iShares Bitcoin Trust ETF
For the period ended Sep 30, 2025. Filed Nov 6, 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.
Sep 30, 2025 · Filed Nov 6, 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 2025-06-30; filed 2025-08-05.
0001437749-25-024884
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-06.
0001437749-25-033435
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.
16 unchanged; 9 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 (9)
Previous 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.
Current wording
The Trust’s net asset value increased from $74,705,557,367 at June 30, 2025 to $87,935,375,468 at September 30, 2025, a 17.71% increase. The increase in the Trust’s net asset value resulted primarily from an increase in the number of outstanding Shares, which rose from 1,226,840,000 Shares at June 30, 2025 to 1,356,440,000 Shares at September 30, 2025, a consequence of 152,400,000 Shares (3,810 Baskets) being created and 22,800,000 Shares (570 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 6.53% from $107,221.67 at June 30, 2025 to $114,223.01 at September 30, 2025.
Previous 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.
Current wording
The 6.47% increase in the NAV for purposes of the Trust’s periodic financial statements (“Financial Statement NAV”) from $60.89 at June 30, 2025 to $64.83 at September 30, 2025 is directly related to the 6.53% 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 $53,295,322 for the quarter, or 0.06% of the Trust’s average weighted assets of $84,579,732,418 during the quarter.
Previous 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.
Current wording
The NAV of $69.44 on August 13, 2025 was the highest during the quarter, compared with a low during the quarter of $59.98 on July 1, 2025.
Previous 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.
Current wording
Net increase in net assets resulting from operations for the quarter ended September 30, 2025 was $4,677,568,276, resulting from a net realized gain of $14,927,710 from bitcoin sold to pay expenses, a net realized gain of $444,379,757 from bitcoin sold for the redemption of Shares and an unrealized gain on investment in bitcoin of $4,271,556,131, partially offset by a net investment loss of $53,295,322. Other than the Sponsor’s fee of $53,295,322, the Trust had no expenses during the quarter.
Previous wording
The Six-Month Period Ended June 30, 2025
Current wording
The Nine-Month Period Ended September 30, 2025
Previous wording
The Trust’s net asset value increased from $51,519,566,547 at December 31, 2024 to $74,705,557,367 at June 30, 2025, a 45.00% increase. The increase in the Trust’s net asset value resulted primarily from an increase in the number of outstanding Shares, which rose from 970,440,000 Shares at December 31, 2024 to 1,226,840,000 Shares at June 30, 2025, a consequence of 335,960,000 Shares (8,399 Baskets) being created and 79,560,000 Shares (1,989 Baskets) 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 14.84% from $93,365.36 at December 31, 2024 to $107,221.67 at June 30, 2025.
Current wording
The Trust’s net asset value increased from $51,519,566,547 at December 31, 2024 to $87,935,375,468 at September 30, 2025, a 70.68% increase. The increase in the Trust’s net asset value resulted primarily from an increase in the number of outstanding Shares, which rose from 970,440,000 Shares at December 31, 2024 to 1,356,440,000 Shares at September 30, 2025, a consequence of 488,360,000 Shares (12,209 Baskets) being created and 102,360,000 Shares (2,559 Baskets) 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 22.34% from $93,365.36 at December 31, 2024 to $114,223.01 at September 30, 2025.
Previous wording
The 14.69% increase in the Financial Statement NAV from $53.09 at December 31, 2024 to $60.89 at June 30, 2025 is directly related to the 14.84% 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 net Sponsor’s fee, which was $71,552,413 for the period, or 0.12% of the Trust’s average weighted assets of $57,859,957,839 during the period.
Current wording
The 22.11% increase in the Financial Statement NAV from $53.09 at December 31, 2024 to $64.83 at September 30, 2025 is directly related to the 22.34% 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 net Sponsor’s fee, which was $124,847,735 for the period, or 0.19% of the Trust’s average weighted assets of $66,864,423,998 during the period.
Previous wording
The NAV of $63.38 on May 22, 2025 was the highest during the period, compared with a low during the period of $43.60 on April 8, 2025.
Current wording
The NAV of $69.44 on August 13, 2025 was the highest during the period, compared with a low during the period of $43.60 on April 8, 2025.
Previous wording
Net increase in net assets resulting from operations for the six months ended June 30, 2025 was $8,010,240,426, resulting from a net realized gain of $16,128,077 from bitcoin sold to pay expenses, a net realized gain of $878,782,959 from bitcoin sold for the redemption of Shares and an unrealized gain on investment in bitcoin of $7,186,881,803, partially offset by a net investment loss of $71,552,413. Other than the net Sponsor’s fee of $71,552,413, 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, 2025 was $12,687,808,702, resulting from a net realized gain of $31,055,787 from bitcoin sold to pay expenses, a net realized gain of $1,323,162,716 from bitcoin sold for the redemption of Shares and an unrealized gain on investment in bitcoin of $11,458,437,934, partially offset by a net investment loss of $124,847,735. Other than the net Sponsor’s fee of $124,847,735, the Trust had no expenses during the period.