8-K: Grayscale Ethereum ETF Adds Bitstamp to Index

Grayscale Ethereum Trust ETF announced the addition of Bitstamp by Robinhood to its CoinDesk Ether Price Index, effective December 21, 2025, due to meeting liquidity requirements.

Summary

• CoinDesk Indices, Inc., the Index Provider for Grayscale Ethereum Trust ETF, announced a change to the Digital Asset Trading Platforms used to derive the Index Price.
• Effective December 21, 2025, Bitstamp by Robinhood was added to the CoinDesk Ether Price Index (ETX).
• The addition was due to Bitstamp meeting the Index Provider's minimum liquidity requirement.
• No Constituent Trading Platforms were removed as part of the scheduled quarterly review.
• As of the date of the report, the Constituent Trading Platforms included in the Index are Coinbase, Kraken, Crypto.com, LMAX Digital, Gemini, and Bitstamp.

Sentiment

Score: 7

Explanation: The addition of a new, liquid trading platform to the index is a positive step for the robustness and accuracy of the ETF's underlying asset pricing, indicating healthy market dynamics and adherence to established criteria. No negative implications are present.

Positives

• The addition of Bitstamp by Robinhood to the Index potentially enhances the liquidity and robustness of the Ether price calculation.
• Bitstamp met the Index Provider's minimum liquidity requirement, indicating its growing market presence and reliability as a trading platform.

Risks

• The Index Provider may change the trading venues that are used to calculate the Index Price, or otherwise change the way in which an Index Price is calculated, at any time.
• Future scheduled quarterly reviews may result in the addition or removal of Constituent Trading Platforms that satisfy or fail the specified criteria.

Future Outlook

The Index Provider has scheduled quarterly reviews where it may add or remove Constituent Trading Platforms based on specific criteria. The Index Provider also retains the right to change the trading venues or calculation methods for the Index Price at any time.

Management Comments

• Edward McGee, Chief Financial Officer of Grayscale Investments Sponsors, LLC, signed the report on behalf of the Sponsor of Grayscale Ethereum Trust ETF.

Industry Context

The inclusion of Bitstamp, a platform associated with Robinhood, into a prominent cryptocurrency index reflects the ongoing maturation and institutional integration of digital assets like Ethereum. This move underscores the importance of robust liquidity and diversified price discovery mechanisms in the rapidly evolving digital asset market, aligning with broader trends of increasing scrutiny and standardization in crypto financial products.

Comparison to Industry Standards

• The addition of Bitstamp alongside established platforms like Coinbase, Kraken, and Gemini suggests a broadening of recognized, liquid trading venues for Ether, aligning with industry trends towards diversified price discovery mechanisms for digital assets.
• This move is comparable to how traditional financial indices regularly review and update their constituent components to reflect market changes and maintain index integrity, ensuring the underlying asset's price is derived from a robust set of sources.

Stakeholder Impact

• Shareholders may benefit from a more robust and accurate Ether price index, potentially leading to more reliable ETF performance tracking.
• Investors may gain enhanced confidence in the ETF's methodology for tracking Ether's price due to the inclusion of a new, liquid trading platform.

Next Steps

• The Index Provider will continue to conduct scheduled quarterly reviews to add or remove Constituent Trading Platforms based on predefined criteria.

Key Dates

Recommendation

The filing details a routine update to the Grayscale Ethereum Trust ETF's underlying index, specifically the addition of Bitstamp as a constituent trading platform. This change is based on predefined liquidity criteria and is part of scheduled quarterly reviews. While it enhances the robustness of the index, it does not represent a material change in the company's financial health, strategic direction, or risk profile that would warrant a change in investment recommendation. It's an expected operational adjustment for an ETF tracking a dynamic asset.

Keywords

Grayscale Ethereum Trust ETF, ETHE, Ethereum, ETF, Bitstamp, Robinhood, CoinDesk Ether Price Index, ETX, Digital Asset Trading Platforms, Cryptocurrency, Index Provider, Liquidity