iShares Ethereum Trust (Ondo Tokenized) (ETHAON)

ETHAON is Ondo’s tokenized version of the iShares Ethereum Trust ETF (ETHA). The project describes it as providing economic exposure similar to holding ETHA, with dividends reinvested. It is a blockchain token linked to an investment product, not the ETF itself and not the same thing as holding ether (ETH). The value of ETHAON may reflect the performance of ETHA, but the token’s price can also be affected by trading conditions and how the tokenization arrangement works. Ondo describes its tokenized stock and ETF products as allowing eligible users to mint and redeem tokens, subject to restrictions. Those terms should be checked before relying on access to minting or redemption. ETHAON is not listed here as the native token of a blockchain; it is issued on Ethereum, BNB Chain and Solana.

ETHAON is intended to provide tokenholders with economic exposure similar to an investment in ETHA, a trust that tracks ether. That differs from buying ETH directly: ETHAON represents exposure through a tokenized product, while ETH is the underlying cryptocurrency. The project description also says dividends are reinvested, but it does not specify the exact calculation, timing or process for reflecting them in token value. Ondo says its tokenized U.S. stocks and ETFs can be minted and redeemed around the clock on five days of the week, with access to traditional exchange liquidity. This general product description does not guarantee that every ETHAON holder can use those services. Availability may depend on location, eligibility and other restrictions. Before using the token, check the current product terms and how trading, redemption and any applicable fees work.

ETHAON is issued on Ethereum, BNB Chain and Solana. These are separate networks, so a token sent to an incompatible network or address may be difficult or impossible to recover. Check the network and official token contract details before receiving or transferring ETHAON, and do not rely on a token name or symbol alone to identify the right asset. The reported circulating and total supply were both about 44,603 ETHAON as of November 5, 2026; no maximum supply was listed. Supply can change, and these figures are not a promise of future issuance or redemption. The reported market capitalization was about $816,000 on that date, with about $1,100 in 24-hour trading volume. Such figures can change quickly, and low trading volume may make it harder to trade at a desired price.

ETHAON carries several types of risk. Its value depends on the tokenization arrangement and on the market value of the exposure it represents; it is not a direct claim to ether held in your own wallet. The token may trade at a premium or discount to the value of its intended exposure, and limited liquidity can make that difference harder to close. Issuer, custody, legal and operational issues could affect access to the product or its value. Smart-contract or network failures could also disrupt transfers. The product description says additional restrictions apply, so check whether it is available to you and what rights tokenholders have before acquiring it. For storage, use a wallet that supports the correct network and protect its recovery phrase offline. Verify the token contract through an authoritative source, use network-specific addresses carefully and consider the consequences of losing access to your wallet.