2 unchanged sentences
On January 11, 2024, the Shares commenced trading on NASDAQ under the ticker symbol IBIT.
−Removed: As of December 31, 2023, there was one shareholder of record of the Trust.
−Removed: The Trust did not declare any cash distributions to Shareholders during the period from October 27, 2023 to December 31, 2023.
+Added: As of December 31, 2024, there were approximately 163 DTC participating shareholders of record of the Trust.
+Added: Because most of the Trust’s Shares are held by brokers and other institutions on behalf of shareholders, we are unable to estimate the total number of shareholders represented by these record holders.
+Added: The Trust did not declare any cash distributions to Shareholders during the period from October 27, 2023 to December 31, 2023 and the fiscal year ended December 31, 2024.
The Trust has no obligation to make periodic distributions to Shareholders.
2 unchanged sentences
Purchases of Equity Securities by the Issuers and Affiliated Purchaser
−Removed: None of the Shares (Baskets) were redeemed during the fourth quarter of the year ended December 31, 2023.
+Added: 9,280,000 Shares (232 Baskets) were redeemed during the fourth quarter of the year ended December 31, 2024.
+Added: Total Number of Shares
+Added: Average Price
+Added: Paid Per Share
+Added: 10/01/24 to 10/31/24
+Added: 11/01/24 to 11/30/24
+Added: 12/01/24 to 12/31/24
Management ’ s Discussion and Analysis of Financial Condition and Results of Operations.
8 unchanged sentences
Except as required by applicable disclosure laws, neither the Trust nor the Sponsor is under a duty to update any of the forward-looking statements to conform such statements to actual results or to a change in the Sponsor’s expectations or predictions.
−Removed: The Trust had no operations other than a sale to BlackRock Financial Management, Inc., the Seed Capital Investor, of 4,000 Shares for $100,000 ($25.00 per Share) on October 27, 2023.
The Trust is a Delaware statutory trust.
−Removed: The Trust does not have any officers, directors, or employees, and is administered by the Second Amended and Restated Trust Agreement dated as of December 28, 2023, among the Sponsor, the Trustee and the Delaware Trustee.
+Added: The Trust does not have any officers, directors, or employees, and is administered by the Second Amended and Restated Trust Agreement dated as of December 28, 2023, among the Sponsor, the Trustee and the Delaware Trustee, as amended by Amendment No.
+Added: 1 thereto, with effect from August 8, 2024.
The Trust issues Shares representing fractional undivided beneficial interests in its net assets.
3 unchanged sentences
The Trust does not engage in any activities designed to obtain a profit from, or ameliorate losses caused by, changes in the price of bitcoin.
−Removed: The Trust issues and redeems Shares only in Baskets of 40,000 or integral multiples thereof, based on the quantity of bitcoin attributable to each Share (net of accrued but unpaid Sponsor’s Fee and any accrued but unpaid expenses or liabilities).
+Added: The Trust issues and redeems Shares only in Baskets of 40,000 Shares or integral multiples thereof, based on the quantity of bitcoin attributable to each Share (net of accrued but unpaid Sponsor’s Fee and any accrued but unpaid expenses or liabilities).
Baskets may be redeemed by the Trust in exchange for the cash proceeds from selling the amount of bitcoin corresponding to their redemption value.
Shares of the Trust trade on NASDAQ under the ticker symbol IBIT.
−Removed: Valuation of Bitcoin ; The CF Benchmark Index
+Added: Valuation of Bitcoin ; The CF Benchmarks Index
On each Business Day, as soon as practicable after 4:00 p.m.
−Removed: ET, the Trust evaluates the bitcoin held by the Trust as reflected by the CME CF Bitcoin Reference Rate – New York Variant for the Bitcoin – U.S.
−Removed: Dollar trading pair (the “CF Benchmarks Index”) and determines the net asset value of the Trust and the NAV.
+Added: ET, the Trust evaluates the bitcoin held by the Trust as reflected by the CF Benchmarks Index and determines the net asset value of the Trust and the NAV.
For purposes of making these calculations, a Business Day means any day other than a day when NASDAQ is closed for regular trading.
CF Benchmarks Index is calculated as of 4:00 p.m.
−Removed: The CF Benchmarks Index is designed based on the IOSCO Principles for Financial Benchmarks and is a Registered Benchmark under UK Benchmark Regulations (“BMR”).
−Removed: The administrator of the CF Benchmarks Index is CF Benchmarks Ltd.
−Removed: (the “Index Administrator”) a UK incorporated company, authorized and regulated by the Financial Conduct Authority (“FCA”) of the UK as a Benchmark Administrator, under UK BMR.
+Added: The CF Benchmarks Index is designed based on the IOSCO Principles for Financial Benchmarks and is a Registered Benchmark under the UK BMR.
+Added: The Index Administrator is a UK incorporated company authorized and regulated by the FCA of the UK as a Benchmark Administrator under the UK BMR.
The Trust is not aware of any trends, demands, conditions or events that are reasonably likely to result in material changes to its liquidity needs.
7 unchanged sentences
In addition, please refer to Note 2 to the financial statements included in this report for further discussion of the Trust’s accounting policies.
+Added: Valuation of Bitcoin
+Added: The following chart shows the daily Bitcoin price, as applicable for the period January 5, 2024 through December 31, 2024:
+Added: Bitcoin Prices (January 2024 - December 2024)
Results of Operations
The Year Ended December 31, 2024
+Added: The Trust’s net asset value grew from $100,000 at December 31, 2023 to $51,519,566,547 at December 31, 2024.
+Added: The increase in the Trust’s net asset value resulted primarily from an increase in the number of outstanding Shares, which rose from 4,000 Shares at December 31, 2023 to 970,440,000 Shares at December 31, 2024, a consequence of 982,160,000 Shares (24,554 Baskets) being created and 11,724,000 Shares (293 Baskets plus the original 4,000 seed Shares) being redeemed during the period.
+Added: The increase in the Trust’s net asset value also benefited from an increase in the price of bitcoin, which rose 112.78% from the Trust’s first bitcoin purchase at $43,878.41 on January 5, 2024 to $93,365.36 at December 31, 2024.
+Added: The 112.36% increase in the NAV for purposes of the Trust’s periodic financial statements (“Financial Statement NAV”) from $25.00 at December 31, 2023 to $53.09 at December 31, 2024 is directly related to the 112.78% increase in the price of bitcoin.
+Added: The Financial Statement NAV increased slightly less than the price of bitcoin on a percentage basis due to the Sponsor’s Fee, which was $47,498,665 for the period, or 0.22% of the Trust’s average weighted assets of $21,516,137,559 during the period.
+Added: The NAV of $60.57 on December 17, 2024 was the highest during the period, compared with a low during the period of $22.36 on January 23, 2024.
+Added: Net increase in net assets resulting from operations for the year ended December 31, 2024 was $14,232,135,930, resulting from an unrealized gain on investment in bitcoin of $14,157,070,942, a net realized gain of $18,811,883 from bitcoin sold to pay expenses and a net realized gain of $103,751,770 from bitcoin sold for the redemption of Shares, partially offset by a net investment loss of $47,498,665.
+Added: Other than the net Sponsor’s Fee of $47,498,665, the Trust had no expenses during the period.
+Added: The Year Ended December 31, 2023
At December 31, 2023, the Trust had no operations other than a sale to BlackRock Financial Management, Inc., the Seed Capital Investor, of 4,000 shares of common stock for $100,000 ($25.00 per share).
5 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.