8-K: Grayscale ETH Mini Trust ETF Adds Bitstamp to Index

Grayscale Ethereum Mini Trust ETF's underlying index, CoinDesk Ether Price Index, has added Bitstamp by Robinhood as a constituent trading platform due to meeting liquidity requirements.

Summary

• CoinDesk Indices, Inc. (the Index Provider) added Bitstamp by Robinhood to the CoinDesk Ether Price Index (ETX) for the Grayscale Ethereum Mini Trust ETF.
• The addition of Bitstamp was effective on December 21, 2025.
• Bitstamp was included because it met the Index Provider's minimum liquidity requirement.
• No existing Constituent Trading Platforms were removed as part of this scheduled quarterly review.
• The Constituent Trading Platforms now include Coinbase, Kraken, Crypto.com, LMAX Digital, Gemini, and Bitstamp.

Sentiment

Score: 7

Explanation: The addition of a new, liquid trading platform to the underlying index is a positive development for the ETF, enhancing its robustness and market representation. It's a routine, expected update but generally favorable.

Positives

• The addition of Bitstamp by Robinhood enhances the liquidity and potentially the robustness of the CoinDesk Ether Price Index, which the ETF tracks.
• The inclusion of a new platform demonstrates the Index Provider's ongoing review and adaptation to market conditions, ensuring the index remains representative.

Risks

• The Index Provider retains the right to change the trading venues used to calculate the Index Price, or alter the calculation method, at any time.
• The Index Provider conducts scheduled quarterly reviews, which may lead to future additions or removals of Constituent Trading Platforms based on their criteria.

Future Outlook

The Index Provider maintains the discretion to modify the trading venues or calculation methodology of the Index Price at any time, with scheduled quarterly reviews for platform additions or removals based on established criteria.

Industry Context

The addition of Bitstamp to the CoinDesk Ether Price Index reflects the evolving landscape of digital asset trading platforms and the increasing institutional interest in diversifying the sources for cryptocurrency price discovery. This move aligns with the broader trend of enhancing the robustness and representativeness of crypto indices used for investment products like ETFs.

Stakeholder Impact

• Shareholders may benefit from a more robust and representative index price due to increased liquidity sources, potentially leading to more accurate ETF pricing.
• Customers of Bitstamp/Robinhood may see increased visibility or legitimacy for Bitstamp as a recognized platform in institutional indices.

Next Steps

• The Index Provider will continue to conduct scheduled quarterly reviews, which may result in further additions or removals of Constituent Trading Platforms.

Key Dates

Recommendation

This filing details a routine, positive update to the underlying index's constituent platforms, enhancing its robustness. It does not present new information that would fundamentally alter the investment thesis for the Grayscale Ethereum Mini Trust ETF, which tracks Ethereum's price. Therefore, a 'hold' recommendation is appropriate, maintaining current positions based on broader Ethereum market outlook rather than this specific operational update.

Keywords

Grayscale, Ethereum, ETF, ETH, Bitstamp, CoinDesk Index, Crypto, Digital Asset, Liquidity, NYSE Arca