ETHE

Grayscale Ethereum Trust (ETH) is an investment vehicle. ETH enables investors to gain access and exposure to the price movement of ETH in the form of a traditional security without buying, storing and safekeeping ETH directly. ETH's investment objective is for its shares (based on Ethereum per share) to reflect the value of the Ethereum held by ETH, less ETH's expenses and other liabilities. Its activities include issuing baskets in exchange for ETH transferred as consideration in connection with the creations. ETH also engages in administrative and custodial procedures necessary to accomplish activities in accordance with the provisions of the trust agreement, the custodian agreement, the license agreements and the participant agreements.