21Shares Ethereum ETF Reports $48M in Redemptions with 86% Staked Holdings – Quarterly Disclosures Reveal Key Details

The 21Shares Ethereum ETF (TETH) recorded $48.4 million in share redemptions during the first half of 2026, with 86.42% of its ETH holdings staked at the end of June, as disclosed in the fund’s August 14 quarterly filing. The redemptions resulted from $42.174 million in new share contributions, creating a net inflow of $6.251 million for the period. The trust liquidated 21,125.2745 ETH to fulfill redemption requests, generating $48.426 million in cash. No outstanding redemption orders were delayed or suspended during the six-month period.

Net assets decreased from $31.298 million at year-end to $12.917 million by June 30, driven by a 46.89% decline in ETH’s reference price, a 22% reduction in shares outstanding, and a $12.769 million realized loss on sold ETH. The per-share net asset value fell from $14.83 to $7.88.

The fund’s staking exposure remained elevated, with an 86.42% staked ratio at period-end versus average staking levels of 31.64% daily and 27.32% over six months. This high concentration introduces timing risks for future redemptions, as staked ETH cannot be liquidated during unbonding periods.

TETH’s balance sheet reflects 8,185.4684 ETH held total, with approximately 7,074 ETH staked and 1,112 unstaked. Unstaked ETH availability could influence future redemption settlement speed. Trading in TETH shares occurs through authorized participants in blocks of 10,000 shares, limiting retail access to individual shares.

Market-wide trends show Ethereum ETFs experiencing $870 million in withdrawals over 17 days, interrupted by a $19.3 million inflow. Broader crypto flows revealed institutional rotation into HYPE, XRP, and Solana funds despite Bitcoin and Ethereum ETF outflows exceeding $2.7 billion.

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