iShares Bitcoin Trust ETF
For the period ended Sep 30, 2026. Filed Nov 6, 2026.
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, 2026 · Filed Nov 6, 2026
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 2026-06-30; filed 2026-08-06.
0001437749-26-026004
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-11-06.
0001437749-26-035539
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.
17 unchanged; 8 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 (8)
Previous 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.
Current wording
The Trust’s net asset value increased from $43,386,012,125 at June 30, 2026 to $67,031,315,113 at September 30, 2026, a 54.50% increase. The increase in the Trust’s net asset value resulted primarily from an increase in the price of bitcoin, which rose 41.62% from $59,101.49 at June 30, 2026 to $83,697.25 at September 30, 2026. The increase in the Trust’s net asset value also benefited from an increase in the number of outstanding Shares, which rose from 1,296,040,000 Shares at June 30, 2026 to 1,414,760,000 Shares at September 30, 2026, a consequence of 187,480,000 Shares (4,687 Baskets) being created and 68,760,000 Shares (1,719 Baskets) being redeemed during the quarter.
Previous 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.
Current wording
The 41.52% increase in the NAV for purposes of the Trust’s periodic financial statements (“Financial Statement NAV”) from $33.48 at June 30, 2026 to $47.38 at September 30, 2026 is directly related to the 41.62% 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 $33,939,248 for the quarter, or 0.06% of the Trust’s average weighted assets of $53,861,735,987 during the quarter.
Previous 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.
Current wording
The NAV of $48.93 on September 22, 2026 was the highest during the quarter, compared with a low during the quarter of $34.07 on July 1, 2026.
Previous 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.
Current wording
The net increase in net assets resulting from operations for the quarter ended September 30, 2026 was $18,519,927,257, resulting from an unrealized gain on investment in bitcoin of $19,095,495,926, partially offset by a net realized loss of $6,048,146 from bitcoin sold to pay expenses, a net realized loss of $147,028,757 from bitcoin sold for the redemption of Shares, a net realized loss of $388,552,518 from bitcoin paid for the in-kind redemptions of Shares and a net investment loss of $33,939,248. Other than the Sponsor’s fee of $33,939,248, the Trust had no expenses during the quarter.
Previous wording
The Six-Month Period Ended June 30, 2026
Current wording
The Nine-Month Period Ended September 30, 2026
Previous wording
The Trust’s net asset value decreased from $67,401,155,244 at December 31, 2025 to $43,386,012,125 at June 30, 2026, a 35.63% decrease. The decrease in the Trust’s net asset value resulted primarily from a decrease in the price of bitcoin, which fell 32.43% from $87,463.03 at December 31, 2025 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 1,358,680,000 Shares at December 31, 2025 to 1,296,040,000 Shares at June 30, 2026, a consequence of 277,840,000 Shares (6,946 Baskets) being created and 340,480,000 Shares (8,512 Baskets) being redeemed during the period.
Current wording
The Trust’s net asset value decreased from $67,401,155,244 at December 31, 2025 to $67,031,315,113 at September 30, 2026, a 0.55% decrease. The decrease in the Trust’s net asset value resulted primarily from a decrease in the price of bitcoin, which fell 4.31% from $87,463.03 at December 31, 2025 to $83,697.25 at September 30, 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 1,414,760,000 Shares at September 30, 2026, a consequence of 465,320,000 Shares (11,633 Baskets) being created and 409,240,000 Shares (10,231 Baskets) being redeemed during the period.
Previous wording
The 32.51% decrease in the Financial Statement NAV from $49.61 at December 31, 2025 to $33.48 at June 30, 2026 is directly related to the 32.43% 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 $72,112,039 for the period, or 0.12% of the Trust’s average weighted assets of $58,168,395,213 during the period.
Current wording
The 4.50% decrease in the Financial Statement NAV from $49.61 at December 31, 2025 to $47.38 at September 30, 2026 is directly related to the 4.31% 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 $106,051,287 for the period, or 0.19% of the Trust’s average weighted assets of $56,717,066,829 during the period.
Previous wording
The net decrease in net assets resulting from operations for the six months ended June 30, 2026 was $22,176,575,273, resulting from a net realized loss of $12,472,332 from bitcoin sold to pay expenses, a net realized loss of $1,305,083,253 from bitcoin sold for the redemption of Shares, a net realized loss of $460,163,388 from bitcoin paid for the in-kind redemptions of Shares, an unrealized loss on investment in bitcoin of $20,326,744,261 and a net investment loss of $72,112,039. Other than the Sponsor’s fee of $72,112,039, the Trust had no expenses during the period.
Current wording
The net decrease in net assets resulting from operations for the nine months ended September 30, 2026 was $3,656,648,016, resulting from a net realized loss of $18,520,478 from bitcoin sold to pay expenses, a net realized loss of $1,452,112,010 from bitcoin sold for the redemption of Shares, a net realized loss of $848,715,906 from bitcoin paid for the in-kind redemptions of Shares, an unrealized loss on investment in bitcoin of $1,231,248,335 and a net investment loss of $106,051,287. Other than the Sponsor’s fee of $106,051,287, the Trust had no expenses during the period.