iShares Bitcoin Trust ETF
For the period ended Mar 31, 2025. Filed May 7, 2025.
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.
Mar 31, 2025 · Filed May 7, 2025
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 2024-09-30; filed 2024-11-07.
0001437749-24-033812
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-03-31; filed 2025-05-07.
0001437749-25-015168
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 20 current paragraphs.
14 unchanged; 6 reworded; 0 added; 2 removed; 3 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.
Removed paragraphs (2)
Previous report
The Nine-Month Period Ended September 30, 2024
Previous report
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.
Reworded paragraphs (6)
Previous wording
Valuation of Bitcoin;** The CF Benchmark Index**
Current wording
Valuation of Bitcoin;** The CF Benchmarks Index**
Previous wording
CF Benchmarks Index is calculated as of 4:00 p.m. ET. The CF Benchmarks Index is designed based on the IOSCO Principles for Financial Benchmarks and is a Registered Benchmark under UK Benchmark Regulations (“BMR”). The administrator of the CF Benchmarks Index is CF Benchmarks Ltd. (the “Index Administrator”) a UK incorporated company, authorized and regulated by the Financial Conduct Authority (“FCA”) of the UK as a Benchmark Administrator, under UK BMR.
Current wording
CF Benchmarks Index is calculated as of 4:00 p.m. ET. The CF Benchmarks Index is designed based on the IOSCO Principles for Financial Benchmarks and is a Registered Benchmark under the UK Benchmark Regulations (“BMR”). The administrator of the CF Benchmarks Index is CF Benchmarks Ltd. (the “Index Administrator”) a UK incorporated company, authorized and regulated by the Financial Conduct Authority of the UK as a Benchmark Administrator, under the UK BMR.
Previous 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.
Current wording
The Trust’s net asset value decreased from $51,519,566,547 at December 31, 2024 to $47,775,497,392 at March 31, 2025, a 7.27% decrease. The decrease in the Trust’s net asset value resulted primarily from a decrease in the price of bitcoin, which fell 11.15% from $93,365.36 at December 31, 2024 to $82,956.00 at March 31, 2025. The decrease in the Trust’s net asset value was partially offset by an increase in the number of outstanding Shares, which rose from 970,440,000 Shares at December 31, 2024 to 1,013,480,000 Shares at March 31, 2025, a consequence of 100,440,000 Shares (2,511 Baskets) being created and 57,400,000 Shares (1,435 Baskets) being redeemed during the quarter.
Previous 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.
Current wording
The 11.21% decrease in the NAV for purposes of the Trust’s periodic financial statements (“Financial Statement NAV”) from $53.09 at December 31, 2024 to $47.14 at March 31, 2025 is directly related to the 11.15% 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 $32,865,469 for the quarter, or 0.06% of the Trust’s average weighted assets of $53,603,983,873 during the quarter.
Previous 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.
Current wording
The NAV of $60.61 on January 21, 2025 was the highest during the quarter, compared with a low during the quarter of $44.62 on March 10, 2025.
Previous 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.
Current wording
Net decrease in net assets resulting from operations for the quarter ended March 31, 2025 was $6,457,874,778, resulting from an unrealized loss on investment in bitcoin of $7,057,849,155 and, a net investment loss of $32,865,469, partially offset by a net realized gain of $8,440,558 from bitcoin sold to pay expenses and a net realized gain of $624,399,288 from bitcoin sold for the redemption of Shares. Other than the net Sponsor’s fee of $32,865,469, the Trust had no expenses during the quarter.
Rearranged previous paragraphs (3)
Previous report — wording carried elsewhere
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 report — wording carried 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.
Previous report — wording carried elsewhere
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.