2025 Annual Financial Statements

GRAYSCALE ETHEREUM COVERED CALL ETF CONSOLIDATED SCHEDULE OF WRITTEN OPTIONS December 31, 2025

Notional Amount

Contracts

Value

WRITTEN OPTIONS - (0.9)% Call Options - (0.9)% Grayscale Ethereum Mini Trust ETF, Expiration: 01/09/2026; Exercise Price: $29.00 (a)(b) ..................................................... $(4,433,480) (1,580) $(55,300) TOTAL WRITTEN OPTIONS (Premiums received $142,573). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $(55,300)

Percentages are stated as a percent of net assets. (a) Exchange-traded. (b) 100 shares per contract.

8 The accompanying notes are an integral part of these financial statements.

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