This Fund Dumped a $23 Million Ether ETF Stake Last Quarter but Held Onto Other Crypto Positions

On February 17, 2026, Hunting Hill Global Capital, LLC disclosed it sold out its entire position in the iShares Ethereum Trust ETF (ETHA +1.88%), an estimated $23.42 million transaction based on recent prices.

What happened

According to a Securities and Exchange Commission (SEC) filing dated February 17, 2026, Hunting Hill Global Capital exited its entire stake in the iShares Ethereum Trust ETF (ETHA +1.88%), selling 743,332 shares. The fund’s quarter-end ETHA position value declined by $23.42 million as a result.

What else to know

• The fund fully liquidated its ETHA holding, which now represents 0% of 13F reportable AUM, down from 6.5% in the previous quarter.
• Top holdings post-filing:
  • NASDAQ:FOX: $27.33 million (27.1% of AUM)
  • NYSEMKT:SPYV: $7.05 million (7.0% of AUM)
  • NASDAQ:BRR: $6.71 million (6.7% of AUM)
  • NASDAQ:COIN: $5.02 million (5.0% of AUM)
  • NASDAQ:NAKA: $4.67 million (4.6% of AUM)
• As of February 13, 2026, shares of ETHA were priced at $15.44, down 23.1% over the past year, underperforming the S&P 500 by 34.9 percentage points.

ETF overview

ETF snapshot

• ETHA’s investment strategy is to provide exposure to the price performance of ether by holding ether in trust and issuing shares that represent fractional undivided beneficial interests in the trust’s assets.
• The fund’s underlying holdings consist primarily of ether, with portfolio composition designed to closely track the spot price of ether and minimize tracking error.

The iShares Ethereum Trust ETF offers institutional and retail investors a regulated vehicle to gain price exposure to ether without the operational complexities of direct cryptocurrency ownership. The fund’s strategy centers on physically holding ether in trust, providing transparent and liquid access to the underlying asset. Its competitive edge lies in simplifying ether investment, reducing custody risks, and improving accessibility for a broad investor base.

What this transaction means for investors

Hunting Hill still maintains exposure to the digital asset ecosystem even after this Ethereum ETF position, along with others, vanished. The fund’s remaining holdings still include a meaningful stake in Coinbase, for example, a company whose fortunes are closely tied to trading activity and institutional adoption across the crypto market. The fund also owns a modest position in the Osprey Bitcoin Trust. That suggests the decision may have less to do with abandoning the sector and more to do with shifting where the exposure sits.

Ether itself remains one of the most important networks in the digital asset landscape. The Ethereum blockchain powers decentralized finance applications, token issuance, and smart contracts used across the crypto economy. Still, performance has lagged recently. Over the past year, the Ethereum ETF has trailed the broader market significantly, reflecting both volatility in crypto prices and investors rotating toward other asset classes.

Ultimately, crypto exposure can take many forms, and some investors prefer owning the underlying asset through ETFs, while others prefer businesses that benefit from the ecosystem’s growth. Portfolio shifts like this often reflect that strategic choice rather than a wholesale change in conviction.