GraniteShares Gold Trust
For the period ended Dec 31, 2025. Filed Feb 4, 2026.
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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.
Dec 31, 2025 · Filed Feb 4, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-09-30; filed 2025-11-04.
0001493152-25-020662
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-12-31; filed 2026-02-04.
0001493152-26-004999
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 22 previous paragraphs and 27 current paragraphs.
18 unchanged; 4 reworded; 2 added; 0 removed; 0 previous and 3 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 (2)
Current report
The Trust’s net asset value increased from $1,285,913,636 on September 30, 2025, to $1,492,121,494 on December 31, 2025, a 16.0% increase. The increase in the Trust’s net asset value was due to a 12.6% increase in gold price from $3,825.30 on September 30, 2025, to $4,307.95 on December 31, 2025, as well as an increase in the number of shares outstanding from 34,100,000 to 35,150,000 over this period. The 1,050,000 shares increase was a result of 21 creation orders (50,000 shares per creation and redemption). There was no redemption order over the period considered.
Current report
Six Months Ended December 31, 2025
Reworded paragraphs (4)
Previous wording
The 16.32% increase in the Trust’s net asset value per share, from $32.42 on June 30, 2025, to $37.71 on September 30, 2025 is directly related to the 16.36% increase in the price of gold.
Current wording
The 12.57% increase in the Trust’s net asset value per share, from $37.71 on September 30, 2025, to $42.45 on December 31, 2025, is directly related to the 12.6% increase in the price of gold.
Previous wording
The Trust’s net asset value per share increased slightly less than the price of gold on a percentage basis due to the Sponsor’s fees, which were $508,370 for the quarter, or 0.1749% of the Trust’s average weighted net assets of $1,153,187,885 during the quarter. The net asset value per share of $37.73 on September 29, 2025, was the highest during the quarter, compared with a low during the quarter of $32.53 on July 31, 2025.
Current wording
The Trust’s net asset value per share increased slightly less than the price of gold on a percentage basis due to the Sponsor’s fees, which were $626,724 for the quarter, or 0.044% of the Trust’s average weighted net assets of $1,423,879,427 during the quarter. The net asset value per share of $44.16 on December 24, 2025, was the highest during the quarter, compared with a low during the quarter of $38.17 on October 01, 2025.
Previous wording
Net increase in net assets resulting from operations for the quarter ended September 30, 2025, was $179,439,028, resulting from an unrealized gain on investment in gold bullion of $171,669,572, increased by a gain of $8,277,826 on metal sold to cover redemption orders and Sponsor’s fees but decreased by the Sponsor’s fees of $508,370. 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 December 31, 2025, was $162,747,321, resulting primarily from an unrealized gain on investment in gold bullion of $163,047,183, a gain of $326,862 on metal sold to cover the Sponsor’s fees but decreased by the Sponsor’s fees of $626,724. Other than the Sponsor’s fees the Trust had no expenses during the quarter.
Previous wording
The Trust’s net asset value increased from $1,105,575,430 on June 30, 2025 to $1,285,913,636 on September 30, 2025, a 16.31% increase. The Trust’s number of shares outstanding remained constant over the period at 34,100,000. The Trust’s net asset value was positively impacted by the change in the price of gold, which increased 16.36% from $3,287.45 on June 30, 2025 to $3,825.3 on September 30, 2025.
Current wording
The Trust’s net asset value increased from $1,105,575,430 on June 30, 2025, to $1,492,121,494 on December 31, 2025, a 34.96% increase. The increase in the Trust’s net asset value was the result of (i) the positive change in gold price, which increased by 31.0% from $3,287.45 on June 30, 2025, to $4,307.95 on December 31, 2025, and (ii) an increase in the number of shares outstanding from 34,100,000 to 35,150,000. The 1,050,000 shares increase was the net result of 31 creation orders and 10 redemption orders (50,000 shares per creation and redemption order).
Rearranged current paragraphs (3)
Current report — wording carried from elsewhere
The 30.9% increase in the Trust’s net asset value per share, from $32.42 on June 30, 2025, to $42.45 on December 31, 2025, is directly related to the 31.0% increase in the price of gold.
Current report — wording carried from elsewhere
The Trust’s net asset value per share increased slightly less than the price of gold on a percentage basis due to the Sponsor’s fees, which were $1,135,094 for the period, or 0.088% of the Trust’s average weighted net assets of $1,289,512,405 during the six-month period. The net asset value per share of $44.16 on December 24, 2025, was the highest during the period, compared with a low during the period of $32.53 on July 31, 2025.
Current report — wording carried from elsewhere
The net increase in net assets resulting from operations for the 6 months period ending December 31, 2025, was $342,186,349, resulting from an unrealized gain on investment in gold bullion of $334,716,755, increased by a gain of $8,604,688 on metal sold to cover the redemption orders and the Sponsor’s fees but reduced by the Sponsor’s fees of $1,135,094. Other than the Sponsor’s fees the Trust had no expenses during the period.