What changed in this filing

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Item 1. Financial Statements

2025-08-05 compared with 2025-05-07 · 121 added, 114 removed, 303 unchanged (44% of the section changed)

2 unchanged sentences

Statements of Assets and Liabilities (Unaudited)

At March 31, 2025 and December 31, 2024

At June 30, 2025 and December 31, 2024

Investment in bitcoin, at fair value (a)

4 unchanged sentences

112,344,745 —

74,832,516,005 51,553,591,311

Sponsor’s fees payable

1 unchanged sentence

Payable for investments purchased

112,341,832 —

Payable for capital shares redeemed

13 unchanged sentences

Statements of Operations (Unaudited)

For the three months ended March 31, 2025 and 2024

For the three and six months ended June 30, 2025 and 2024

Three Months Ended

Six Months Ended

Sponsor’s fees

$ 33,043,551 $ 4,211,219

Sponsor’s fees waived

( 178,082 ) ( 1,074,550 )

Total expenses

32,865,469 3,136,669

Net investment loss

( 32,865,469 ) ( 3,136,669 )

Net Realized and Unrealized Gain (Loss)

1 unchanged sentence

Bitcoin sold to pay expenses

8,440,558 100,525

Bitcoin sold for the redemption of Shares

624,399,288 —

Net realized gain

632,839,846 (b)

Net change in unrealized appreciation/depreciation

14,244,730,958

( 2,102,796,450

7,186,881,803

1,703,949,543

Net realized and unrealized gain (loss)

14,506,802,148

( 2,100,568,957

8,081,792,839

1,706,277,561

Net increase (decrease) in net assets resulting from operations

14,468,115,204

Net increase (decrease) in net assets per Share (a)

( 2,110,463,201

8,010,240,426

1,693,246,648

Net increase (decrease) in net assets per Share (a)

Net increase (decrease) in net assets per Share based on average shares outstanding during the period.

1 unchanged sentence

Includes $5,261,693 of realized gains and $(3,034,200) of realized losses.

Includes $1,003,081,075 of realized gains and $(108,170,039) of realized losses.

Includes $5,362,253 of realized gains and $(3,034,235) of realized losses.

See notes to financial statements.

1 unchanged sentence

Statements of Changes in Net Assets (Unaudited)

For the three months ended March 31, 2025

Three Months Ended

March 31, 2025

For the three and six months ended June 30, 2025

Six Months Ended

June 30, 2025

Net Assets at December 31, 2024

1 unchanged sentence

Net investment loss

( 32,865,469 )

Net realized gain

14 unchanged sentences

47,775,497,392

Net investment loss

Net realized gain

Net change in unrealized appreciation/depreciation

14,244,730,958

Net increase in net assets resulting from operations

14,468,115,204

Capital Share Transactions:

Contributions for Shares issued

13,633,770,034

Distributions for Shares redeemed

( 1,171,825,263

Net increase in net assets from capital share transactions

12,461,944,771

Increase in net assets

26,930,059,975

Net Assets at June 30, 2025

74,705,557,367

Shares issued and redeemed

1 unchanged sentence

Shares redeemed

( 57,400,000 )

Net increase in Shares issued and outstanding

2 unchanged sentences

Statements of Changes in Net Assets (Unaudited)

For the three months ended March 31, 2024

Three Months Ended

March 31, 2024

For the three and six months ended June 30, 2024

Six Months Ended

June 30, 2024

Net Assets at December 31, 2023

Net investment loss

( 3,136,669 )

Net realized gain

13 unchanged sentences

17,788,884,882

Net investment loss

Net realized gain

Net change in unrealized appreciation/depreciation

( 2,102,796,450

Net decrease in net assets resulting from operations

( 2,110,463,201

Capital Share Transactions:

Contributions for Shares issued

3,817,553,762

Distributions for Shares redeemed

Net increase in net assets from capital share transactions

3,771,200,275

Increase in net assets

1,660,737,074

Net Assets at June 30, 2024

19,449,621,956

Shares issued and redeemed

5 unchanged sentences

Statements of Cash Flows (Unaudited)

For the three months ended March 31, 2025 and 2024

Three Months Ended

For the six months ended June 30, 2025 and 2024

Six Months Ended

Cash Flows from Operating Activities

Net increase (decrease) in net assets resulting from operations

Net increase in net assets resulting from operations

8,010,240,426

1,693,246,648

Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:

1 unchanged sentence

( 19,134,414,363

( 17,792,752,818

Proceeds from bitcoin sold

4 unchanged sentences

( 7,186,881,803

( 1,703,949,543

Change in operating assets and liabilities:

Sponsor’s fees payable

( 244,547 ) 2,502,615

Net cash used in operating activities

( 15,039,981,710

( 17,756,225,218

Cash Provided by Financing Activities

1 unchanged sentence

19,135,525,703

17,802,728,795

Payments for Shares redeemed

2 unchanged sentences

15,039,955,209

Net increase (decrease) in cash

17,756,275,308

Net increase (decrease) in cash

Cash, beginning of period

126,735 100,000

Cash, end of period

$ 29,713 $ 140,552

See notes to financial statements.

1 unchanged sentence

Schedules of Investments (Unaudited)

At March 31, 2025 and December 31, 2024

March 31, 2025

At June 30, 2025 and December 31, 2024

June 30, 2025

696,875 $ 53,376,118,281 $ 74,720,071,026

1 unchanged sentence

74,720,071,026

Other Assets Less Liabilities – (0.02) %

Liabilities in Excess of Other Assets — (0.02) %

( 14,513,659 )

5 unchanged sentences

51,530,013,513

Other Assets Less Liabilities – (0.02)%

Liabilities in Excess of Other Assets — (0.02) %

( 10,446,966 )

4 unchanged sentences

Notes to Financial Statements (Unaudited)

March 31, 2025

June 30, 2025

The iShares Bitcoin Trust ETF (the “Trust”) was organized on June 8, 2023 as a Delaware statutory trust.

1 unchanged sentence

The Trust’s sponsor is iShares Delaware Trust Sponsor LLC, a Delaware limited liability company (the “Sponsor”).

The Bank of New York Mellon serves as the “Trust Administrator.” The Trust is governed by the provisions of the Second Amended and Restated Trust Agreement (the “Trust Agreement”) executed by the Sponsor, the Trustee and Wilmington Trust, National Association, a national association (“Delaware Trustee”), as of December 28, 2023, as amended by Amendment No.

1 thereto, with effect from August 8, 2024.

The Bank of New York Mellon serves as the “Trust Administrator.” The Trust is governed by the provisions of the Third Amended and Restated Trust Agreement (the “Trust Agreement”) executed by the Sponsor, the Trustee and Wilmington Trust, National Association, a national association (“Delaware Trustee”), as of June 27, 2025.

The Trust issues units of beneficial interest (“Shares”) representing fractional undivided beneficial interests in its net assets.

51 unchanged sentences

Gain or loss on sales of bitcoin is calculated on a trade date basis using the average cost method.

The following tables summarize activity in bitcoin for the three months ended March 31, 2025 and 2024:

Three Months Ended March 31, 2025

The following tables summarize activity in bitcoin for the three months ended June 30, 2025 and 2024:

Three Months Ended June 30, 2025

Beginning balance

12 unchanged sentences

696,875 $ 53,376,118,281 $ 74,720,071,026 $ 262,071,190

Three Months Ended March 31, 2024

Three Months Ended June 30, 2024

Beginning balance

3 unchanged sentences

Bitcoin sold for the redemption of shares

( 640 ) ( 36,148,475 ) ( 37,021,363 ) 872,888

Bitcoin sold to pay expenses

6 unchanged sentences

306,979 $ 17,749,065,590 $ 19,453,015,133 $ 2,227,493

The following tables summarize activity in bitcoin for the six months ended June 30, 2025 and 2024:

Six Months Ended June 30, 2025

Beginning balance

551,918 $ 37,372,942,571 $ 51,530,013,513 $ —

Bitcoin purchased

190,888 19,246,756,195 19,246,756,195 —

Bitcoin sold for the redemption of shares

( 45,218 ) ( 3,192,791,619 ) ( 4,071,574,578 ) 878,782,959

Bitcoin sold to pay expenses

( 713 ) ( 50,788,866 ) ( 66,916,943 ) 16,128,077

Net realized gain

— — 894,911,036 —

Net change in unrealized appreciation/depreciation

— — 7,186,881,803 —

Ending balance

696,875 $ 53,376,118,281 $ 74,720,071,026 $ 894,911,036

Six Months Ended June 30, 2024

Beginning balance

— $ — $ — $ —

Bitcoin purchased

307,752 17,792,752,818 17,792,752,818 —

Bitcoin sold for the redemption of shares

( 640 ) ( 36,148,475 ) ( 37,021,363 ) 872,888

Bitcoin sold to pay expenses

( 133 ) ( 7,538,753 ) ( 8,993,883 ) 1,455,130

Net realized gain

— — 2,328,018 —

Net change in unrealized appreciation/depreciation

— — 1,703,949,543 —

Ending balance

306,979 $ 17,749,065,590 $ 19,453,015,133 $ 2,328,018

Calculation of Net Asset Value

8 unchanged sentences

Individual investors cannot purchase or redeem Shares in direct transactions with the Trust.

Only registered broker-dealers that are eligible to settle securities transactions through the book entry facilities of the Depository Trust Company and that have entered into a contractual arrangement with the Sponsor governing, among other matters, the creation and redemption of Shares (such broker-dealers, the “Authorized Participants”), can place orders to receive Baskets in exchange for cash.

Baskets may be redeemed by the Trust in exchange for the cash proceeds from selling the amount of bitcoin corresponding to their redemption value.

The Trust engages in bitcoin transactions for converting cash into bitcoin (in association with purchase orders) and bitcoin into cash (in association with redemption orders) by choosing, in its sole discretion, to trade directly with third parties (each, a “Bitcoin Trading Counterparty”), who are not registered broker-dealers pursuant to written agreements between such Bitcoin Trading Counterparties and the Trust, or choosing to trade through Coinbase, Inc.

Baskets may be redeemed by the Trust in exchange for an amount of bitcoin corresponding to their redemption value or for the cash proceeds from selling the amount of bitcoin corresponding to their redemption value.

In connection with cash creations and redemptions, the Trust engages in bitcoin transactions for converting cash into bitcoin (in association with purchase orders) and bitcoin into cash (in association with redemption orders) by choosing, in its sole discretion, to trade directly with third parties (each, a “Bitcoin Trading Counterparty”), who are not registered broker-dealers pursuant to written agreements between such Bitcoin Trading Counterparties and the Trust, or choosing to trade through Coinbase, Inc.

(the “Prime Execution Agent”) acting in an agency capacity with third parties through its Coinbase Prime service pursuant to the Prime Execution Agent Agreement.

2 unchanged sentences

Any interest, expenses, gains and losses are passed through to the holders of Shares of the Trust.

The Sponsor has analyzed applicable tax laws and regulations and their application to the Trust as of March 31, 2025 and does not believe that there are any uncertain tax positions that require recognition of a tax liability.

The Sponsor has analyzed applicable tax laws and regulations and their application to the Trust as of June 30, 2025 and does not believe that there are any uncertain tax positions that require recognition of a tax liability.

Segment Reporting

5 unchanged sentences

dollars or in-kind or any combination thereof.

For the three months ended March 31, 2025, the Sponsor’s fee was $ 33,043,551 .

For the six months ended June 30, 2025, the Sponsor’s fee was $ 71,730,495 .

The Sponsor may, at its sole discretion and from time to time, waive all or a portion of the Sponsor’s fee for stated periods of time.

2 unchanged sentences

In the future, if the Sponsor decides to waive all or a portion of the Sponsor’s fee, Shareholders will be notified in a prospectus supplement, in its periodic Exchange Act reports and/or on the Trust’s website.

For the three months ended March 31, 2025, the amount waived was $ 178,082 .

For the six months ended June 30, 2025, the amount waived was $ 178,082 .

The Sponsor has agreed to assume the marketing and the following administrative expenses of the Trust:

22 unchanged sentences

Financial Highlights

The following financial highlights relate to investment performance and operations for a Share outstanding for the three months ended March 31, 2025 and 2024.

The following financial highlights relate to investment performance and operations for a Share outstanding for the three and six months ended June 30, 2025 and 2024.

Three Months Ended

Six Months Ended

Net asset value per Share, beginning of period

$ 53.09 $ 25.00

Net investment loss (a)

( 0.03 ) ( 0.02 )

Net realized and unrealized gain (loss) (b)

( 5.92 ) 15.23

Net increase (decrease) in net assets from operations

( 5.95 ) 15.21

Net asset value per Share, end of period

$ 47.14 $ 40.21

Total return, at net asset value (c)(d)

( 11.21 )% 52.94

Ratio to average net assets:

Net investment loss (g)

( 0.25 )% ( 0.18 )%

Total expenses (g)

0.25 % 0.24 %

Total expenses after fees waived (g)

0.25 % 0.18 %

Based on average Shares outstanding during the period.

2 unchanged sentences

Percentage is not annualized.

For the period January 10, 2024 ( Effective Date) to March 31, 2024.

For the period January 1, 2024 to March 31, 2024, the Trust’s total return was 60.84 %.

For the period January 10, 2024 ( Effective Date) to June 30, 2024.

For the period January 1, 2024 to June 30, 2024, the Trust’s total return was 44.28 %.

Percentage is annualized.

10 unchanged sentences

Unobservable inputs that are unobservable for the asset or liability, including the Trust’s assumptions used in determining the fair value of investments.

At March 31, 2025, the value of the bitcoin held by the Trust is categorized as Level 1.

10 - Subsequent Event

On April 7, 2025, the Trustee entered into a custodial services agreement (the “Anchorage Custodian Agreement”) with Anchorage Digital Bank N.A.

(“Anchorage”) a national trust bank chartered by the Office of the Comptroller of the Currency.

Pursuant to the Anchorage Custodian Agreement, Anchorage will establish and maintain one or more segregated custody accounts, controlled and secured by Anchorage, on its books which will have the ability to support the receipt, safekeeping, and maintenance of the Trust’s bitcoin holdings.

Other than the items noted above there were no subsequent events requiring adjustment or additional disclosure in the financial statements.

Management ’ s Discussion and Analysis of Financial Condition and Results of Operations.

This information should be read in conjunction with the financial statements and notes to financial statements included in Item 1 of Part I of this Form 10‑Q.

The discussion and analysis that follows may contain statements that relate to future events or future performance.

In some cases, such forward‑looking statements can be identified by terminology such as “may,” “should,” “could,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential” or the negative of these terms or other comparable terminology.

These statements are only predictions.

Actual events or results may differ materially.

These statements are based upon certain assumptions and analyses made by the Sponsor on the basis of its perception of historical trends, current conditions and expected future developments, as well as other factors it believes are appropriate in the circumstances.

Whether or not actual results and developments will conform to the Sponsor’s expectations and predictions, however, is subject to a number of risks and uncertainties, including the special considerations discussed below, general economic, market and business conditions, changes in laws or regulations, including those concerning taxes, made by governmental authorities or regulatory bodies, and other world economic and political developments.

Although the Sponsor does not make forward-looking statements unless it believes it has a reasonable basis for doing so, the Sponsor cannot guarantee their accuracy.

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.

The iShares Bitcoin Trust ETF (the “Trust”) is a Delaware statutory trust.

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 iShares Delaware Trust Sponsor LLC (the “Sponsor”), BlackRock Fund Advisors (the “Trustee”) and Wilmington Trust, National Association, a national association (the “Delaware Trustee”), as amended by Amendment No.

1 thereto, with effect from August 8, 2024.

The Trust issues shares (“Shares”) representing fractional undivided beneficial interests in its net assets.

The assets of the Trust consist primarily of bitcoin held by a custodian on behalf of the Trust.

The Trust is a passive investment vehicle and seeks to reflect generally the performance of the price of bitcoin.

The Trust seeks to reflect such performance before payment of the Trust’s expenses and liabilities.

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.

The Trust issues and redeems Shares only in aggregations of 40,000 Shares (a “Basket”) 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).

Only registered broker-dealers that have previously entered into an agreement with the Sponsor governing the terms and conditions of such issuance (such broker-dealers, the “Authorized Participants”), can place orders to receive Baskets in exchange for cash.

Baskets may be redeemed by the Trust in exchange for the cash proceeds from selling the amount of bitcoin corresponding to their redemption value.

(the “Prime Execution Agent”) acting in an agency capacity with third parties through its Coinbase Prime service pursuant to the Prime Execution Agent Agreement.

Shares of the Trust trade on The Nasdaq Stock Market LLC (“NASDAQ”) under the ticker symbol IBIT.

Valuation of Bitcoin ; The CF Benchmarks Index

On each day other than a Saturday or a Sunday, or a day on which NASDAQ is closed for regular trading (a “Business Day”), as soon as practicable after 4:00 p.m.

Eastern Time (“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.

Dollar trading pair (the “CF Benchmarks Index”) and determines the net asset value of the Trust and the net asset value per Share (“NAV”).

CF Benchmarks Index is calculated as of 4:00 p.m.

The CF Benchmarks Index is designed based on the IOSCO Principles for Financial Benchmarks and is a Registered Benchmark under the UK Benchmark Regulations (“BMR”).

The administrator of the CF Benchmarks Index is CF Benchmarks Ltd.

(the “Index Administrator”) a UK incorporated company, authorized and regulated by the Financial Conduct Authority 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.

In exchange for a fee, the Sponsor has agreed to assume most of the expenses incurred by the Trust.

As a result, the only ordinary expense of the Trust during the period covered by this report was the Sponsor’s fee.

The Trust’s only source of liquidity is its sales of bitcoin.

Critical Accounting Policies

The financial statements and accompanying notes are prepared in accordance with generally accepted accounting principles in the United States.

The preparation of these financial statements relies on estimates and assumptions that impact the Trust’s financial position and results of operations.

These estimates and assumptions affect the Trust’s application of accounting policies.

A description of the valuation of bitcoin, a critical accounting policy that the Trust believes is important to understanding its results of operations and financial position, is provided in the section entitled “Valuation of Bitcoin; The CF Benchmark Index,” above.

In addition, please refer to Note 2 to the financial statements included in this report for further discussion of the Trust’s accounting policies.

Results of Operations

The Quarter Ended March 31, 2025

The Trust’s net asset value decreased from $51,519,566,547 at December 31, 2024 to $47,775,497,392 at March 31, 2025, a 7.27% decrease.

The decrease in the Trust’s net asset value resulted primarily from a decrease in the price of bitcoin, which fell 11.15% from $93,365.36 at December 31, 2024 to $82,956.00 at March 31, 2025.

The decrease in the Trust’s net asset value was partially offset by an increase in the number of outstanding Shares, which rose from 970,440,000 Shares at December 31, 2024 to 1,013,480,000 Shares at March 31, 2025, a consequence of 100,440,000 Shares (2,511 Baskets) being created and 57,400,000 Shares (1,435 Baskets) being redeemed during the quarter.

The 11.21% decrease in the NAV for purposes of the Trust’s periodic financial statements (“Financial Statement NAV”) from $53.09 at December 31, 2024 to $47.14 at March 31, 2025 is directly related to the 11.15% 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 $32,865,469 for the quarter, or 0.06% of the Trust’s average weighted assets of $53,603,983,873 during the quarter.

The NAV of $60.61 on January 21, 2025 was the highest during the quarter, compared with a low during the quarter of $44.62 on March 10, 2025.

Net decrease in net assets resulting from operations for the quarter ended March 31, 2025 was $6,457,874,778, resulting from an unrealized loss on investment in bitcoin of $7,057,849,155 and, a net investment loss of $32,865,469, partially offset by a net realized gain of $8,440,558 from bitcoin sold to pay expenses and a net realized gain of $624,399,288 from bitcoin sold for the redemption of Shares.

Other than the net Sponsor’s fee of $32,865,469, the Trust had no expenses during the quarter.

Quantitative and Qualitative Disclosures About Market Risk.

Not applicable.

At June 30, 2025, the value of the bitcoin held by the Trust is categorized as Level 1.

Subsequent Events

On July 29, 2025, the SEC issued 19b - 4 orders permitting in-kind creations and redemptions by authorized participants for the Trust.

On July 31, 2025, the amendment to the Trust's S- 1 registration statement was declared effective.

As a result of these regulatory actions, the Trust is authorized to create and redeem shares with authorized participants on an in-kind basis.

Other than the items noted above, there were no subsequent events requiring adjustment to, or additional disclosure in, the financial statements.

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.

What changed 10-Q

Item 1. Financial Statements