iShares Staked Ethereum Trust ETF Shares of Fractional Undivided Beneficial Interest (ETHB)

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

I approach this not as a normal business but as a trust that seeks to reflect the performance of staked Ethereum before expenses and liabilities. That distinction matters: there is no revenue in the filed figures, and the FairStock valuation and return calculations such as P/E, P/B, ROE, ROCE, and debt-to-equity are not available. What I do have is price and two quarterly filings. In the fiscal Q1 2026 quarter ended 2026-03-31, the trust reported net income of $3.9 million and diluted EPS of $1.10. In the fiscal Q2 2026 quarter ended 2026-06-30, it reported a net loss of $164.7 million and diluted EPS of -$7.73. That is an enormous swing, and it tells me reported earnings are not a stable operating record. The trust's mandate is transparent, but transparency is not a moat; it is commodity-like exposure. At $31.00 on 2026-10-16, with a $724.2 million market cap and a 52-week range of $19.65 to $35.71, the price sits above the midpoint of that range. Without a reliable measure of intrinsic value, no book value, no revenue, and no stable earnings history, I cannot call it cheap or expensive in Graham terms. The lack of annual filed results, reflected in the 'none' Lynch category because only 0 years of filed results are available and three are needed, adds caution. This is a price on an asset, not a business I can value with confidence.

In plain English: This is an exchange-traded trust that aims to track the performance of staked Ethereum, minus its expenses and liabilities. Its latest reported quarter was weak: a $164.7 million net loss and a $7.73 loss per share in the quarter ended June 30, 2026, after a small $3.9 million profit in the prior quarter. It is hard to say whether the $31.00 price is cheap, fair, or expensive from the figures given, because revenue and the usual price-to-value measures are not available and results are highly volatile.

The full AI analysis, bull and bear case and key monitorables are in FairStock Pro.

Data as of 2026-10-16 close · note generated 2026-10-20 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-06-30) · fiscal Q1 2026 10-Q (period ended 2026-03-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer