Morgan Stanley Ethereum Trust (NYSE Arca:MSSE) filed its first quarterly report on Form 10-Q with the SEC on November 13, 2026, covering the period from commencement of operations on July 27, 2026 through September 30, 2026.

Key Highlights

  • Net asset value per share: $28.99 as of September 30, 2026, with net assets totaling $53,918,411.
  • Shares outstanding: 1,860,000 shares issued and outstanding as of September 30, 2026; 2,000,000 shares outstanding as of October 31, 2026.
  • Ether holdings: The Trust held 20,000.26500166 ether at a fair value of $53,889,514 against a cost of $42,406,742, representing 99.95% of net assets.
  • Staked ether: $37,722,497 of the ether holding was staked as of September 30, 2026, with staking rewards receivable (net) of $34,491.
  • Operations commenced: July 27, 2026, making this the Trust's first reporting period with no comparative prior-period financial statements provided.
  • Accumulated earnings: $11,508,622 recorded in accumulated earnings as of September 30, 2026, with paid-in capital of $42,409,789.

Morgan Stanley Ethereum Trust: Inaugural Quarter Financial Results

According to the filing, Morgan Stanley Ethereum Trust is registered under the ticker MSSE on NYSE Arca, Inc. and holds Common Shares of Beneficial Interest. The Trust commenced operations on July 27, 2026, and this Form 10-Q covers the period from that date through September 30, 2026. The registrant is classified as a non-accelerated filer, a smaller reporting company, and an emerging growth company under the applicable SEC definitions.

The filing reports total assets of $53,924,005 against total liabilities of $5,594, the latter consisting entirely of a Delegated Sponsor Fee payable. The Trust's sole investment, as disclosed in the Schedule of Investment, is 20,000.26500166 ether, carried at a fair value of $53,889,514, with a cost basis of $42,406,742. Of that ether, $37,722,497 was staked as of the period end, the filing states. Net staking rewards receivable of $34,491 were also recorded as an asset. Assets in excess of other liabilities totaled $28,897, or 0.05% of net assets.

The Trust reported accumulated earnings of $11,508,622 and paid-in capital of $42,409,789, together constituting net assets of $53,918,411. The Trust is managed by Morgan Stanley Investment Management Inc., located at 1585 Broadway, New York, New York 10036. The filing includes forward-looking statements which, according to the filing's cautionary language, "are only predictions" and that "actual events or results may differ materially." The Trust noted it intends to take advantage of the extended transition period for accounting standards available to emerging growth companies under the JOBS Act.

What Was Disclosed

Morgan Stanley Ethereum Trust submitted its first quarterly report covering operations from July 27, 2026 through September 30, 2026, disclosing a net asset value of $28.99 per share, total ether holdings of 20,000.26500166 ETH, and net assets of $53,918,411 with partial staking activity.