Ethereum ETF cost basis
$2,918per ETH
What the US spot ether ETFs paid, on average, for the ether they held on 5 November 2026.
According to CryptoKeyhole, the US spot ether ETFs it reads daily paid an average of $2,918 per ETH for the 3,454,377 ETH they held on 5 November 2026. ETH closed that day at $2,238, 23.3% below it, so the funds' ether was worth $2.35B less than it cost.
Price against what the funds paid
When the price fell below it
Since 24 June 2024, ETH closed below what the funds had paid on 446 of 585 days with a figure (76%), in 7 separate stretches; the deepest was 54.7% below, on 8 April 2025.
| First close below | Last close below | Days | Deepest | 30 days later | 90 days later |
|---|---|---|---|---|---|
| 4 Nov 2025 | still below | 252 | −51.1% | −4.7% | −28.6% |
| 27 Jan 2025 | 9 Jul 2025 | 106 | −54.7% | −26.6% | −43.7% |
| 10 Jan 2025 | 14 Jan 2025 | 3 | −5.1% | −19.6% | −53.4% |
| 24 Jul 2024 | 7 Nov 2024 | 76 | −27.2% | −17.2% | −21.4% |
| 3 Jul 2024 | 12 Jul 2024 | 7 | −11.6% | −9.3% | −25.7% |
Days are days with a figure (US trading days every included fund published). The last two columns are the ETH close 30 and 90 calendar days after the first close below, against that first close. A record this short is a description of what happened, not a rule for what comes next. 2 shorter dips of one or two days are counted above but not listed.
Fund by fund
| Fund | ETH held | Cost basis | Price vs cost | Unrealized profit/loss | Record |
|---|---|---|---|---|---|
| ETHAiShares Ethereum Trust ETF | 2,980,748 | $3,009 | −25.6% | −$2.30B | since launch, 24 Jun 2024 |
| ETHBiShares Staked Ethereum Trust ETF | 397,092 | $2,212 | +1.2% | +$10.3M | since launch, 18 Feb 2026 |
| ETHVVanEck Ethereum ETF | 45,278 | $3,004 | −25.5% | −$34.7M | since launch, 24 Jun 2024 |
| EZETFranklin Ethereum ETF | 20,073 | $3,366 | −33.5% | −$22.6M | since launch, 22 Jul 2024 |
| TETH21Shares Ethereum Staking ETF | 11,185 | $2,475 | −9.6% | −$2.6M | since launch, 22 Jul 2024 |
Daily flows, holdings and fees fund by fund: Ethereum ETF flows.
How it is calculated
Every fund keeps a running ledger of what its ether cost. When its holdings grow, the coins it adds cost that day's change times CryptoKeyhole's own ETH/USD close of that UTC day. When they shrink (redemptions, ether sold to pay its fee, cash payouts of staking rewards), the coins that leave take the fund's average cost with them, so an outflow does not move its cost basis; it realizes a profit or loss against it instead. The figure on this page is the included funds' total cost divided by their total ether, on every day each of them has published.
The holdings come from each issuer's own daily file, the same figures as the ETF flows pages, checked inside each file and against the funds' quarterly filings.
Coverage: the funds CryptoKeyhole reads daily. Funds whose issuers' sites refuse automated reads (Grayscale, Morgan Stanley and Invesco since 30 October 2026) are not in the daily figures, so not in the cost basis either; we do not work around that. Invesco's QETH was not in the cost basis before 30 October 2026 either: its own filings do not give its holdings at every quarter end before its daily record here. Left out as well: Bitwise Ethereum ETF (ETHW) and Fidelity Ethereum Fund (FETH), whose own filings do not give their ether at every quarter end before their daily record here; the funds included hold 83% of the ether of the funds read daily.
Limitations: this is what the funds paid for their coins, reconstructed from their holdings; what each shareholder paid for their shares depends on the share price on the day they bought, which the funds do not publish. A creation is valued at our close of the day rather than at the benchmark price the fund used for its NAV that afternoon. A day appears once every included fund has published it and that UTC day has closed.
Use the figure
- Daily history as CSVevery day since 24 Jun 2024, one row a day
- The same as JSONwith today's figures, each fund, the method and this citation; no key needed
- The interactive chartwith the price, any range, exports
The cost basis is free data under CC BY 4.0: reuse it anywhere, crediting CryptoKeyhole with a link to this page (licence and reuse).
Questions
What is the Ethereum ETF cost basis?
The average price the US spot ether ETFs paid for the ether they hold. CryptoKeyhole works it out from each fund's own daily holdings file: on 5 November 2026 it was $2,918 per ETH for the funds it reads daily.
Are Ethereum ETF holders in profit?
On 5 November 2026, ETH closed at $2,238, below the funds' cost basis of $2,918: their ether was worth 23.3% less than it cost, an unrealized loss of $2.35B.
Why does the cost basis matter?
It is where the funds' holders as a group break even. Traders watch it as a level where ETF buyers may defend their position or, below it, sell to cut losses; how far the price is above or below it says how much room holders have.
Why are some funds not included?
Funds whose issuers' sites refuse automated reads (Grayscale, Morgan Stanley and Invesco since 30 October 2026) are not in the daily figures, so not in the cost basis either; we do not work around that. Invesco's QETH was not in the cost basis before 30 October 2026 either: its own filings do not give its holdings at every quarter end before its daily record here. A fund whose earlier holdings cannot be followed back to its launch from its own files is left out of the cost basis too; the page names them.
Figures are calculated by CryptoKeyhole from the ETF issuers' own published files and our own price and node data. Nothing here is investment advice. Free to reuse under CC BY 4.0, crediting CryptoKeyhole with a link to this page (licence and reuse).