iShares Bitcoin Trust ETF

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 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.

Current wording

The 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 financial statements and accompanying notes are prepared in accordance with generally accepted accounting principles in the United States. The preparation of these financial statements relies on estimates and assumptions that impact the Trust’s financial position and results of operations. These estimates and assumptions affect the Trust’s application of accounting policies. A description of the valuation of bitcoin, a critical accounting policy that the Trust believes is important to understanding its results of operations and financial position, is provided in the section entitled “Valuation of Bitcoin; The CF Benchmark Index,” above. In addition, please refer to Note 2 to the financial statements included in this report for further discussion of the Trust’s accounting policies.

Current wording

The financial statements and accompanying notes are prepared in accordance with generally accepted accounting principles in the United States. The preparation of these financial statements relies on estimates and assumptions that impact the Trust’s financial position and results of operations. These estimates and assumptions affect the Trust’s application of accounting policies. A description of the valuation of bitcoin, a critical accounting policy that the Trust believes is important to understanding its results of operations and financial position, is provided in the section entitled “Valuation of Bitcoin; The CF Benchmarks Index,” above. In addition, please refer to Note 2 to the financial statements included in this report for further discussion of the Trust’s accounting policies.

Previous 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.

Current wording

The Trust’s net asset value decreased from $53,384,746,718 at March 31, 2026 to $43,386,012,125 at June 30, 2026, a 18.73% decrease. The decrease in the Trust’s net asset value resulted primarily from a decrease in the price of bitcoin, which fell 13.25% from $68,129.64 at March 31, 2026 to $59,101.49 at June 30, 2026. The decrease in the Trust’s net asset value was also affected by a decrease in the number of outstanding Shares, which fell from 1,382,480,000 Shares at March 31, 2026 to 1,296,040,000 Shares at June 30, 2026, a consequence of 100,920,000 Shares (2,523 Baskets) being created and 187,360,000 Shares (4,684 Baskets) being redeemed during the quarter.

Previous 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.

Current wording

The 13.31% decrease in the NAV for purposes of the Trust’s periodic financial statements (“Financial Statement NAV”) from $38.62 at March 31, 2026 to $33.48 at June 30, 2026 is directly related to the 13.25% 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 $35,422,589 for the quarter, or 0.06% of the Trust’s average weighted assets of $56,816,768,207 during the quarter.

Previous 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.

Current wording

The NAV of $46.42 on May 11, 2026 was the highest during the quarter, compared with a low during the quarter of $33.48 on June 30, 2026.

Previous 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.

Current wording

The net decrease in net assets resulting from operations for the quarter ended June 30, 2026 was $7,048,147,970, resulting from a net realized loss of $6,912,826 from bitcoin sold to pay expenses, a net realized loss of $824,710,538 from bitcoin sold for the redemption of Shares, a net realized loss of $771,263,116 from bitcoin paid for the in-kind redemptions of Shares, an unrealized loss on investment in bitcoin of $5,409,838,901 and a net investment loss of $35,422,589. Other than the Sponsor’s fee of $35,422,589, the Trust had no expenses during the quarter.