Bitwise Ethereum ETF

ETHWdata completeness 38%1 fiscal years on file

Data notes: no data for concept 'revenue'; no data for concept 'capex'; no data for concept 'cash'; no data for concept 'totalDebt'; no data for concept 'stockholdersEquity'; no data for concept 'epsDiluted'; no data for concept 'interestExpense'; no data for concept 'pretaxIncome'

i. The business — what you’d actually own

Figure	FY 2025
Revenue	—
Net income	−$54.7M¹
Operating cash flow	$6.11M²
Capital expenditure	—
Free cash flow (derived)	—
Total debt	—
Cash & equivalents	—
Diluted shares	16.1M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal

If you owned

Net assets behind them

—

your share of equity

Profit it earned you last year

−$33.89

Free cash flow it threw off

—

Debt you’d be carrying

—

10 shares of this business that earned you −$33.89 last year.

iii. Is this a good business?

Moat signal · return on equity

— avg · 1y

Not enough data in the filings for a return-on-capital reading.

seeing a moat in the numbers →

Management signal · capital allocation

−0% shares · 1y

Share count is roughly flat over 1 years — little dilution, little buyback.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0

DCF · Growth Exit 10Y

not applicable

only 0 years of FCF (need ≥3) — model not applicable

DCF · Growth Exit 5Y

not applicable

only 0 years of FCF (need ≥3) — model not applicable

Earnings Power Value

not applicable

only 1 years of net income (need ≥3)

Graham Number

not applicable

diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts

10-K · period ending 2025-12-31 · accession 0001193125-26-104221 (NetIncomeLoss)
10-K · period ending 2025-12-31 · accession 0001193125-26-104221 (NetCashProvidedByUsedInOperatingActivities)