iShares Staked Ethereum Trust ETF (ETHB) Stock Analysis
iShares Staked Ethereum Trust ETF
▾ What's in the 51/100 risk score? (higher = riskier)
Contributions (weight × component score) sum to the total. This near-term score now includes fundamental health (leverage, FCF trend). See the Financial Health section for the full balance-sheet read.
How to read ETHB (Ether fund)
ETHB holds Ether on your behalf — it is not a business, so there are no cash flows to value. Its price tracks Ether. What matters is your view on Ether, the fund's fee, and how close the price trades to the value of the coins it holds.
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Why normal valuation doesn't apply ↓
Ether has no earnings or cash flow — a DCF, P/E or book-value model tells you nothing here. Your return is ~100% the coin's price.
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Anatomy of a share ↓
What one share actually represents in terms of the fund's holdings.
It files little or nothing with the SEC — so our cash-flow models, financial statements, and U.S. insider data (Form 4) don't apply. What's still real: the live U.S. price and short positioning. Here's what we could pull from other sources:
iShares Staked Ethereum Trust ETF
📑 Read the real filings: latest SEC 10-Q ↗
Identity, share count and tier from FINRA + OTC Markets; not a substitute for the home-market financial statements. Thin U.S. disclosure + OTC trading is itself a risk factor.
How to value ETHB
iShares Staked Ethereum Trust ETF isn't a business — it's a fund that holds Ether on your behalf. There are no revenues, earnings, or cash flows to discount, so a DCF, P/E, or book-value model tells you nothing. Each share represents a fixed slice of the fund's Ether, so the price simply tracks the price of Ether (minus a small annual fee). An intrinsic-value "verdict" would be meaningless here, so we don't show one.
- Your view on Ether — that's ~100% of the return. This page can't tell you whether Ether itself is cheap or expensive.
- Expense ratio — the annual fee skims your holding every year. Spot Ether funds range from ~0.12% to ~1.5%; for a long hold, lower is better.
- Premium / discount to NAV — aim to pay close to the value of the coins the fund holds, not a markup over them.
- Structure & custody — a modern spot ETF vs an older trust, and who actually custodies the coins.
Crypto is highly volatile and speculative. Educational only — not investment advice.
How does ETHB stack up against its closest peers?
We take the 8 same-industry companies most similar to ETHB (similar size) and check what investors are paying for each dollar of their revenue (or profits). If ETHB is much more expensive on the same yardstick, that's a red flag — unless you have a specific reason it deserves a premium. For a leveraged business, EV/EBIT and FCF yield (both in the table) are usually more reliable than EV/Sales, because revenue multiples ignore differences in margins and debt.
▾ What's "EV / Sales" in plain English?
EV (Enterprise Value) = market cap + total debt − cash. It's "what you'd pay to buy the entire company outright" — you pay the market cap to shareholders and take over their debt, but you keep their cash. EV is fairer than market cap alone because it includes the debt the new owner inherits.
EV / Sales = EV ÷ annual revenue. So "2.5×" means investors pay $2.50 of enterprise value per $1 of yearly sales. Higher = market is paying more per dollar of sales (usually because they expect future growth or fat margins).
p25 / median / p75 are the 25th, 50th (middle), and 75th percentile of the peers' multiples. Half the peers fall between p25 and p75. The median (p50) is the typical peer — that's the benchmark we compare to.
Bold middle number = median peer. Half the peers trade above it, half below. Computed over 8 same-industry peers; implausible multiples excluded.
⚠️ Important caveat: peer multiples only work if the peers are genuinely comparable. Always check the peer list below — if the auto-picker grabbed micro-caps or unrelated businesses, the comparison is noise. A medical-device giant priced against tiny biotech startups won't produce a useful signal.
▾ View peer list (8)
| Ticker | Company | Industry | Mcap | EV/EBIT | FCF Yield |
|---|---|---|---|---|---|
| SPPP | SPROTT PHYSICAL PLATINUM & PALLADI | Investment Banking | $650M | — | 44.7% |
| FXF | Invesco CurrencyShares Swiss Franc | Investment Banking | $520M | — | — |
| GSG | iShares S&P GSCI Commodity-Indexed | Investment Banking | $991M | 28.9x | 5.8% |
| FGDL | Franklin Templeton Holdings Trust | Investment Banking | $498M | — | 6.9% |
| FXE | Invesco CurrencyShares Euro Trust | Investment Banking | $468M | — | 0.8% |
| FXY | Invesco CurrencyShares Japanese Ye | Investment Banking | $467M | — | — |
| EZBC | Franklin Templeton Digital Holding | Investment Banking | $435M | — | 25.1% |
| SVIX | VS Trust | Investment Banking | $1.2B | — | — |
Quality & solvency checks
Cheap stocks can be cheap for a reason. These screens warn when a low valuation comes paired with structural fragility.
Why it matters: Cheap-looking stocks (low P/E or P/B) often have low Z-scores because the market knows the company is dying. Z-score warns you before you fall into a value trap.
Reference: > 3.0 = safe zone · 1.81–3.0 = grey zone · < 1.81 = distress zone
Full explanation →
Altman Z was calibrated on industrial firms and doesn't apply to banks or insurers — their balance sheets are dominated by loans/securities, not working capital. See the Bank Valuation Lens above for P/B, ROE and ROA — the metrics regulators and analysts actually use to assess bank solvency.
Why it matters: High score = fundamentals improving. Low score = deteriorating. Especially powerful for filtering cheap stocks: cheap + high F-score historically outperforms; cheap + low F-score is often a value trap.
Reference: 7–9 = strong · 4–6 = mediocre · 0–3 = weak
Full explanation →
Piotroski F was built for non-financial firms (gross margin, asset turnover, current ratio all assume an industrial cost structure). For banks, the equivalent quality signals are efficiency ratio, net interest margin, and provision coverage — see the Bank Valuation Lens above.
A standard discounted cash flowDCF — Discounted Cash Flow — sums up all future cash a business will produce, adjusted for the fact that future dollars are worth less than dollars today.
Why it matters: It is the most fundamentally honest valuation method when applicable — but only works for companies with predictable, positive cash flow.
Reference: Best for: mature, profitable businesses. Fails for: pre-profit growth, banks, REITs.
Full explanation → valuation is not meaningful for ETHB because it is an ETF, not an operating company with traditional cash flows. The model implies no positive equity value, indicating its unsuitability for this type of asset. Investors are betting on the performance of Ethereum and the income generated from staking. The #1 quantifiable risk is the low franchise/durability score of 0/5, suggesting a lack of inherent competitive advantage.
As of 3 months ago
Anatomy of a share
What you're buying per share. Bars are at the same scale so you can see the relative size of revenue, costs, cash flow, and debt — not just read them in a table.
What you actually need to decide
Every stock price is a disagreement. Here's the single thing that must go right for the bulls, the single thing that breaks the thesis, and the concrete signposts to watch so you can update your view as real results arrive.
- Ethereum price movements
- Changes in Ethereum staking yield
- ETF asset inflows/outflows
Management & Leadership
iShares is a family of exchange-traded funds managed by BlackRock, Inc. Larry Fink has served as the Chairman and CEO of BlackRock since 1988, overseeing its vast array of investment products, including the iShares Staked Ethereum Trust ETF. Robert Kapito is President and a Director of BlackRock.
What They Make
ETHB is an exchange-traded fund (ETF) that holds staked Ethereum, providing investors with exposure to the cryptocurrency and the income generated from its staking. Its customers are investors seeking regulated access to Ethereum and staking rewards.
End Markets
Revenue Drivers
Why Is It Priced Like This?
Why Customers Pay
The income statement and balance sheet are also too incomplete here to substitute another lens honestly, so this page carries price, momentum and disclosure facts only.
The market prices ETHB based on the underlying value and expected appreciation of Ethereum, as well as the yield generated from staking. Given its nature as an ETF, traditional cash flow models are inappropriate, and the market focuses on the performance of the underlying asset and the fund's ability to generate staking rewards. The low franchise/durability score of 0/5 suggests that its pricing is highly dependent on external market factors rather than internal competitive advantages.
Business Model & Valuation
How They Make Money
Residual Income
Balance-sheet financial (Investment Banking): residual income model - book value is meaningful anchor.
Show advanced inputs
| Sector Default | 8.0% |
What this model does NOT do: this is a consolidated owner-earnings FCF model. Standalone segment assumptions: none. It does not project net interest income and fee-income lines independently; their combined effect is embedded in the historical revenue and cash-flow trend the model extrapolates. The calculator above can only approximate a segment's impact through the single consolidated growth rate — it cannot model any one line separately. For a true segment-level view, build a separate model from the company's segment disclosures.
Maturity & Competitive Position
Moat Signals
Geography & Markets
iShares ETFs are generally available to investors globally, subject to local regulatory frameworks. The underlying Ethereum network operates worldwide, making the fund's exposure inherently global, though specific geographic mix for the ETF's investors is not available.
Geographic Risks
Market Signals
These are timing signals, not value signals — they describe the stock's recent price behavior, not what the business is worth. Use them for the "the thesis looks good, but is now the moment?" question. Each tile below explains what it's saying.
Why it matters: Short-term contrarian indicator. Extreme readings often precede mean reversion, though not always.
Reference: 30–70 normal · >70 overbought · <30 oversold
Full explanation → (14)33.6NeutralMomentum is balanced — neither overbought nor oversold.
Why it matters: When the fast line crosses above the slow line, short-term momentum is turning up; below, turning down. A timing cue, not a value signal.
Reference: Line above signal = bullish momentum · below = bearish
Full explanation →BearishLine below signalThe fast trend is below the slow trend — short-term momentum is currently downward.
Technicals describe price, not the business. A great company can have a "bearish" tape (a buying chance) and a weak one a "bullish" tape (a trap). Pair these with the valuation and health sections above.
QUALITY
Data Quality & Risk Flags (6 notes — click to expand/collapse)
Guardrail Notes (6)
- Financial sector: using residual income model. IV = Book Value + PV(excess earnings).
- INVARIANT: weighted IV is non-positive. Model may not be appropriate.
- Model implies no positive equity value under these assumptions. Valuation is speculative/low-confidence.
- Illiquidity discount 7% applied (small/micro-cap — harder to exit, demand a margin).
- Model mismatch: residual income inappropriate for asset-light financial (BVPS $0.00 not meaningful vs price $26). Consider FCF model.
- DATA UNAVAILABLE: per-share values suppressed due to missing/unreliable shares data.
FINANCIALS
Financial Statements (5-year tables — click to expand)
From iShares Staked Ethereum Trust ETF's SEC filings (EDGAR).
Similar companies worth a look
Same sector and industry, similar fundamentals shape. Verify everything yourself — this list is computed mechanically and does not reflect our judgment about whether any of these are a good investment.