3,649,198 $ — $ — December 31, 2021 Assets Investment in ETH $ 11,351,691 $ — $ 11,351,691 $ —

Fair Value of Ethereum (Tables)

Fair Value of Ethereum (Tables)	12 Months Ended
	Dec. 31, 2022
Fair Value Disclosures [Abstract]
Changes in Quantity of ETH and Respective Fair Value	The following represents the changes in quantity of ETH and the respective fair value: (Amounts in thousands, except ETH amounts) Quantity Fair Value Balance at December 31, 2019 496,952.80257193 $ 63,540 ETH contributed 2,481,763.37854938 786,455 ETH distributed for Sponsor's Fee, related party ( 41,593.77800361 ) ( 15,130 ) Net change in unrealized appreciation on investment in ETH - 1,348,523 Net realized gain on investment in ETH - 4,739 Balance at December 31, 2020 2,937,122.40311770 $ 2,188,127 ETH contributed 255,555.46585612 434,615 ETH distributed for Sponsor's Fee, related party ( 78,145.77143476 ) ( 217,445 ) Net change in unrealized appreciation on investment in ETH - 8,760,878 Net realized gain on investment in ETH - 185,516 Balance at December 31, 2021 3,114,532.09753906 $ 11,351,691 ETH contributed - - ETH distributed for Sponsor's Fee, related party ( 76,900.67231046 ) ( 153,242 ) Net change in unrealized depreciation on investment in ETH - ( 7,670,184 ) Net realized gain on investment in ETH - 120,933 Balance at December 31, 2022 3,037,631.42522860 $ 3,649,198

Quarterly Statements of Opera_2

Quarterly Statements of Operations (Tables)	12 Months Ended
	Dec. 31, 2022
Quarterly Financial Information Disclosure [Abstract]
Schedule of Quarterly Statements of Operations	Fiscal Years Ended December 31, 2022 and 2021 Three Months Ended Mar-31, 2022 Jun-30, 2022 Sept-30, 2022 Dec-31, 2022 Year Ended Expenses Sponsor's Fee, related party $ 56,218 $ 42,739 $ 29,260 $ 25,025 $ 153,242 Net investment loss $ ( 56,218 ) $ ( 42,739 ) $ ( 29,260 ) $ ( 25,025 ) $ ( 153,242 ) Net realized and unrealized (loss) gain from: Net realized gain on investment in ETH 48,176 34,658 21,142 16,957 120,933 Net change in unrealized (depreciation) appreciation on investment in ETH ( 1,177,858 ) ( 7,020,891 ) 959,906 ( 431,341 ) ( 7,670,184 ) Net realized and unrealized (loss) gain on investment ( 1,129,682 ) ( 6,986,233 ) 981,048 ( 414,384 ) ( 7,549,251 ) Net (decrease) increase in net assets resulting from operations $ ( 1,185,900 ) $ ( 7,028,972 ) $ 951,788 $ ( 439,409 ) $ ( 7,702,493 ) Three Months Ended Mar-31, 2021 Jun-30, 2021 Sept-30, 2021 Dec-31, 2021 Year Ended Expenses Sponsor's Fee, related party $ 29,270 $ 51,089 $ 56,382 $ 80,704 $ 217,445 Net investment loss $ ( 29,270 ) $ ( 51,089 ) $ ( 56,382 ) $ ( 80,704 ) $ ( 217,445 ) Net realized and unrealized gain from: Net realized gain on investment in ETH 22,223 42,803 48,058 72,432 185,516 Net change in unrealized appreciation on investment in ETH 3,414,375 1,055,804 2,309,515 1,981,184 8,760,878 Net realized and unrealized gain on investment 3,436,598 1,098,607 2,357,573 2,053,616 8,946,394 Net increase in net assets resulting from operations $ 3,407,328 $ 1,047,518 $ 2,301,191 $ 1,972,912 $ 8,728,949

Financial Highlights Per Shar_2

Financial Highlights Per Share Performance (Tables)	12 Months Ended
	Dec. 31, 2022
Investment Company, Financial Highlights [Abstract]
Summary of Per Share Data	Years Ended December 31, 2022 2021 2020 Per Share Data: Net asset value, beginning of year $ 36.60 $ 7.67 $ 1.35 Net (decrease) increase in net assets from investment operations: Net investment loss ( 0.49 ) ( 0.71 ) ( 0.09 ) Net realized and unrealized (loss) gain ( 24.34 ) 29.64 6.41 Net (decrease) increase in net assets resulting from operations ( 24.83 ) 28.93 6.32 Net asset value, end of year $ 11.77 $ 36.60 $ 7.67 Total return - 67.84 % 377.18 % 468.15 % Ratios to average net assets: Net investment loss - 2.50 % - 2.50 % - 2.50 % Expenses - 2.50 % - 2.50 % - 2.50 %

Organization - Additional Infor

Organization - Additional Information (Details)	Dec. 17, 2020	Dec. 14, 2020 shares	Dec. 31, 2022 shares
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Common units issued, minimum basket			100
Conversion ratio for share split completed of issued and outstanding shares	9
Number of additional shares received for each share held		8

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Summary of Fair Value Estimates (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Assets
Investment in ETH	$ 3,649,198	$ 11,351,691	$ 2,188,127	$ 63,540
Level 1
Assets
Investment in ETH	3,649,198	0
Level 2
Assets
Investment in ETH	$ 0	11,351,691
Level 3
Assets
Investment in ETH		$ 0

Fair Value of Ethereum - Additi

Fair Value of Ethereum - Additional Information (Details)	Dec. 31, 2022 Ethereum $ / shares	Dec. 31, 2021 Ethereum $ / shares	Dec. 31, 2020 Ethereum $ / shares
Fair Value Disclosures [Abstract]
Investment owned balance shares held by custodian | Ethereum	3,037,631.42522860	3,114,532.09753906	2,937,122.40311770
ETH Fair value per share | $ / shares	$ 3,644.75	$ 3,644.75	$ 744.99

Fair Value of Ethereum - Change

Fair Value of Ethereum - Changes in Quantity of ETH and Respective Fair Value (Details) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2022 USD ($) Ethereum	Sep. 30, 2022 USD ($)	Jun. 30, 2022 USD ($)	Mar. 31, 2022 USD ($) Ethereum	Dec. 31, 2021 USD ($) Ethereum	Sep. 30, 2021 USD ($)	Jun. 30, 2021 USD ($)	Mar. 31, 2021 USD ($) Ethereum	Dec. 31, 2022 USD ($) Ethereum	Dec. 31, 2021 USD ($) Ethereum	Dec. 31, 2020 USD ($) Ethereum
Fair Value Disclosures [Abstract]
Investment Owned ,Balance | Ethereum				3,114,532.09753906				2,937,122.40311770	3,114,532.09753906	2,937,122.40311770	496,952.80257193
ETH contributed | Ethereum									0	255,555.46585612	2,481,763.37854938
ETH distributed for Sponsor's Fee, related party | Ethereum									(76,900.67231046)	(78,145.77143476)	(41,593.77800361)
Net change in unrealized (depreciation) appreciation on investment in ETH | Ethereum									0
Net realized gain (loss) on investment in ETH | Ethereum									0
Investment Owned ,Balance | Ethereum	3,037,631.42522860				3,114,532.09753906				3,037,631.42522860	3,114,532.09753906	2,937,122.40311770
Investment Owned, at Fair Value | $				$ 11,351,691				$ 2,188,127	$ 11,351,691	$ 2,188,127	$ 63,540
ETH contributed | $									0	434,615	786,455
ETH distributed for Sponsor's Fee, related party | $									(153,242)	(217,445)	(15,130)
Net change in unrealized appreciation (depreciation) on investment in Ethereum | $	$ (431,341)	$ 959,906	$ (7,020,891)	(1,177,858)	$ 1,981,184	$ 2,309,515	$ 1,055,804	3,414,375	(7,670,184)	8,760,878	1,348,523
Net realized gain (loss) on investment in Ethereum | $	16,957	$ 21,142	$ 34,658	$ 48,176	72,432	$ 48,058	$ 42,803	$ 22,223	120,933	185,516	4,739
Investment Owned, at Fair Value | $	$ 3,649,198				$ 11,351,691				$ 3,649,198	$ 11,351,691	$ 2,188,127

Distributions - Additional Info

Distributions - Additional Information (Details) - Ethereum Proof of Work	Sep. 26, 2022 USD ($) Ethereum	Sep. 15, 2022 Ethereum
Net Investment Income [Line Items]
Ethereum held by trust | Ethereum		3,059,976
Distributed incidental rights | Ethereum	3,059,976
Fair value on incidental rights | $	$ 0
Gain or loss on incidental rights | $	$ 0

Creations and Redemptions of _2

Creations and Redemptions of Shares - Additional Information (Details) - Ethereum	Dec. 31, 2022	Dec. 31, 2021
Equity [Abstract]
Share represented as ETH	0.0098	0.0100

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details)	12 Months Ended
	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Federal income tax rate	21%

Related Parties - Additional In

Related Parties - Additional Information (Details)	10 Months Ended	12 Months Ended
	Dec. 31, 2022 USD ($) Right shares	Dec. 31, 2022 USD ($) Right shares	Dec. 31, 2021 USD ($) Right shares	Dec. 31, 2020 USD ($) Right	Mar. 02, 2022 USD ($)
Related Party Transaction [Line Items]
Shares of the Trust, held by related parties | shares	11,811,797	11,811,797	11,811,797
Number of Incidental Right held | Right | Right	0	0	0
Number of Incidental Rights distributed | Right		0	0	0
Accrued and unpaid Sponsor's Fees	$ 0	$ 0	$ 0
Additional trust expenses paid by sponsor		$ 0	0	$ 0
Digital Currency Group, Inc. [Member]
Related Party Transaction [Line Items]
Shares held in employee trust					$ 200,000,000
Number of shares purchased under authorization | shares	0
Sponsor's Parent | Coinbase Inc
Related Party Transaction [Line Items]
Percentage of minority interest owned	1%	1%
Sponsor
Related Party Transaction [Line Items]
Related party sponsor fee percentage		2.50%
Sponsor's Fees incurred		$ 153,242,544	$ 217,445,124	$ 15,130,269
Sponsor | Maximum
Related Party Transaction [Line Items]
Related party transaction in a fiscal year		600,000
Non Sponsor Paid Expenses | Minimum
Related Party Transaction [Line Items]
Related party transaction in a fiscal year		$ 600,000

Quarterly Statements of Opera_3

Quarterly Statements of Operations - Schedule of Quarterly Statements of Operations (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Expenses:
Sponsor's Fee, related party	$ 25,025	$ 29,260	$ 42,739	$ 56,218	$ 80,704	$ 56,382	$ 51,089	$ 29,270	$ 153,242	$ 217,445	$ 15,130
Net investment loss	(25,025)	(29,260)	(42,739)	(56,218)	(80,704)	(56,382)	(51,089)	(29,270)	(153,242)	(217,445)	(15,130)
Net realized and unrealized (loss) gain from:
Net realized (loss) gain on investment in ETH	16,957	21,142	34,658	48,176	72,432	48,058	42,803	22,223	120,933	185,516	4,739
Net change in unrealized (depreciation) appreciation on investment in ETH	(431,341)	959,906	(7,020,891)	(1,177,858)	1,981,184	2,309,515	1,055,804	3,414,375	(7,670,184)	8,760,878	1,348,523
Net realized and unrealized (loss) gain on investment	(414,384)	981,048	(6,986,233)	(1,129,682)	2,053,616	2,357,573	1,098,607	3,436,598	(7,549,251)	8,946,394	1,353,262
Net (decrease) increase in net assets resulting from operations	$ (439,409)	$ 951,788	$ (7,028,972)	$ (1,185,900)	$ 1,972,912	$ 2,301,191	$ 1,047,518	$ 3,407,328	$ (7,702,493)	$ 8,728,949	$ 1,338,132

Financial Highlights Per Shar_3

Financial Highlights Per Share Performance - Summary of Per Share Data (Details) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Per Share Data:
Net asset value, beginning of year	$ 36.60	$ 7.67	$ 1.35
Net increase (decrease) in net assets from investment operations:
Net investment loss	(0.49)	(0.71)	(0.09)
Net realized and unrealized (loss) gain	(24.34)	29.64	6.41
Net (decrease) increase in net assets resulting from operations	(24.83)	28.93	6.32
Net asset value, end of year	$ 11.77	$ 36.60	$ 7.67
Total return	(67.84%)	377.18%	468.15%
Ratios to average net assets:
Net investment loss	(2.50%)	(2.50%)	(2.50%)
Expenses	(2.50%)	(2.50%)	(2.50%)

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) - $ / shares	Feb. 23, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Subsequent Event [Line Items]
ETH Fair value per share		$ 3,644.75	$ 3,644.75	$ 744.99
Subsequent Event [Member]
Subsequent Event [Line Items]
ETH Fair value per share	$ 1,652.79