ETHE
Grayscale Ethereum Trust
Is ETHE Halal?
Ethereum trust — inherits ETH's DOUBTFUL status.
What You Should Know
ETHE provides spot Ethereum exposure through a trust/ETF structure. Its March 31, 2026 filing reports $1.785B of Ethereum at fair value and $10.522M of staking-reward income; the examined balance-sheet ratios pass, but Ethereum and staking treatment remain scholar-dependent.
⚠️ Concerns
- •Ethereum DOUBTFUL status
- •Staking-reward treatment differs by scholar
- •Trust custody, delegation and management fees
Current quantitative Sharia screen
Based on 10-Q figures for the period ended 2026-03-31; calculated 2026-07-14.
0 / 1,784.971
0 / 1,784.971
0 / 1,784.971
- Financial
- Incomplete
- Overall
- Incomplete
Debt/assets, liquidity/assets and receivables plus cash/assets are 0.00%; the USD 10.522 million staking-reward income is not assigned a conventional prohibited-income numerator.
- Financial
- Pass
- Overall
- Incomplete
Debt/assets, liquidity/assets and receivables plus cash/assets are below the examined MSCI asset limits, but Ethereum and staking activity remain qualitatively unresolved.
- Financial
- Pass
- Overall
- Incomplete
The examined debt and liquidity ratios pass; this is a calculation against SAC ratios, not an official classification of a cryptocurrency staking fund.
- Financial
- Not calculated
- Overall
- Incomplete
Market-cap denominator methods do not apply cleanly to a spot cryptocurrency trust and no licensed historical denominator is stored.
Business-activity disclosure
ETHE holds Ethereum and earns staking rewards through a trust/ETF structure. Ethereum's permissibility and staking-reward treatment differ among scholars; custody, delegation, validator economics and fund fees require qualitative review.
Limitation: The filing does not provide a school-neutral cryptocurrency or staking-compliance conclusion, and the fund-level statement cannot classify Ethereum's underlying protocol activity.
Purification
ETHE discloses staking reward income but does not provide a scholar-approved purification percentage; staking treatment is not equated with conventional interest.
Inputs, assumptions and primary sources
- Amounts are USD millions converted from the thousands presentation in ETHE's March 31, 2026 Form 10-Q.
- The statement reports USD 1,784.971 million of Ethereum at fair value and USD 0.020 million of sponsor staking-fee payable; the payable is not classified as interest-bearing debt.
- The fund reports USD 10.522 million of staking reward income. It is not labelled conventional interest and is left unclassified rather than assigned an unsupported prohibited-income percentage.
- ETHE's Ethereum exposure and staking economics remain scholar- and school-dependent; these fund-level ratios are not an official index classification.
This is a reproducible financial screen, not a fatwa. A failed total-assets screen can coexist with a pass under a market-cap methodology. ZakatInvest keeps the qualitative assessment separate so numerical thresholds do not erase material context.
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