Ethereum has emerged as the cornerstone of decentralized innovation, powering everything from decentralized finance (DeFi) and non-fungible tokens (NFTs) to next-generation blockchain applications. For investors seeking regulated, transparent, and secure exposure to this transformative digital asset, the Bitwise Ethereum ETF (ETHW) offers a compelling solution. Listed on major U.S. exchanges, ETHW provides a straightforward way to invest in ether (ETH) through a traditional brokerage account—without the complexities of managing private keys or navigating crypto wallets.
Backed by Bitwise Investment Advisers, LLC—one of the most experienced crypto-focused asset managers in the world—ETHW is designed for both institutional and retail investors who want trusted access to Ethereum’s long-term growth potential.
👉 Discover how ETHW can fit into your investment strategy today.
Why Invest in ETHW?
The Foundation of Decentralized Innovation
Ethereum remains the most widely adopted blockchain platform for developers and enterprises building in the crypto ecosystem. From DeFi protocols processing billions in transaction volume to NFT marketplaces redefining digital ownership, Ethereum continues to lead in user adoption, developer activity, and real-world utility.
The Bitwise Ethereum ETF (ETHW) directly holds ether, the native cryptocurrency of the Ethereum network, giving investors pure-play exposure to its price performance. Unlike indirect investment vehicles or futures-based products, ETHW offers physical ETH backing, ensuring alignment with the underlying asset’s value.
Built by Crypto Experts
Bitwise is recognized as the world’s largest crypto index fund manager, with over seven years of experience and a team of more than 90 dedicated crypto specialists. This deep expertise enables Bitwise to navigate the complexities of digital assets—from custody and compliance to market structure and security—with precision.
As pioneers in the ETF space, Bitwise has successfully launched multiple crypto-themed exchange-traded funds, establishing a proven track record of operational excellence and investor education.
Supporting Ethereum’s Ecosystem
Beyond investment management, Bitwise is committed to advancing the health and sustainability of the Ethereum network. The firm donates 10% of profits from ETHW to support core Ethereum developers—engineers who maintain and improve the protocol’s codebase. This initiative helps ensure Ethereum remains secure, scalable, and accessible for future generations.
This unique commitment reflects a long-term vision: investing not just in Ethereum, but for Ethereum.
“Ethereum is the world’s most exciting crypto asset,” says Matt Hougan, Chief Investment Officer at Bitwise. “It powers the majority of innovative applications in crypto today—from DeFi and stablecoins to NFTs—and continues to attract top talent and capital.”
Fund Overview: Key Details at a Glance
About the ETHW Fund
The Bitwise Ethereum ETF (ETHW) is a grantor trust registered under the Securities Exchange Act of 1934. It issues shares that represent fractional ownership in a pool of ether held in custody.
Key Fund Metrics (As of June 30, 2025)
- Inception Date: July 22, 2024
- Net Assets (AUM): $258.2 million
- Shares Outstanding: 14,910,000
- Daily Average Trading Volume: 291,043 shares
- Expense Ratio: 0.85% (includes management fee, custody charges, and administrative costs)
- Sponsor: Bitwise Investment Advisers, LLC
- Administrator & Trust Custodian: Bank of New York Mellon
- Digital Asset Custodian: Coinbase Custody Trust Co., LLC
- Legal Counsel: Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.
- Marketing Agent: Foreside Fund Services, LLC
Fee Structure
For the first six months after listing, the sponsor waived fees on the first $500 million in assets. After January 22, 2025, the sponsor fee settled at 0.20% for all assets. The total expense ratio remains 0.85%, covering all operational costs.
👉 See how ETHW compares to other digital asset investment options.
Holdings and Transparency
Pure Ether Exposure
ETHW holds only one asset: ether (ETH). This single-asset focus ensures transparency and eliminates exposure to other cryptocurrencies or derivatives.
- Number of Holdings: 1
- Market Value of Holdings (as of June 30, 2025): $258,187,265.09
All ether is securely held by Coinbase Custody, a leading digital asset custodian regulated by the New York Department of Financial Services (NYDFS), with additional oversight from Bank of New York Mellon as trust custodian.
ETH Holding Addresses
The fund's ether holdings are stored in public blockchain addresses associated with the trust. These addresses are periodically disclosed to enhance transparency and allow independent verification of on-chain balances.
Performance Snapshot (As of June 29, 2025)
| Period | NAV Return | Market Price Return |
|---|---|---|
| 3 Months | +36.34% | +37.86% |
| Year-to-Date (YTD) | -25.19% | -24.66% |
| Since Inception | -25.19% | -24.66% |
Note: Returns for periods under one year are not annualized. Past performance is no guarantee of future results.
- Net Asset Value (NAV): $17.32
- Market Price: $17.22
- NAV Change (1 Day): -$0.64 (-3.57%)
- Market Price Change (1 Day): -$0.82 (-4.54%)
- 30-Day Median Bid-Ask Spread: 0.06%
The narrow bid-ask spread indicates strong liquidity and efficient pricing—key advantages for active traders and long-term investors alike.
Premium/Discount Tracking
Understanding how market price diverges from NAV is crucial for ETF investors.
Q2 2025:
- Days Traded at Premium: 32
- Days Traded at Discount: 22
- Days Traded at NAV: 2
Q3 2025:
- Days Traded at Premium: 0
- Days Traded at Discount: 1
- Days Traded at NAV: 0
This data highlights typical ETF behavior—minor deviations due to supply/demand dynamics—while affirming that arbitrage mechanisms help keep prices closely aligned with underlying value.
Frequently Asked Questions (FAQ)
What is the Bitwise Ethereum ETF (ETHW)?
ETHW is an exchange-traded fund that provides investors with direct exposure to ether (ETH), the native cryptocurrency of the Ethereum blockchain. Shares trade on a national securities exchange like any traditional ETF.
How does ETHW differ from other crypto ETFs?
Unlike futures-based or multi-asset crypto funds, ETHW holds physical ether in secure custody. This structure offers transparent, spot-market exposure without counterparty risk from derivatives.
Is ETHW safe for long-term investment?
Yes. Backed by reputable institutions—including BNY Mellon and Coinbase Custody—and managed by a seasoned crypto investment team, ETHW combines regulatory compliance with robust security practices.
Can I hold ETHW in my retirement account?
Yes. Since ETHW trades like a standard stock or ETF, it can be held in IRAs, 401(k)s, and other tax-advantaged accounts through most major brokerages.
How often does ETHW report its holdings?
The fund discloses its holdings daily on its official website. The number of ETH held is updated regularly to reflect inflows, outflows, and expense deductions.
Does ETHW pay dividends?
No. ETHW does not distribute dividends. Any staking rewards or network-generated income are reinvested or used to offset expenses unless otherwise disclosed.
Final Thoughts: Why ETHW Matters
As Ethereum continues evolving—with upgrades focused on scalability, sustainability, and security—the demand for trusted investment vehicles will only grow. The Bitwise Ethereum ETF (ETHW) stands out as a transparent, liquid, and professionally managed gateway to one of the most influential technologies of our time.
Whether you're building a diversified portfolio or seeking strategic exposure to digital assets, ETHW offers a compliant and convenient path forward.