The 21Shares Ethereum ETF, TETH, processed $48.426 million in redemptions during the first half of 2026 while ending June with 86.42% of its ETH holdings staked, an Aug. 14 quarterly filing shows. Net assets fell from $31.298 million to $12.917 million as ETH's reference price dropped and the fund realized a loss on coins sold to meet redemptions.
The 21Shares quarterly filing shows TETH redemptions generated $48.426 million in distributions for redeemed shares against $42.174 million of contributions for new shares over the six months ended June 30, 2026.
TETH redemptions outpaced new contributions
Using the filing's unrounded figures, redemptions exceeded contributions by $6.251 million. The trust sold 21,125.2745 ETH for the $48.426 million of cash redemptions during the period, and the filing records that activity as completed without a failed, delayed, or suspended order.
Net assets and NAV per share dropped sharply
Following those redemptions, the fund's net assets fell from $31.298 million at the end of December to $12.917 million at June 30. Shares outstanding declined from 2.11 million to 1.64 million, ETH's reference price fell 46.89%, and the trust recorded a $12.769 million realized loss on ETH sold for redemptions. Net asset value per share dropped from $14.83 to $7.88.
Staking ratio stood well above the average
At quarter-end, the trust held 8,185.4684 ETH. Applying the disclosed 86.42% staking share gives approximate balances of 7,074 ETH staked and 1,112 ETH unstaked, figures derived from a rounded percentage. That quarter-end ratio sat far above TETH's average staking exposure during the reporting periods: a 31.64% daily staking average for the second quarter and 27.32% for the six-month period.
The trust says staked ETH cannot be moved or traded during a variable unbonding period and warns that temporary lockups or transfer restrictions could limit its ability to meet redemptions. Only authorized participants can place orders directly with the trust, in baskets of 10,000 shares or multiples, while ordinary investors generally trade individual TETH shares on the exchange. A new wave of redemptions would test the size and timing of those orders against the ETH available outside staking at that moment.
Source: 21Shares quarterly filing (SEC)
Trading involves risk.
Risk Disclaimer
