iShares Bitcoin Trust ETF
For the period ended Sep 30, 2024. Filed Nov 7, 2024.
View on SEC.govAbout this filing
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.
Sep 30, 2024 · Filed Nov 7, 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 2024-06-30; filed 2024-08-08.
0001437749-24-025406
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2024-09-30; filed 2024-11-07.
0001437749-24-033812
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 25 previous paragraphs and 25 current paragraphs.
17 unchanged; 8 reworded; 0 added; 0 removed; 0 previous and 0 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.
Reworded paragraphs (8)
Previous wording
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 wording
The Trust’s net asset value increased from $19,449,621,956 at June 30, 2024 to $23,330,686,624 at September 30, 2024, a 19.95% increase. The increase in the Trust’s net asset value resulted primarily from an increase in the number of outstanding Shares, which rose from 539,160,000 Shares at June 30, 2024 to 644,000,000 Shares at September 30, 2024, a consequence of 105,920,000 Shares (2,648 Baskets) being created and 1,080,000 Shares (27 Baskets) 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 0.49% from $63,369.30 at June 30, 2024 to $63,677.63 at September 30, 2024.
Previous 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.
Current wording
The 0.44% increase in the NAV for purposes of the Trust’s periodic financial statements (the “Financial Statement NAV”) from $36.07 at June 30, 2024 to $36.23 at September 30, 2024 is directly related to the 0.49% 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 $11,488,718 for the quarter, or 0.05% of the Trust’s average weighted assets of $20,919,049,413 during the quarter.
Previous 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.
Current wording
The NAV of $38.61 on July 22, 2024 was the highest during the quarter, compared with a low during the quarter of $30.24 on August 5, 2024.
Previous 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.
Current wording
Net increase in net assets resulting from operations for the quarter ended September 30, 2024 was $106,951,533, resulting from an unrealized gain on investment in bitcoin of $119,089,128, partially offset by a net realized loss of $562,447 from bitcoin sold to pay expenses, a net realized loss of $86,430 from bitcoin sold for the redemption of Shares and, a net investment loss of $11,488,718. Other than the net Sponsor’s fee of $11,488,718, the Trust had no expenses during the quarter.
Previous wording
The Six-Month Period Ended June 30, 2024
Current wording
The Nine-Month Period Ended September 30, 2024
Previous 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.
Current wording
The Trust’s net asset value grew from $100,000 at December 31, 2023 to $23,330,686,624 at September 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 644,000,000 Shares at September 30, 2024, a consequence of 646,440,000 Shares (16,161 Baskets) being created and 2,444,000 Shares (61 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 45.12% from the Trust’s first bitcoin purchase at $43,878.41 on January 5, 2024 to $63,677.63 at September 30, 2024.
Previous wording
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 wording
The 44.92% increase in the Financial Statement NAV from $25.00 at December 31, 2023 to $36.23 at September 30, 2024 is directly related to the 45.12% 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 $24,519,631 for the period, or 0.16% of the Trust’s average weighted assets of $15,495,651,817 during the period.
Previous wording
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.
Current wording
Net increase in net assets resulting from operations for the nine months ended September 30, 2024 was $1,800,198,181, resulting from an unrealized gain on investment in bitcoin of $1,823,038,671, a net realized gain of $892,683 from bitcoin sold to pay expenses and a net realized gain of $786,458 from bitcoin sold for the redemption of Shares, partially offset by a net investment loss of $24,519,631. Other than the net Sponsor’s fee of $24,519,631, the Trust had no expenses during the period.