GraniteShares Platinum Trust
For the period ended Sep 30, 2025. Filed Nov 4, 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 4, 2025
PLTM$14.66+0.4%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-03-31; filed 2025-05-08.
0001641172-25-009284
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-04.
0001493152-25-020663
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 27 previous paragraphs and 22 current paragraphs.
17 unchanged; 4 reworded; 1 added; 3 removed; 3 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.
Added paragraphs (1)
Current report
The Trust’s net asset value increased from $85,206,010 on June 30, 2025 to $129,274,099 on September 30, 2025, a 51.7% increase. The Trust’s net asset value increased due to the positive change in the price of platinum, which moved from $1,350.00 on June 30, 2025 to $1,571.00 on September 30, 2025, or 16.37%, as well as an increase of 2,000,000 shares outstanding, resulting from 41 baskets created and 1 basket redeem (each basket is equal to 50,000 shares) or 30.53%.
Removed paragraphs (3)
Previous report
The Trust’s net asset value increased from $45,904,688 on December 31, 2024 to $50,291,907 on March 31, 2025, a 9.56% increase. The Trust’s net asset value increase was due to the positive change in the price of platinum, which moved from $914.00 on December 31, 2024 to $993.00 on March 31, 2025, or 8.64%. The impact of the change in platinum price was slightly increased by a positive change in the number of shares outstanding from 5,200,000 to 5,250,000, or 0.96%. The 50,000 shares increase was the result of 4 creation orders and 3 redemption orders (50,000 shares per creation order).
Previous report
Nine Months Ended March 31, 2025
Previous report
The Trust’s net asset value increased from $43,119,274 on June 30, 2024 to $50,291,907 on March 31, 2025, a 16.63% increase. The Trust’s number of shares outstanding increased from 4,400,000 to 5,250,000 over this period, or 19.32%. The 850,000 shares increase was the net result of 24 creations orders and 7 redemption orders (50,000 shares per creation and redemption order). The positive impact in the number of shares outstanding was reduced by the price of platinum, which decreased 1.88% from $1,012.00 on June 30, 2024, to $993.00 on March 31, 2025.
Reworded paragraphs (4)
Previous wording
On each business day, as soon as practicable after 4:00 p.m. (New York time), the Trustee evaluates the platinum held by the Trust and determines the net asset value of the Trust and the NAV. The Trustee values the platinum held by the Trust using that day’s LBMA Platinum Price PM. If there is no announced LBMA Platinum PM on a business day, the Trustee is authorized to use that day’s LBMA Platinum Price AM. Having valued the platinum held by the Trust, the Trustee then subtracts all accrued fees, expenses and other liabilities of the Trust from the value of the platinum and other assets of the Trust. The result is the net asset value of the Trust. The Trustee computes the NAV by dividing the net asset value of the Trust by the number of Shares outstanding on the date the computation is made.
Current wording
On each business day, as soon as practicable after 4:00 p.m. (New York time), the Trustee values the platinum held by the Trust and determines the net asset value of the Trust and the NAV. The Trustee values the platinum held by the Trust using that day’s LBMA Platinum Price PM. If there is no announced LBMA Platinum PM on a business day, the Trustee is authorized to use that day’s LBMA Platinum Price AM. Having valued the platinum held by the Trust, the Trustee then subtracts all accrued fees, expenses and other liabilities of the Trust from the value of the platinum and other assets of the Trust. The result is the net asset value of the Trust. The Trustee computes the NAV by dividing the net asset value of the Trust by the number of Shares outstanding on the date the computation is made.
Previous wording
The 8.49% increase in the Trust’s net asset value per share, from $8.83 on December 31, 2024, to $9.58 on March 31, 2025, is directly related to the 8.64% increase in the price of platinum.
Current wording
The 16.22% increase in the Trust’s net asset value per share, from $13.01 on June 30, 2025 to $15.12 on September 30, 2025 is directly related to the 2.67% price went up need updated language 16.37% increase in price of platinum decrease in the price of platinum.
Previous wording
The Trust’s net asset value per share increased slightly less than the price of platinum on a percentage basis due to the Sponsor’s fees, which were $61,502 for the quarter, or 0.123% of the Trust’s average weighted net assets of $49,885,104 during the quarter. The net asset value per share of $9.66 on March 19, 2025, was the highest during the quarter, compared with a low during the quarter of $8.83 on January 02, 2025.
Current wording
The Trust’s net asset value per share increased slightly less than the price of platinum on a percentage basis due to the Sponsor’s fees, which were $116,861 for the quarter, or 0.5% of the Trust’s average weighted net assets of $93,201,357 during the quarter. The net asset value per share of $15.29 on September 29, 2025 was the highest during the quarter, compared with a low during the quarter of $12.54 on August 01, 2025.
Previous wording
The net increase in net assets resulting from operations for the quarter ended March 31, 2025, was $4,008,040, resulting from an unrealized gain on investment in platinum bullion of $4,096,030, decreased by a loss of $26,488 on metal sold to cover the redemption orders and the Sponsor’s fees and decreased by the Sponsor’s fees of $61,502. Other than the Sponsor’s fees 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, 2025 was $15,776,940, resulting from an unrealized gain on investment in platinum bullion of $15,733,856, a gain of $159,945 on metal sold to cover redemption orders and Sponsor’s fees, and the Sponsor’s fees of $116,861. Other than the Sponsor’s fees the Trust had no expenses during the quarter.
Rearranged previous paragraphs (3)
Previous report — wording carried elsewhere
The 2.24% decrease in the Trust’s net asset value per share, from $9.80 on June 30, 2024, to $9.58 on March 31, 2025, is directly related to the 1.88% decrease in the price of platinum.
Previous report — wording carried elsewhere
The Trust’s net asset value per share decreased slightly more than the price of platinum on a percentage basis due to the Sponsor’s fees, which were $168,946 for the period, or 0.375% of the Trust’s average weighted net assets of $45,011,536 during the period. The net asset value per share of $10.15 on October 30,2024 was the highest during the period, compared with a low during the period of $8.80 on September 05, 2024.
Previous report — wording carried elsewhere
Net decrease in net assets resulting from operations for the 9 months period ending March 31, 2025, was $582,955, resulting from an unrealized loss on investment in platinum bullion of $226,183, decreased by a loss of $187,826 on metal sold to cover the redemption orders and the Sponsor’s fees, and by the Sponsor’s fees of $168,946. Other than the Sponsor’s fees the Trust had no expenses during the quarter.