21Shares' Ethereum ETF, TETH, recorded $48.426 million in redemptions in the first half of 2026, exceeding $42.174 million of new-share contributions by $6.251 million, according to an Aug. 14 quarterly filing. The trust sold 21,125.2745 ETH to fund those cash redemptions and reported no failed, delayed or suspended orders tied to that completed activity. By June 30, the fund's net assets had fallen to $12.917 million from $31.298 million at the end of December, as shares outstanding declined, Ethereum's reference price dropped 46.89%, and the trust booked a $12.769 million realized loss on ETH sold for redemptions. The filing also showed 86.42% of TETH's ETH holdings were staked at quarter-end, compared with average daily staking exposure of 31.64% in the second quarter and 27.32% over the six-month period. That matters because staked ETH cannot be transferred during Ethereum's variable unbonding period, leaving future redemptions dependent on how much unstaked ETH is immediately available and how quickly additional ETH can be released.