This Investor Dumped a $3 Million Ethereum ETF, but Added to a Bitcoin Position Last Quarter

On February 17, 2026, Marathon Asset Management reported selling its entire stake in the iShares Ethereum Trust ETF (ETHA 3.94%), an estimated $2.68 million transaction based on last-disclosed position values.

What happened

According to a Securities and Exchange Commission (SEC) filing dated February 17, 2026, Marathon Asset Management liquidated its entire position in iShares Ethereum Trust ETF (ETHA 3.94%), selling 85,000 shares. The net position change was $2.68 million. Marathon reported zero shares held at quarter-end.

What else to know

• Top holdings after filing:
  • NYSEMKT:SPY: $24.22 million (38.9% of AUM)
  • NYSE:EAF: $20.09 million (32.2% of AUM)
  • NYSEMKT:JHHY: $3.24 million (5.2% of AUM)
  • NYSE:UNH: $2.87 million (4.6% of AUM)
  • NASDAQ:PYPL: $2.63 million (4.2% of AUM)
• As of Thursday, ETHA shares were priced at $15.59, down about 4% over the past year and well underperforming the S&P 500’s roughly 16% gain in the same period.
• The ETHA position was previously 3.6% of the fund’s assets in the prior quarter.

ETF overview

ETF snapshot

• ETHA seeks to provide investors with exposure to the price performance of ether (ETH) through a trust structure, aiming to track the value of ether without requiring direct ownership or management of the digital asset.
• The fund’s portfolio is designed to mirror ether’s market value.
• The ETF is structured as a trust, offering investors regulated access to digital asset exposure via traditional brokerage accounts.

The iShares Ethereum Trust ETF offers institutional and retail investors a regulated vehicle to gain exposure to ether price movements without the operational complexities of direct crypto ownership. With market capitalization of $6 billion and daily liquidity on the NASDAQ, the fund provides scale and accessibility in the digital asset investment space. Its structure and transparent holdings position it as a straightforward solution for those seeking to integrate ether exposure into diversified portfolios.

What this transaction means for investors

Ether has struggled to keep pace with the broader market over the past year, with the iShares Ethereum Trust ETF lagging the S&P 500 despite strong ongoing enthusiasm around digital assets. The trust is designed to mirror the price of ether itself, offering investors exposure through brokerage accounts without needing to hold the cryptocurrency directly.

For a portfolio dominated by large equity positions such as SPY and concentrated bets in industrial and corporate turnaround names like GrafTech International, the Ethereum ETF always looked like a tactical allocation rather than a core position. Even at its peak, it represented only a small slice of assets.

The more interesting detail is what remained. The fund still held roughly $2.2 million in a bitcoin ETF position, and in fact, it added to the position to the tune of about 22,000 shares (now holding 47,000), suggesting the shift was less about abandoning crypto entirely and more about concentrating exposure in the asset that has historically dominated institutional demand.