Welcome to our dedicated page for iShares Bitcoin Trust ETF SEC filings (Ticker: IBIT), a comprehensive resource for investors and traders seeking official regulatory documents including 10-K annual reports, 10-Q quarterly earnings, 8-K material events, and insider trading forms.
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iShares Bitcoin Trust ETF (ticker IBIT) has filed Pre-Effective Amendment No. 2 to its Post-Effective Amendment No. 2, converting the prior Form S-1 registration to a shelf Form S-3 and updating disclosure through 27 June 2025. The Delaware statutory trust—sponsored by iShares Delaware Trust Sponsor LLC, an indirect subsidiary of BlackRock—issues shares that track the price performance of bitcoin before expenses.
Scale and capital structure. • The Trust’s net asset value (NAV) was $74.20 billion with a per-share NAV of $60.70. • Shares are listed on NASDAQ under the symbol IBIT and trade independently of NAV. • Creation/redemption occurs only in baskets of 40,000 shares, valued at either bitcoin or cash; as of 25 June 2025 one basket equated to 22.72 BTC (≈ $2.45 million).
Expense profile. The Trust’s single recurring cost is the Sponsor’s Fee of 0.25% (accrued daily, paid quarterly), one of the lowest expense ratios among crypto-linked exchange-traded products. The Sponsor also absorbs a broad range of routine operating expenses—including trustee, administration, audit, listing and registration fees—up to $500 k in annual legal costs, and all organisational costs.
Service framework. • BlackRock Fund Advisors acts as Trustee. • Coinbase Custody Trust Co. is the primary bitcoin custodian; Anchorage Digital Bank N.A. is named as an alternative. • The Bank of New York Mellon serves as cash custodian and administrator. • Prime Execution Agent services are provided by Coinbase Inc.; Cumberland DRW, Flow Traders, JSCT and Virtu are approved bitcoin trading counterparties. • Twelve Authorised Participants can create/redeem in cash; four can transact in-kind.
Key updates. 1) Potential adoption of an in-kind creation/redemption process alongside existing cash flows. 2) Inclusion of audited financial data through the 5 March 2025 annual report. 3) Expanded risk disclosures addressing market volatility, regulatory uncertainty and executive-order developments around a prospective U.S. strategic bitcoin reserve.
Risk highlights. The prospectus devotes extensive space to bitcoin price volatility (one-year trailing volatility ≈ 65%), custody security, fork/air-drop treatment (the Trust permanently abandons ancillary coins), regulatory classification risks under SEC, CFTC, FinCEN and state regimes, and potential divergence between share price and NAV if arbitrage mechanisms are impaired.
Dissolution triggers include delisting, regulatory orders, loss of critical service providers, or failure to qualify as a grantor trust. Upon dissolution, remaining bitcoin would be liquidated and net proceeds distributed via DTC.
Overall, the filing positions IBIT as a large-scale, low-fee vehicle for institutional-grade access to spot bitcoin exposure, while emphasizing the material risks inherent in digital-asset markets.
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