iShares Bitcoin Trust ETF SEC Filings

iShares Bitcoin Trust ETF reported a sharp first-quarter decline as bitcoin prices fell. Net assets dropped from $67.4B at December 31, 2025 to $53.4B at March 31, 2026, a 20.80% decrease, driven mainly by a 22.10% fall in bitcoin from $87,463.03 to $68,129.64.

The trust held 783,744 bitcoin with a fair value of $53.4B and 1,382,480,000 shares outstanding at quarter-end, resulting in NAV per share of $38.62, down from $49.61. Total return at NAV was (22.15)% for the quarter.

Operations produced a net decrease in net assets of $15.1B, including unrealized losses on bitcoin of $14.9B and a net investment loss of $36.7M, partially offset by realized gains on in-kind redemptions. The sponsor’s fee was $36.7M, reflecting an annualized expense ratio of 0.25%. The trust also highlighted an SEC interpretive release stating that, based on current views, bitcoin is a "digital commodity" and not itself a security, while warning that future legal or regulatory changes could still materially affect bitcoin and the shares.

iShares Bitcoin Trust ETF reported leadership changes at its sponsor, iShares Delaware Trust Sponsor LLC. On March 27, 2026, Jay Jacobs was appointed to the Sponsor’s Board of Directors and became its President and Chief Executive Officer.

Jacobs is a Managing Director at BlackRock and has served as U.S. Head of Equity ETFs since April 7, 2025, after previously leading Thematics and Active Equity ETFs and holding senior roles at Global X ETFs and the New York Stock Exchange. Also effective March 27, 2026, Shannon Ghia resigned as a Director and as President and Chief Executive Officer of the Sponsor, with the resignation explicitly stated as not resulting from any dispute or disagreement regarding the Trust’s operations, policies, or practices.

iShares Bitcoin Trust ETF provides an annual overview of its structure, operations, and bitcoin exposure. The Trust’s net asset value rose from $51,519,566,547 at December 31, 2024 to $67,401,155,244 at December 31, 2025, while outstanding Shares increased from 970,440,000 to 1,358,680,000 over the same period.

The Trust is a Delaware statutory trust formed to hold bitcoin in exchange for exchange‑listed Shares, which trade on NASDAQ under the symbol IBIT. It is not registered as an investment company or commodity pool, so investors do not receive those regulatory protections and rely instead on the Trust’s specific governance framework.

Bitcoin is held primarily with Coinbase Custody Trust Company as Bitcoin Custodian, with Anchorage Digital Bank as an additional custodian, and The Bank of New York Mellon as Cash Custodian and administrator. Coinbase also acts as prime execution agent and short‑term trade credit provider, enabling basket creations and redemptions and fee‑related bitcoin sales.

The Trust seeks to mirror bitcoin’s price (before expenses) using the CF Benchmarks Index for daily NAV and publishes an intraday indicative value during NASDAQ hours. Ongoing costs are mainly a Sponsor’s Fee of 0.25% of NAV, with a temporary waiver having reduced this rate on the first $5.0 billion of assets through January 10, 2025.

iShares Bitcoin Trust ETF issued a supplement to its prospectus that adds new offering restrictions for the Abu Dhabi Global Market (ADGM). The prospectus may only be distributed in or from the ADGM to investors who qualify as Professional Clients under Rule 2.4.1 of the FSRA conduct of business rules, and it is explicitly not directed to any Retail Clients there. The Trust is not regulated or approved by the FSRA, which states it has not reviewed or verified the prospectus and accepts no responsibility for it. The supplement also notes that Shares may be illiquid or subject to resale restrictions for Professional Clients in the ADGM and emphasizes that prospective investors should perform their own due diligence.

iShares Bitcoin Trust ETF (IBIT) filed its Q3 2025 report, showing net assets of $87,935,375,468 and NAV per share $64.83 at September 30, 2025. The Trust held 770,011 bitcoin at fair value of $87,952,924,873 (cost $62,337,415,997). Shares outstanding were 1,356,440,000 at quarter‑end.

Q3 operations added $4,677,568,276 to net assets, driven by an unrealized gain of $4,271,556,131 and realized gains tied to redemptions and expenses, offset by a $53,295,322 Sponsor’s fee. For the nine months, net increase from operations was $12,687,808,702; NAV/Share rose from $53.09 to $64.83, aligning with bitcoin’s 22.34% price rise over the same period. Total return at NAV was 6.47% for Q3 and 22.11% year‑to‑date.

The SEC’s July 2025 approvals enabled in‑kind creations and redemptions by authorized participants; agreements in place include Jane Street Capital, Virtu Americas, JP Morgan Securities, and Marex Capital Markets. Risk factors emphasize bitcoin’s price volatility, potential premiums/discounts due to trading hour mismatches, operational reliance on key service providers, and broader digital asset market integrity.

Quarterly highlights (unaudited): As of June 30, 2025 the iShares Bitcoin Trust ETF (IBIT) reported net assets of $74,705,557,367, holding 696,875 BTC with a fair value of $74,720,071,026 (cost $53,376,118,281). Shares outstanding were 1,226,840,000 and NAV per share was $60.89.

For Q2 2025 the Trust recorded a net increase from operations of $14,468,115,204 driven by an unrealized gain of $14,244,730,958, producing a quarterly NAV total return of 29.17%. For the six months ended June 30, 2025 net assets rose 45.00% vs. Dec 31, 2024 and Financial Statement NAV rose 14.69% to $60.89, net Sponsor fee of ~0.12% for the six months.

Subsequent event: On July 29 and July 31, 2025 the SEC actions authorized in-kind creations/redemptions and the S-1 amendment became effective, permitting in-kind activity.