What changed in this filing

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Item 9A. Controls and Procedures

2025-08-11 compared with 2024-08-15 · 105 added, 89 removed, 434 unchanged (31% of the section changed)

155 unchanged sentences

Report of Independent Registered Public Accounting Firm (PCAOB ID:

Statements of Assets and Liabilities at June 30, 2024 and 2023

Schedules of Investments at June 30, 2024 and 2023

Statements of Operations for the fiscal period ended June 30, 2024, 2023 and 2022

Statements of Changes in Net Assets for the fiscal period ended June 30, 2024, 2023 and 2022

of Assets and Liabilities at June 30, 2025 and 2024

of Investments at June 30, 2025 and 2024

of Operations for the fiscal period ended June 30, 2025, 2024 and 2023

of Changes in Net Assets for the fiscal period ended June 30, 2025, 2024 and 2023

Highlights for the years ended June 30, 2025, 2024 and 2023

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OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Management of the Trust’s Sponsor and Shareholders of

GraniteShares

Platinum Trust

on the Financial Statements

have audited the accompanying statements of assets and liabilities of GraniteShares Platinum Trust (the “Trust”), including

the schedule of investments, as of June 30, 2024 and 2023, the related statements of operations, the statements of changes in net assets,

and the financial highlights for each of the years in the three-year period ended June 30, 2024, and the related notes (collectively

referred to as the “financial statements”).

In our opinion, the financial statements present fairly, in all material respects,

the financial position of the Trust as of June 30, 2024 and 2023, and the results of its operations, the changes in its net assets, and

the financial highlights for each of the years in the three-year period ended June 30, 2024, in conformity with U.S.

generally accepted

accounting principles.

financial statements are the responsibility of the management of the GraniteShares LLC (the Trust’s sponsor).

Our responsibility

is to express an opinion on the Trust’s financial statements based on our audits.

We are a public accounting firm registered with

the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to

the Trust in accordance with the U.S.

federal securities laws and the applicable rules and regulations of the Securities and Exchange

Commission and the PCAOB.

We have served as the auditor of one or more GraniteShares LLC investment companies since 2019.

conducted our audits in accordance with the standards of the PCAOB.

Those standards require that we plan and perform the audit to obtain

reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting.

As part of our audits,

we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion

on the effectiveness of the Trust’s internal control over financial reporting.

Accordingly, we express no such opinion.

audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error

or fraud, and performing procedures that respond to those risks.

Such procedures included examining, on a test basis, evidence regarding

the amounts and disclosures in the financial statements.

Our audits also included evaluating the accounting principles used and significant

estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that our audits

provide a reasonable basis for our opinion.

Management of the Trust’s Sponsor and Shareholders

To Management of the Trust’s Sponsor and Shareholders of

GraniteShares Platinum Trust

critical audit matter communicated below is a matter arising from the current period audit of the financial statements that was communicated

or required to be communicated to management of the Trust’s Sponsor and that:

Opinion on the Financial Statements

We have audited the accompanying statements of

assets and liabilities of GraniteShares Platinum Trust (the “Trust”), including the schedules of investments, as of June 30,

2025 and 2024, the related statements of operations, the statements of changes in net assets, and the financial highlights for each of

the years in the three-year period ended June 30, 2025, and the related notes (collectively referred to as the “financial statements”).

In our opinion, the financial statements present fairly, in all material respects, the financial position of the Trust as of June 30,

2025 and 2024, and the results of its operations, the changes in its net assets, and the financial highlights for each of the years in

the three-year period ended June 30, 2025, in conformity with U.S.

generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility

of the management of GraniteShares LLC (the Trust’s sponsor).

Our responsibility is to express an opinion on the Trust’s financial

statements based on our audits.

We are a public accounting firm registered with the Public Company Accounting Oversight Board (United

States) (“PCAOB”) and are required to be independent with respect to the Trust in accordance with the U.S.

federal securities

laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We have served as the auditor of

one or more GraniteShares LLC investment companies since 2019.

We conducted our audits in accordance with the

standards of the PCAOB.

Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial

statements are free of material misstatement, whether due to error or fraud.

The Trust is not required to have, nor were we engaged to

perform, an audit of its internal control over financial reporting.

As part of our audits, we are required to obtain an understanding

of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s

internal control over financial reporting.

Accordingly, we express no such opinion.

Our audits included performing procedures to assess

the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond

to those risks.

Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.

Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating

the overall presentation of the financial statements.

We believe that our audits provide a reasonable basis for our opinion.

Critical Audit Matter

audit matter communicated below is a matter arising from the current period audit of the financial statements that was communicated or

required to be communicated to management of the Trust’s Sponsor and that:

(1) relates to accounts or disclosures that are material

2 unchanged sentences

audit matter does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the

critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it

of the evidence pertaining to the existence of the platinum holdings

disclosed in the schedule of investments, as of June 30, 2024, the Trust’s market value of platinum holdings was $43,136,555 representing

100% of the Trust’s total assets.

All of the platinum holdings, which were 42,625 ounces of platinum as of June 30, 2024, were

held by a third-party custodian (the “Custodian”).

identified the evaluation of the evidence pertaining to the existence of the platinum holdings as a critical audit matter.

nature and volume of platinum holdings, subjective auditor judgement was required to evaluate the extent and nature of evidence obtained

to assess the quantity of platinum held by the Custodian as of June 30, 2024.

following are the primary procedures we performed to address the critical audit matter.

We obtained a schedule directly from the Custodian

of the Trust’s platinum holdings held by the Custodian as of June 30, 2024.

We compared the total ounces on such schedule to the

Trust’s record of platinum holdings.

We also obtained the results of the physical count and brand purity of the Trust’s platinum

holdings performed at the Custodian’s location by a third party directly from such third party and reconciled the results to the

Trust’s and Custodian’s record of holdings.

TAIT, WELLER & BAKER LLP

Philadelphia, Pennsylvania

critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

Evaluation of the evidence pertaining to the existence of the platinum

As disclosed in the schedule of investments, as

of June 30, 2025, the Trust’s market value of platinum holdings was $85,235,432 representing 100.03% of the Trust’s net assets

and 63,137.357 ounces of platinum holdings.

The investments in platinum was held by a third-party custodian (the “Custodian”).

We identified the evaluation of the evidence pertaining to the existence

of the platinum holdings as a critical audit matter.

Given the nature and volume of platinum holdings, subjective auditor judgement was

required to evaluate the extent and nature of evidence obtained to assess the quantity of platinum held by the Custodian.

The following are the primary procedures we performed

to address the critical audit matter.

We obtained a schedule directly from the Custodian of the Trust’s platinum holdings held by

the Custodian as of June 30, 2025.

We compared the total ounces on such schedule to the Trust’s record of platinum holdings.

also obtained the results of the physical count and brand purity of the Trust’s platinum holdings performed at the Custodian’s

location by a third party directly from such third party and reconciled the results to the Trust’s and Custodian’s record

WELLER & BAKER LLP

Philadelphia,

GRANITESHARES

2 unchanged sentences

June 30, 2025 and 2024

in 000’s of US$ except share and per share data

in platinum, at fair value (1)

payable to Sponsor

issued and outstanding (2)

asset value per Share

Amounts in 000’s of US$ except share and per share data

Investment in platinum, at fair value (1)

Platinum receivable for fund shares sold

Pa yable for platinum purchased

Fees payable to Sponsor

Total Liabilities

Shares issued and outstanding (2)

Net asset value per Share

of investment in platinum:

50 unchanged sentences

Net realized gain (loss) from platinum bullion distributed for redemptions

Net change in unrealized appreciation (depreciation) on investment in platinum bullion

Net change in unrealized gain (loss) on investment in platinum bullion

Net Assets – end of year

3 unchanged sentences

the years ended June 30, 2025, 2024 and 2023

Share Performance

a Share outstanding throughout each year)

Per Share Performance

(for a Share outstanding throughout each year)

June 30, 2025

1 unchanged sentence

June 30, 2023

asset value per Share at beginning of year

investment income (loss) (1)

realized and unrealized gain (loss) on investment in platinum

change in net assets from operations

asset value per Share at end of year

Market price per Share at end of year

return ratio, at net asset value

Total return ratio, at market value

assets ($000’s)

to average net assets

investment loss

Net asset value per Share at beginning of year

Net investment

income (loss) (1)

Net realized and unrealized gain (loss) on investment in platinum

Net change in net assets from operations

Net asset value per Share at end of year

Market value per Share at the end of the year

Total return ratio, at net asset value

Total return ratio, at market price

Net assets ($000’s)

Ratio to average net assets

Net investment loss

using the average shares outstanding method.

18 unchanged sentences

The Trust is not registered as an investment company under the Investment Company Act

of 1940 and is not required to register under such act.

of 1940, as amended and is not required to register under such act.

preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires

48 unchanged sentences

legal expenses.

fees payable to the Sponsor were $ 17,280 as of June 30, 2024 and $ 15,441 of June 30, 2023.

The Sponsor’s Fee was $ 187,695 for the

year ended June 30, 2024, or 0.50 % of the Trust’s assets on an annualized basis, $ 216,715 for the year ended June 30, 2023, or

0.50 % of the Trust’s assets on an annualized basis, and $ 209,660 for the year ended June 30, 2022, or 0.50 % of the Trust’s

fees payable to the Sponsor were $ 29,422 as of June 30, 2025 and $ 17,280 as of June 30, 2024.

The Sponsor’s Fee was $ 242,983 for

the year ended June 30, 2025, or 0.50 % of the Trust’s assets on an annualized basis, $ 187,695 for the year ended June 30, 2024,

or 0.50 % of the Trust’s assets on an annualized basis, and $ 216,715 for the year ended June 30, 2023, or 0.50 % of the Trust’s

assets on an annualized basis.

66 unchanged sentences

and 2022 tax years remain open for examination.

Recently Issued Accounting Pronouncement

Trust adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures

(“ASU 2023-07”).

The Trust operates in one segment.

The segment derives its revenues from Trust investments made in accordance

with the defined investment strategy of the Trust, as prescribed in the Trust’s prospectus.

The Chief Operating Decision Maker

(“CODM”) is the Sponsor.

The CODM monitors the operating results of the Trust.

The financial information the CODM leverages

to assess the segment’s performance and to make decisions for the Trust’s single segment, is consistent with that presented

within the Trust’s financial statements.

Investment in Platinum

57 unchanged sentences

and expenses incurred by the indemnified party in investigating or defending itself against any such loss, liability or expense or any

claim therefor.

claim therefore.

In addition, the Sponsor may, in its sole discretion, undertake any action that it may deem necessary or desirable in

7 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.

What changed 10-K

Item 9A. Controls and Procedures