21Shares Ethereum ETF reports $48.4M in redemptions, 86.42% ETH staked

The 21Shares Ethereum ETF, trading as TETH, reported $48.426 million in redemptions during the first half of 2026, with 86.42% of its ETH holdings staked as of June 30. The redemptions exceeded contributions by $6.251 million, with the trust selling 21,125.2745 ETH for cash redemptions. Following these redemptions, net assets fell from 31.298 million dollars at the end of December to 12.917 million dollars by June 30. Shares outstanding decreased from 2.11 million to 1.64 million, while the reference price of ETH dropped by 46.89%, resulting in a realized loss of 12.769 million dollars on ETH sold. Net asset value per share declined from 14.83 dollars to 7.88 dollars. At quarter-end, the trust held 8,185.4684 ETH, with approximately 7,074 ETH staked and 1,112 ETH unstaked. The fund's average staking exposure was 31.64% for the second quarter and 27.32% for the six-month period. Staked ETH cannot be moved during the unbonding period, which may affect future redemption capabilities. Broader Ethereum ETF flows have been volatile, with significant withdrawals reported in June. A new wave of TETH redemptions would challenge the timing and size of authorized-participant orders against available ETH.

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