21Shares TETH saw $48.4M redemptions, 86% of ETH staked

21Shares’ Ethereum ETF, trading as TETH, reported $48.426 million in redemptions for the six months ended June 30, 2026, and held 86.42% of its ETH staked at quarter-end, according to the fund’s quarterly filing. The filing says redemptions exceeded new-share contributions by $6.251 million and records no failed, delayed or suspended redemption orders during the period.

The trust sold 21,125.2745 ETH to meet cash redemptions, distributing $48.426 million to redeeming shareholders against $42.174 million of contributions from new shares. Net assets fell to $12.917 million on June 30 from $31.298 million at year-end 2025. Shares outstanding declined from 2.11 million to 1.64 million, and net asset value per share fell from $14.83 to $7.88. The trust recorded a $12.769 million realized loss on ETH sold for redemptions.

At quarter-end the fund held 8,185.4684 ETH. Applying the disclosed 86.42% staking share yields approximate balances of 7,074 ETH staked and about 1,112 ETH unstaked, using the filing’s rounded percentage. The filing cautions that staked ETH cannot be moved or traded during variable unbonding periods and warns that temporary lockups or transfer restrictions could limit the trust’s ability to meet future redemptions.

The quarter-end staking ratio was well above the trust’s recent averages. The filing shows a 31.64% daily staking average for the second quarter and a 27.32% average for the six-month period. Only authorized participants can place creation and redemption orders directly with the trust, and those orders must be in baskets of 10,000 shares or multiples; ordinary investors buy and sell individual TETH shares on the exchange.

Broader spot Ethereum ETF flows were volatile this year, with withdrawals totaling more than $870 million over several weeks and a single $19.3 million inflow day interrupting a 17-day outflow run. Settlement of any large future redemptions will depend on the amount of unstaked ETH on hand, the size and timing of authorized-participant orders, and the timing of Ethereum’s unstaking process.

The quarterly filing flags variable unbonding periods as a potential constraint while noting that first-half redemption activity completed without operational interruptions. Future settlement of redemptions will depend on the balance between unstaked ETH available and the timing of unstaking if large redemption demands reappear.