Q - iShares Bitcoin Trust ETF

Previous 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.

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 Third Amended and Restated Trust Agreement dated as of June 27, 2025, among iShares Delaware Trust Sponsor LLC (the “Sponsor”), BlackRock Fund Advisors (the “Trustee”) and Wilmington Trust, National Association, a national association (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.

Previous wording

The Trust issues and redeems Shares only in aggregations of 40,000 Shares (a “Basket”) or integral multiples thereof, based on the quantity of bitcoin attributable to each Share (net of accrued but unpaid Sponsor’s fee and any accrued but unpaid expenses or liabilities). Only registered broker-dealers that have previously entered into an agreement with the Sponsor governing the terms and conditions of such issuance (such broker-dealers, the “Authorized Participants”), can place orders to receive Baskets in exchange for cash. Baskets may be redeemed by the Trust in exchange for the cash proceeds from selling the amount of bitcoin corresponding to their redemption value.

Current wording

The Trust issues and redeems Shares only in aggregations of 40,000 Shares (a “Basket”) or integral multiples thereof, based on the quantity of bitcoin attributable to each Share (net of accrued but unpaid Sponsor’s fee and any accrued but unpaid expenses or liabilities). Only registered broker-dealers that have previously entered into an agreement with the Sponsor governing the terms and conditions of such issuance (such broker-dealers, the “Authorized Participants”), can place orders to receive Baskets in exchange for cash or bitcoin. Baskets may be redeemed by the Trust in exchange for an amount of bitcoin corresponding to their redemption value or for the cash proceeds from selling the amount of bitcoin corresponding to their redemption value.

Previous wording

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 wording

In connection with cash creations and redemptions, 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.

Previous 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.

Current wording

The Trust’s net asset value increased from $47,775,497,392 at March 31, 2025 to $74,705,557,367 at June 30, 2025, a 56.37% increase. The increase in the Trust’s net asset value resulted primarily from an increase in the price of bitcoin, which rose 29.25% from $82,956.00 at March 31, 2025 to $107,221.67 at June 30, 2025. The increase in the Trust’s net asset value also benefited from an increase in the number of outstanding Shares, which rose from 1,013,480,000 Shares at March 31, 2025 to 1,226,840,000 Shares at June 30, 2025, a consequence of 235,520,000 Shares (5,888 Baskets) being created and 22,160,000 Shares (554 Baskets) being redeemed during the quarter.

Previous 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.

Current wording

The 29.17% increase in the NAV for purposes of the Trust’s periodic financial statements (“Financial Statement NAV”) from $47.14 at March 31, 2025 to $60.89 at June 30, 2025 is directly related to the 29.25% 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 $38,686,944 for the quarter, or 0.06% of the Trust’s average weighted assets of $62,069,162,861 during the quarter.

Previous 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.

Current wording

The NAV of $63.38 on May 22, 2025 was the highest during the quarter, compared with a low during the quarter of $43.60 on April 8, 2025.

Previous 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.

Current wording

Net increase in net assets resulting from operations for the quarter ended June 30, 2025 was $14,468,115,204, resulting from a net realized gain of $7,687,519 from bitcoin sold to pay expenses, a net realized gain of $254,383,671 from bitcoin sold for the redemption of Shares and an unrealized gain on investment in bitcoin of $14,244,730,958, partially offset by a net investment loss of $38,686,944. Other than the Sponsor’s fee of $38,686,944, the Trust had no expenses during the quarter.