21Shares Ethereum ETF Sees $48M in Redemptions Amid 86% Staking Ratio

The 21Shares Ethereum ETF, which trades as TETH, processed $48.4 million in redemptions during the first half of 2026. This figure covers completed activity, but it does not account for future settlement due to the timing of Ethereum's unstaking process. The ETF reported a staking ratio of 86.42% as of June 30, meaning that 7,074 ETH are currently staked and 1,112 ETH are unstaked.

The redemptions generated $48.426 million in distributions for redeemed shares against $42.174 million of contributions for new shares. This resulted in a net loss of $6.251 million. The trust sold 21,125.2745 ETH for $48.426 million of cash redemptions during the period.

The fund's net assets fell from $31.298 million at the end of December to $12.917 million at June 30. This decrease was due to several factors: shares outstanding declined from 2.11 million to 1.64 million, ETH's reference price fell 46.89%, and the trust recorded a $12.769 million realized loss on ETH sold for redemptions.

The ETF's net asset value per share dropped from $14.83 to $7.88. The quarterly filing documents a prospective constraint while recording completed first-half redemption activity. Broader spot Ethereum ETF flows have supplied a volatile backdrop, with the products recording four straight withdrawal weeks totaling more than $870 million in June.