Grayscale Ethereum Staking ETF 8-K

What Happened

• Grayscale Ethereum Staking ETF (ETHE) filed an 8-K on March 16, 2026 stating the Trust will change the index price used to value its Ether for operational purposes. Effective April 1, 2026 the Trust’s NAV and NAV per Share will be calculated using the CoinDesk Ether Benchmark Rate instead of the CoinDesk Ether Price Index (ETX). The Index Price is determined as of 4:00 p.m., New York time.

Key Details

• Effective date: April 1, 2026; filing date: March 16, 2026.
• New index: CoinDesk Ether Benchmark Rate (calculated every 5 seconds over 24 hours); prior index: CoinDesk Ether Price Index (ETX).
• Constituent trading platforms included as of March 16, 2026: Binance, Bitstamp by Robinhood, Bullish, Bybit, Crypto.com, Gate, Gemini, HashKey, Kraken, LMAX Digital, OKX.
• Fallback pricing cascade if the Index is unavailable: (1) CoinDesk Index at 4:00 p.m.; (2) Coin Metrics Real‑Time Rate (Secondary Index); (3) the Trust’s principal market public feed; (4) Sponsor’s good‑faith estimate. The Index Provider may change methodology or venues and the Sponsor may notify shareholders of material changes in periodic/current reports.

Why It Matters

• This is a procedural change to how ETHE values its underlying Ether for operational NAV calculation. Using the CoinDesk Ether Benchmark Rate (a volume‑weighted, manipulation‑resistant composite) may affect how intra‑day spot price movements and liquidity across multiple venues are reflected in NAV and NAV per Share. Investors should note the effective date (April 1, 2026), the published fallback rules for pricing, and that the Index Provider and Sponsor retain discretion to change methodology or constituents, with material updates disclosed in the Trust’s reports.