Ethero: financial loss of €3.9 million in the first half of 2026, weighed down by Ether depreciation
Since its conversion into a treasury company backed by Ether, Ethero (formerly Entreparticuliers.com) has seen its accounts depend primarily on the valuation of its cryptocurrency reserve. The results for the first half of 2026, published on October 7, 2026, illustrate this clearly: revenue of €258.2k and operating income of €11.7k, against a financial result of -€3,921.8k. This financial result includes a provision for depreciation of the ETH reserve, calculated at the exchange rate on June 30, 2026. The company notes that the rise in the exchange rate since that date has nullified "de facto the bulk of the depreciation".
Revenue of €258.2k, down 12%
Ethero published its accounts for the first half of 2026, closed on June 30, 2026 by the board of directors. Revenue, still generated by the historical business and the Entreparticuliers.com website, stood at €258.2k, down 12% year-on-year. The company describes this decline as in line with "the anticipated downward trend". Operating income came out positive at €11.7k. The bulk of the movement is below the operating line. The financial result reached -€3,921.8k, an amount incommensurate with the level of operational activity.
Depreciation of the ETH reserve weighs on financial results
According to the press release, this financial result combines three elements: "staking income" from held ETH, a provision for depreciation of the ETH reserve according to its exchange rate on June 30, 2026 (in accordance with accounting standards), and a provision for interest on the financial instruments used to acquire this reserve.
On June 30, 2026, the ETH exchange rate stood at approximately €1,409. The company notes that it has since risen to approximately €2,387 as of October 5, 2026.
Ethero's accounts are sensitive to the Ether exchange rate: the financial result for the first half of 2026 includes in particular a provision for depreciation of the ETH reserve, calculated at its exchange rate on June 30, 2026. Ethero made this strategic shift in May 2025, repositioning itself as an "Ethereum Treasury Company". The company presents Ethereum as a central infrastructure for digital finance and the tokenization of real-world assets (RWA, for "Real World Assets").
Treasury of €4,757k against €4,592k in bond borrowings
As of June 30, 2026, treasury stood at €4,757k, essentially composed of a reserve of 3,266 ETH. Its value therefore also follows the evolution of the Ether exchange rate. Correspondingly, debt includes €4,592k in bond borrowings, which can be repaid in newly created shares, as well as a current account of €1,941k for the principal partner. Share repayment would, where applicable, result in the creation of new shares rather than a cash outflow. Regarding prospects, management indicates that announcements by major global financial institutions concerning the migration of their activities to the blockchain, notably Ethereum, reinforce its confidence in its strategic evolution. The next publication, devoted to revenue and 2026 results, is scheduled for March 2027, on a date to be confirmed.
