Grayscale Ethereum Mini Trust (ETH)

Industry: Asset Management - Cryptocurrency Model: Peers Multiples Valuation

Valuation Snapshot

Ticker	Rank	Name	Rev TTM (M)	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
CNCK	1	Coincheck Group N.	534,008	-	-	-	-	69.47	96.56
ETH	2	Grayscale Ethereum	607	21.16	15.15	17.48	14.66	26.42	15.36
ARBKL	3	Argo Blockchain pl	63	-	-	75,753.54	157,005.07	-	-
8105.T	4	Bitcoin Japan Corp	20	-	-	-	-	-	-
ALCBI.PA	5	Crypto Blockchain	12	0.13	0.13	22.94	22.94	-	28.79
FLD	6	Fold Holdings Inc	7	6.29	6.29	-	-	-	-
ETHZ	7	Ethzilla Corp.	4	-	-	-	-	-	-

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	0.13	0.13	22.94	22.94	69.47	28.79
Full Range Median Multiple	3.21	3.21	37,888.24	78,514.00	69.47	62.68
Industry Multiple	3.21	3.21	37,888.24	78,514.00	69.47	62.68
Market Implied Multiple	16.81	12.03	14.06	11.79	21.25	12.35
Company (ETH) Multiple	21.16	15.15	17.48	14.66	26.42	15.36
(*) Net Income / EBITDA / Revenue	47	66	60	72	40	69
Winsorized Enterprise Value	N/A	N/A	1,382	1,649	2,770	1,975
Full Range Median Enterprise Value	N/A	N/A	2,283,638	5,643,089	2,770	4,299
(-) Net Debt	52	52	52	52	52	52
Winsorized Equity Value	6	9	1,331	1,597	2,718	1,923
Full Range Median Equity Value	152	212	2,283,586	5,643,037	2,718	4,248
(/) Shares Outstanding	26	26	26	26	26	26
Winsorized Fair Value	$0.24	$0.33	$52.05	$62.46	$106.32	$75.23
Full Range Median Fair Value	$5.94	$8.29	$89,324.70	$220,732.93	$106.32	$166.15
Current Price	$31.12	$31.12	$31.12	$31.12	$31.12	$31.12
Upside / Downside	-99.23%	-98.93%	67.27%	100.71%	241.64%	141.73%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$0.17	$0.23	$36.44	$43.72	$74.42	$52.66
Buy / Don't Buy	Don’t Buy	Don’t Buy	BUY	BUY	BUY	BUY