iShares Bitcoin Trust ETF

Previous wording

This information should be read in conjunction with the financial statements and notes to financial statements included in Item 1 of Part I of this Form 10‑Q. The discussion and analysis that follows may contain statements that relate to future events or future performance. In some cases, such forward‑looking statements can be identified by terminology such as “may,” “should,” “could,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential” or the negative of these terms or other comparable terminology. These statements are only predictions. Actual events or results may differ materially. These statements are based upon certain assumptions and analyses made by the Sponsor on the basis of its perception of historical trends, current conditions and expected future developments, as well as other factors it believes are appropriate in the circumstances. Whether or not actual results and developments will conform to the Sponsor’s expectations and predictions, however, is subject to a number of risks and uncertainties, including the special considerations discussed below, general economic, market and business conditions, changes in laws or regulations, including those concerning taxes, made by governmental authorities or regulatory bodies, and other world economic and political developments. Although the Sponsor does not make forward-looking statements unless it believes it has a reasonable basis for doing so, the Sponsor cannot guarantee their accuracy. Except as required by applicable disclosure laws, neither the Trust nor the Sponsor is under a duty to update any of the forward-looking statements to conform such statements to actual results or to a change in the Sponsor’s expectations or predictions.

Current wording

This information should be read in conjunction with the financial statements and notes to financial statements included in Item 1 of Part I of this Form 10‑Q. The discussion and analysis that follows may contain statements that relate to future events or future performance. In some cases, such forward‑looking statements can be identified by terminology such as“may,”* “should,” “could,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential” or the negative of these terms or other comparable terminology. These statements are only predictions. Actual events or results may differ materially. These statements are based upon certain assumptions and analyses made by the Sponsor on the basis of its perception of historical trends, current conditions and expected future developments, as well as other factors it believes are appropriate in the circumstances. Whether or not actual results and developments will conform to the Sponsor*’s expectations and predictions, however, is subject to a number of risks and uncertainties, including the special considerations discussed below, general economic, market and business conditions, changes in laws or regulations, including those concerning taxes, made by governmental authorities or regulatory bodies, and other world economic and political developments. Although the Sponsor does not make forward-looking statements unless it believes it has a reasonable basis for doing so, the Sponsor cannot guarantee their accuracy. Except as required by applicable disclosure laws, neither the Trust nor the Sponsor is under a duty to update any of the forward-looking statements to conform such statements to actual results or to a change in the Sponsor’s expectations or predictions.

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 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.

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 transactions (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’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.

Current wording

The Trust’s net asset value decreased from $67,401,155,244 at December 31, 2025 to $53,384,746,718 at March 31, 2026, a 20.80% decrease. The decrease in the Trust’s net asset value resulted primarily from a decrease in the price of bitcoin, which fell 22.10% from $87,463.03 at December 31, 2025 to $68,129.64 at March 31, 2026. The decrease in the Trust’s net asset value was partially offset by an increase in the number of outstanding Shares, which rose from 1,358,680,000 Shares at December 31, 2025 to 1,382,480,000 Shares at March 31, 2026, a consequence of 176,920,000 Shares (4,423 Baskets) being created and 153,120,000 Shares (3,828 Baskets) being redeemed during the quarter.

Previous 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.

Current wording

The 22.15% decrease in the NAV for purposes of the Trust’s periodic financial statements (“Financial Statement NAV”) from $49.61 at December 31, 2025 to $38.62 at March 31, 2026 is directly related to the 22.10% 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 $36,689,450 for the quarter, or 0.06% of the Trust’s average weighted assets of $59,535,040,296 during the quarter.

Previous 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.

Current wording

The NAV of $55.32 on January 14, 2026 was the highest during the quarter, compared with a low during the quarter of $36.23 on February 5, 2026.

Previous 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.

Current wording

The net decrease in net assets resulting from operations for the quarter ended March 31, 2026 was $15,128,427,303, resulting from a net realized loss of $5,559,506 from bitcoin sold to pay expenses, a net realized loss of $480,372,715 from bitcoin sold for the redemption of Shares, an unrealized loss on investment in bitcoin of $14,916,905,360 and a net investment loss of $36,689,450, partially offset by a net realized gain of $311,099,728 from bitcoin paid for the in-kind redemptions of Shares. Other than the Sponsor’s fee of $36,689,450, the Trust had no expenses during the quarter.