iShares Bitcoin Trust ETF
For the period ended Jun 30, 2024. Filed Aug 8, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2024 · Filed Aug 8, 2024
IBIT$42.88-0.3%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2024-03-31; filed 2024-05-08.
0001437749-24-015392
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2024-06-30; filed 2024-08-08.
0001437749-24-025406
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 19 previous paragraphs and 25 current paragraphs.
10 unchanged; 9 reworded; 2 added; 0 removed; 0 previous and 4 current paragraphs rearranged.
Tables are not compared: 0 previous and 0 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (2)
Current report
The Trust engages in bitcoin transactions for converting cash into bitcoin (in association with purchase orders) and bitcoin into cash (in association with redemption orders) by choosing, in its sole discretion, to trade directly with third parties (each, a “Bitcoin Trading Counterparty”), who are not registered broker‑dealers pursuant to written agreements between such Bitcoin Trading Counterparties and the Trust, or choosing to trade through Coinbase, Inc. (the "Prime Execution Agent") acting in an agency capacity with third parties through its Coinbase Prime service pursuant to the Prime Execution Agent Agreement.
Current report
The Six-Month Period Ended June 30, 2024
Reworded paragraphs (9)
Previous wording
The iShares Bitcoin Trust (the “Trust”) is a Delaware statutory trust. The Trust does not have any officers, directors, or employees, and is administered by the Second Amended and Restated Trust Agreement dated as of December 28, 2023, among iShares Delaware Trust Sponsor LLC (the “Sponsor”), the Trustee and the Delaware Trustee. The Trust issues shares (“Shares”) representing fractional undivided beneficial interests in its net assets. The assets of the Trust consist primarily of bitcoin held by a custodian on behalf of the Trust.
Current wording
The iShares Bitcoin Trust ETF (the “Trust”) is a Delaware statutory trust. The Trust does not have any officers, directors, or employees, and is administered by the Second Amended and Restated Trust Agreement dated as of December 28, 2023, among iShares Delaware Trust Sponsor LLC (the “Sponsor”), BlackRock Fund Advisors (the “Trustee”) and Wilmington Trust, National Association, a national association (the “Delaware Trustee”), as amended by Amendment No. 1 thereto, with effect from August 8, 2024. The Trust issues shares (“Shares”) representing fractional undivided beneficial interests in its net assets. The assets of the Trust consist primarily of bitcoin held by a custodian on behalf of the Trust.
Previous wording
Shares of the Trust trade on NASDAQ under the ticker symbol IBIT.
Current wording
Shares of the Trust trade on The Nasdaq Stock Market LLC (“NASDAQ”) under the ticker symbol IBIT.
Previous wording
On each day other than a Saturday or a Sunday, or a day on which NASDAQ is closed for regular trading (a “Business Day”), as soon as practicable after 4:00 p.m. ET, the Trust evaluates the bitcoin held by the Trust as reflected by the CME CF Bitcoin Reference Rate – New York Variant for the Bitcoin – U.S. Dollar trading pair (the “CF Benchmarks Index”) and determines the net asset value of the Trust and the net asset value per Share (“NAV”).
Current wording
On each day other than a Saturday or a Sunday, or a day on which NASDAQ is closed for regular trading (a “Business Day”), as soon as practicable after 4:00 p.m. Eastern Time (“ET”), the Trust evaluates the bitcoin held by the Trust as reflected by the CME CF Bitcoin Reference Rate – New York Variant for the Bitcoin – U.S. Dollar trading pair (the “CF Benchmarks Index”) and determines the net asset value of the Trust and the net asset value per Share (“NAV”).
Previous wording
The Trust is not aware of any trends, demands, conditions or events that are reasonably likely to result in material changes to its liquidity needs. In exchange for a fee, the Sponsor has agreed to assume most of the expenses incurred by the Trust. For the period covered by this report, the Trust did not incur any Sponsor’s fee. The Trust’s only source of liquidity is its sales of bitcoin.
Current wording
The Trust is not aware of any trends, demands, conditions or events that are reasonably likely to result in material changes to its liquidity needs. In exchange for a fee, the Sponsor has agreed to assume most of the expenses incurred by the Trust. As a result, the only ordinary expense of the Trust during the period covered by this report was the Sponsor’s fee. The Trust’s only source of liquidity is its sales of bitcoin.
Previous wording
The financial statements and accompanying notes are prepared in accordance with generally accepted accounting principles in the United States of America. The preparation of these financial statements relies on estimates and assumptions that impact the Trust’s financial position and results of operations. These estimates and assumptions affect the Trust’s application of accounting policies. A description of the valuation of bitcoin, a critical accounting policy that the Trust believes is important to understanding its results of operations and financial position, is provided in the section entitled “Valuation of Bitcoin; The CF Benchmark Index,” above. In addition, please refer to Note 2 to the financial statements included in this report for further discussion of the Trust’s accounting policies.
Current wording
The financial statements and accompanying notes are prepared in accordance with generally accepted accounting principles in the United States. The preparation of these financial statements relies on estimates and assumptions that impact the Trust’s financial position and results of operations. These estimates and assumptions affect the Trust’s application of accounting policies. A description of the valuation of bitcoin, a critical accounting policy that the Trust believes is important to understanding its results of operations and financial position, is provided in the section entitled “Valuation of Bitcoin; The CF Benchmark Index,” above. In addition, please refer to Note 2 to the financial statements included in this report for further discussion of the Trust’s accounting policies.
Previous wording
The 60.84% increase in the net asset value per Share for purposes of the Trust’s periodic financial statements (the “Financial Statement NAV”) from $25.00 at December 31, 2023 to $40.21 at March 31, 2024 is directly related to the 60.89% increase in the price of bitcoin. The Financial Statement NAV increased slightly less than the price of bitcoin on a percentage basis due to the Sponsor’s fee, which was $3,136,669 for the quarter, or 0.05% of the Trust’s average weighted assets of $6,969,771,909 during the quarter.
Current wording
The 10.30% decrease in the net asset value per Share for purposes of the Trust’s periodic financial statements (the “Financial Statement NAV”) from $40.21 at March 31, 2024 to $36.07 at June 30, 2024 is directly related to the 10.24% decrease in the price of bitcoin. The Financial Statement NAV decreased slightly more than the price of bitcoin on a percentage basis due to the Sponsor’s fee, which was $9,894,244 for the quarter, or 0.05% of the Trust’s average weighted assets of $18,538,536,352 during the quarter.
Previous wording
The NAV of $41.66 on March 13, 2024 was the highest during the quarter, compared with a low during the quarter of $22.36 on January 23, 2024.
Current wording
The NAV of $40.90 on April 8, 2024 was the highest during the quarter, compared with a low during the quarter of $32.97 on May 1, 2024.
Previous wording
Net increase in net assets resulting from operations for the quarter ended March 31, 2024 was $3,803,709,849, resulting from an unrealized gain on investment in bitcoin of $3,806,745,993 and, a net realized gain of $100,525 from bitcoin sold to pay expenses, partially offset by a net investment loss of $3,136,669. Other than the Sponsor’s fee of $3,136,669, the Trust had no expenses during the quarter.
Current wording
Net decrease in net assets resulting from operations for the quarter ended June 30, 2024 was $2,110,463,201, resulting from an unrealized loss on investment in bitcoin of $2,102,796,450 and, a net investment loss of $9,894,244, partially offset by a net realized gain of $1,354,605 from bitcoin sold to pay expenses and a net realized gain of $872,888 from bitcoin sold for the redemption of Shares. Other than the Sponsor’s fee of $9,894,244, the Trust had no expenses during the quarter.
Previous wording
The Trust’s net asset value grew from $100,000 at December 31, 2023 to $17,788,884,882 at March 31, 2024. The increase in the Trust’s net asset value resulted primarily from an increase in the number of outstanding Shares, which rose from 4,000 Shares at December 31, 2023 to 442,400,000 Shares at March 31, 2024, a consequence of 442,400,000 Shares (11,060 Baskets) being created and 4,000 Shares being redeemed during the quarter. The increase in the Trust’s net asset value also benefited from an increase in the price of bitcoin, which rose 60.89% from the Trust’s first bitcoin purchase of $43,878.41 on January 5, 2024 to $70,596.99 at March 31, 2024.
Current wording
The Trust’s net asset value grew from $100,000 at December 31, 2023 to $19,449,621,956 at June 30, 2024. The increase in the Trust’s net asset value resulted primarily from an increase in the number of outstanding Shares, which rose from 4,000 Shares at December 31, 2023 to 539,160,000 Shares at June 30, 2024, a consequence of 540,520,000 Shares (13,513 Baskets) being created and 1,364,000 Shares (34 Baskets plus the original 4,000 seed Shares) being redeemed during the period. The increase in the Trust’s net asset value also benefited from an increase in the price of bitcoin, which rose 44.42% from the Trust’s first bitcoin purchase at $43,878.41 on January 5, 2024 to $63,369.30 at June 30, 2024.
Rearranged current paragraphs (4)
Current report — wording carried from elsewhere
The Trust’s net asset value increased from $17,788,884,882 at March 31, 2024 to $19,449,621,956 at June 30, 2024, a 9.34% increase. The increase in the Trust’s net asset value resulted primarily from an increase in the number of outstanding Shares, which rose from 442,400,000 Shares at March 31, 2024 to 539,160,000 Shares at June 30, 2024, a consequence of 98,120,000 Shares (2,453 Baskets) being created and 1,360,000 Shares (34 Baskets) being redeemed during the quarter. The increase in Trust’s net asset value was partially offset by a decrease in the price of bitcoin, which fell 10.24% from $70,596.99 at March 31, 2024 to $63,369.30 at June 30, 2024.
Current report — wording carried from elsewhere
The 44.28% increase in the Financial Statement NAV from $25.00 at December 31, 2023 to $36.07 at June 30, 2024 is directly related to the 44.42% increase in the price of bitcoin. The Financial Statement NAV increased slightly less than the price of bitcoin on a percentage basis due to the Sponsor’s fee, which was $13,030,913 for the period, or 0.10% of the Trust’s average weighted assets of $12,754,154,131 during the period.
Current report — wording carried from elsewhere
The NAV of $41.66 on March 13, 2024 was the highest during the period, compared with a low during the period of $22.36 on January 23, 2024.
Current report — wording carried from elsewhere
Net increase in net assets resulting from operations for the period ended June 30, 2024 was $1,693,246,648, resulting from an unrealized gain on investment in bitcoin of $1,703,949,543, a net realized gain of $1,455,130 from bitcoin sold to pay expenses and a net realized gain of $872,888 from bitcoin sold for the redemption of Shares, partially offset by a net investment loss of $13,030,913. Other than the Sponsor’s fee of $13,030,913, the Trust had no expenses during the period.