BlackRock exchange-traded fund combining ether price tracking with Ethereum staking yield
EtherSpot ETFNasdaq
Bitwise Ethereum ETF (ETHW)
Spot ether exchange-traded trust listed on NYSE Arca with 0.20% sponsor fee
3.7/ 5
Our score
Good
Ticker
ETHW
Expense ratio
0.2%
Holds
Ether
Assets under management
$260,410,172
Listed on
NYSE Arca
Custodian
Coinbase Custody Trust Co., LLC
What is Bitwise Ethereum ETF (ETHW)?
Bitwise Ethereum ETF (ETHW) is an exchange-traded trust that holds spot ether directly, trading on NYSE Arca under the ticker ETHW. Each share represents physical ether held in segregated custody. Investors can access the asset through traditional brokerage and retirement accounts without managing private cryptographic keys.
Sponsor and leadership
The trust is sponsored by Bitwise Investment Advisers, LLC, a subsidiary of Bitwise Asset Management, Inc. Bitwise is based in San Francisco and manages over $9 billion in client assets across more than 70 investment products. Chief executive officer Hunter Horsley co-founded the firm after leading monetization products at Facebook and Instagram. Chief investment officer Matt Hougan previously served as CEO of Inside ETFs and ETF.com, while president Teddy Fusaro held senior portfolio management roles at New York Life and IndexIQ. Chief technology officer Hong Kim joined the team with a background as a software security researcher in the Korean military.
Custody and operational structure
ETHW stores 100% of its underlying ether with Coinbase Custody Trust Company, LLC, serving as the digital asset custodian. The Bank of New York Mellon serves as the trust custodian. Net asset value calculations reference the CME CF Benchmark Reference Rate for Ether, calculated using a segmented time-weighted average price between 3:00 p.m. and 4:00 p.m. Eastern Time. Bitwise donates 10% of ETHW fund profits to Ethereum open-source developer organizations.
Fees and trading expenses
The trust carries a baseline sponsor fee of 0.20%. Bitwise waived this fee entirely on the first $500 million in trust assets during the fund's initial six months, through January 22, 2025. In addition to the sponsor fee, shares reflect a total expense ratio of 0.85% that incorporates administrator, auditing, and custodial expenses. The 30-day median bid-ask spread on NYSE Arca was 0.05% in October 2026.
Track record and audits
The trust had its inception on July 22, 2024, and commenced secondary trading on July 23, 2024. As of October 2026, ETHW holds 109,318.83 ether representing approximately $260.4M in assets under management across 15,290,000 shares outstanding. Financial statements are audited by KPMG, while independent accounting firm The Network Firm LLP conducts daily proof-of-reserve examinations under AICPA standards.
Product limitations and risks
Holders bear market volatility from ether price movements alongside a 0.85% total expense ratio that reduces asset values over holding periods. The fund does not stake its ether holdingsand foregoes protocol staking yields. Investors cannot withdraw the underlying cryptocurrency directly, and digital asset holdings concentrate custody risk with Coinbase Custody.
Founders
Hunter HorsleyCEO and Co-founder
Previously a product manager on monetization at Facebook and Instagram.
Hong KimCTO and Co-founder
Previously a software security researcher in the Korean military.
Best for:US brokerage account holdersIRA and 401(k) crypto allocationsInvestors avoiding private key management
Pros and cons
Pros
- Trades on NYSE Arca through brokerage accounts
- 0.20% sponsor fee structure
- Daily independent proof-of-reserve examinations by The Network Firm
- 100% physically backed spot ether holdings with no futures exposure
- Tight 0.05% 30-day median trading spread on NYSE Arca
Cons
- Total expense ratio reaches 0.85% when factoring administrative costs
- Does not stake ether, foregoing network proof-of-stake yields
- Custody relies on a single provider, Coinbase Custody Trust Company
Our review
3.7/5
Good
ETHW provides direct spot ether exposure backed by institutional custody and daily reserves attestation, but its total expense ratio is 0.85%, including custody, audit, and administrative costs.
Bitwise Ethereum ETF (ETHW) is an exchange-traded spot fund listed on NYSE Arca that holds 100% physical ether. Sponsored by Bitwise Investment Advisers, LLC, the trust eliminates the need for direct private key management by depositing assets with Coinbase Custody Trust Co., LLC, while Bank of New York Mellon serves as trust custodian and administrator. In October 2026, the trust held 109,318.83 ETH, representing $260,410,172 in assets under management across 15,290,000 shares outstanding.
- Transparent custody verification, featuring public Ethereum wallet addresses and daily independent examination reports executed by The Network Firm LLP under AICPA standards.
- A base sponsor fee of 0.20%, which was waived on the first $500 million in assets through January 22, 2025.
- A commitment by Bitwise to donate 10% of fund profits to open-source Ethereum core development.
- A 30-day median bid-ask spread of 0.05% is reported.
However, investors face trade-offs compared to direct crypto ownership. While the sponsor fee is 0.20%, the fund fact sheet reports a total expense ratio of 0.85% once custody, audit, and administrative costs are included, which compounds over longer holding periods. The fund does not stake its ETH holdings, so investors forgo native Ethereum network staking yields.
Bitwise Asset Management manages over $9 billion across more than 70 investment products, and ETHW's financial statements are audited by KPMG. ETHW suits traditional equity account holders who want pure spot Ethereum price exposure without handling self-custody.
Sources (2)
Specs
| Ticker | ETHW |
|---|---|
| Issuer | Bitwise |
| Holds | Ether · unverified |
| Structure | Spot ETF · unverified |
| Expense ratio | 0.2% · unverified |
| Fee waiver | 0.00% on first $500M assets for first 6 months through January 22, 2025 · unverified |
| Assets under management | $260,410,172 · unverified |
| Listed on | NYSE Arca · unverified |
| Launch date | 2024-07-23 · unverified |
| Custodian | Coinbase Custody Trust Co., LLC · unverified |
| Stakes its holdings | No · unverified |
| Market | United States · unverified |
Not disclosed by the provider: Options available.
Data from the provider's website and public sources. Fees and availability change; confirm on the official site before you sign up.
Key features
Direct ether holdings
The trust holds physical ether rather than derivatives, backing every share with reserve ETH held at Coinbase Custody.
NYSE Arca secondary trading
Shares trade under ticker ETHW during regular US market sessions with a 30-day median bid-ask spread of 0.05%.
Daily proof of reserves
Independent accounting firm The Network Firm LLP verifies the trust's onchain ether balance daily using AICPA examination standards.
CME CF benchmark pricing
Net asset value relies on the CME CF Benchmark Reference Rate for Ether, calculated using a segmented time-weighted average price between 3:00 and 4:00 p.m. ET.
Developer fund allocation
Bitwise donates 10% of ETHW profits to Ethereum open-source developer organizations.
Inside Bitwise Ethereum ETF (ETHW)
Fund Summary
Displays key fund parameters including the 0.20% sponsor fee, ticker ETHW, exchange listing details, CUSIP, and administrator information.
Fund Materials
Provides downloadable regulatory documentation including the official fund prospectus, fact sheet, SEC filings, and investment case presentations.
Performance
Reports historical net asset value and market price returns, including quarter-end yields, tracking variance, and median bid-ask spread calculations.
Fund Holdings
Breaks down current portfolio weightings, ether per share ratios, and the total market value of physical ETH held by the trust.
Proof of Reserves Transparency
Presents daily AICPA-compliant independent examination reports by The Network Firm LLP alongside on-chain wallet reserve balances.
Bitwise Ethereum ETF (ETHW) screenshots
User reviews
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FAQ
Who manages the Bitwise Ethereum ETF (ETHW)?
The fund is sponsored by Bitwise Investment Advisers, LLC, led by Chief Executive Officer Hunter Horsley, President Teddy Fusaro, and Chief Investment Officer Matt Hougan.
What are the fees for Bitwise Ethereum ETF (ETHW)?
ETHW has a sponsor fee of 0.20%, which was waived on the first $500 million in assets until January 22, 2025. The total expense ratio is 0.85% including administrative, audit, and custody expenses.
Where are ETHW's ether holdings held?
Digital assets are held with Coinbase Custody Trust Co., LLC, while Bank of New York Mellon acts as trust custodian and administrator. Custody balances are verified via daily third-party examination reports from The Network Firm LLP.
Does the Bitwise Ethereum ETF stake its ether holdings?
No, ETHW holds spot physical ether and does not participate in proof-of-stake network validation. Investors do not receive Ethereum staking rewards through the fund.
Can investors redeem Bitwise Ethereum ETF shares for physical ETH?
No. Investors trade shares of ETHW through brokerage accounts on NYSE Arca and cannot redeem shares directly for physical ether.
What asset does ETHW hold?
ETHW holds 100% physical ether (ETH), the native cryptocurrency of the Ethereum network. The fund does not hold crypto derivatives or alternative digital assets.
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