ETHW Review: Bitwise Ethereum ETF Fees, Custody & Rating

A fall in ether’s market price can substantially reduce your ETHW holding. The exchange listing and the Bitwise name offer no protection against that decline.

Who Holds ETHW’s Ether?

Coinbase Custody Trust Company is ETHW’s only ether custodian, and Coinbase also executes the trust’s trades. The sponsor can change the custodian at its discretion.

The Coinbase agreement keeps the trust’s ether segregated and out of Coinbase’s own assets. Its liability clause is narrower than at most funds we rate. Coinbase is liable only if a loss comes from its gross negligence, willful misconduct or fraud, and ordinary negligence is not enough.

Bitwise publishes a daily proof-of-reserves report comparing the trust’s ether with the balance held for it. On September 24, 2026 it showed 111,267 ether held against 111,253 ether of trust net assets.

Fund Structure and Regulatory Status

ETHW is a Delaware statutory trust and is not registered under the Investment Company Act of 1940. Calling it an ETF does not give it the same regulatory framework as a fund registered under that act.