GraniteShares Platinum Trust
For the period ended Dec 31, 2025. Filed Feb 4, 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.
Dec 31, 2025 · Filed Feb 4, 2026
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 2025-09-30; filed 2025-11-04.
0001493152-25-020663
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.
0001493152-26-005002
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.
17 unchanged; 4 reworded; 3 added; 1 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 (3)
Current report
During the quarter the Trust’s net asset value increased by 80.9% from $129,274,099 on September 30, 2025, to $233,824,339 on December 31, 2025. The increase in the Trust’s net asset value was due to (i) an increase in the price of platinum from $1,571.00 on September 30, 2025, to $2,027.00 on December 31, 2025, and (ii) an increase in the number of Shares outstanding from 8,550,000 on September 30, 2025, to 12,000,000 on December 31, 2025. The net 3,450,000 shares increase was the result of 71 creation orders and 2 redemption orders (50,000 shares per creation and redemption).
Current report
Six Months Ended December 31, 2025
Current report
The Trust’s net asset value increased by 174.4% from $85,206,010 on June 30, 2025, to $233,824,339 on December 31, 2025. The increase in the Trust’s net asset value was due to an increase in the number of Shares outstanding from 6,550,000 on June 30, 2025, to 12,000,000 on December 31, 2025. The net 5,450,000 shares increase was the result of 112 creation orders and 3 redemption orders (50,000 shares per creation and redemption). The Trust’s net asset value was also positively impacted by the price of platinum, which increased 50.1% from $1,350.00 on June 30, 2025, to $2,027.00 on December 31, 2025.
Removed paragraphs (1)
Previous 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%.
Reworded paragraphs (4)
Previous 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.
Current 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.
Previous 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.
Current wording
The 28.9% increase in the Trust’s net asset value per share from $15.12 on September 30, 2025, to $19.49 on December 31, 2025, is directly related to the 29.0% increase in the price of platinum.
Previous 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.
Current wording
The net increase in net assets resulting from operations for the quarter ended December 31, 2025, was $39,182,189, resulting primarily from an unrealized gain on investment in platinum bullion of $38,888,573, increased by a gain of $488,521 on metal sold to cover redemption orders and Sponsor’s fees but negatively affected by the Sponsor’s fees of $194,905. Other than the Sponsor’s fees the Trust had no expenses during the quarter.
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 $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.
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 $311,766 for the period, or 0.25% of the Trust’s average weighted net assets of $123,699,082 during the period. The net asset value per share of $22.06 on December 24, 2025, was the highest during the period, compared with a low during the period of $12.54 on August 01, 2025.
Rearranged current paragraphs (3)
Current report — wording carried from elsewhere
The Trust’s net asset value per share increase slightly less than the price of platinum on a percentage basis due to the Sponsor’s fees, which were $194,905 for the period, or 0.13% of the Trust’s average weighted net assets of $154,675,188 during the period. The net asset value per share of $22.06 on December 24, 2025, was the highest during the period, compared with a low during the period of $14.64 on November 21, 2025.
Current report — wording carried from elsewhere
The 49.8% increase in the Trust’s net asset value per share from $13.01 on June 30, 2025, to $19.49 on December 31, 2025, is directly related to the 50.1% increase in the price of platinum.
Current report — wording carried from elsewhere
Net increase in net assets resulting from operations for the six-month period ended December 31, 2025, was $54,959,128, resulting primarily from an unrealized gain on investment in platinum bullion of $54,622,429, increased by a gain of $648,465 on metal sold to cover redemption orders and Sponsor’s fees but negatively affected by the Sponsor’s fees of $311,766. Other than the Sponsor’s fees the Trust had no expenses during the period.