GraniteShares Platinum Trust (NYSE: PLTM) NAV +159.06% on platinum gains

Rhea-AI Filing Summary

GraniteShares Platinum Trust reported a sharp expansion in size and strong price performance tied to platinum bullion. Net assets rose from $85.2M on June 30, 2025 to $220.7M on March 31, 2026, driven by higher platinum prices and significant share creations.

Shares outstanding increased from 6,550,000 to 12,050,000 over nine months, while net asset value per share climbed from $13.01 to $18.32, a 40.81% total return at NAV. Over the same period, the platinum price advanced 41.33%, with the small performance gap explained by the annualized 0.50% Sponsor fee.

In the March 2026 quarter, platinum fell from $2,027.00 to $1,908.00, producing a 5.60% decline in total net asset value and a per-share loss of $1.17. The Trust held 115,751.508 ounces of platinum at quarter end and recorded no expenses other than Sponsor fees.

Insights

Commodities ETF analyst

Trust performance closely tracked platinum, with strong 9‑month gains but a softer quarter.

GraniteShares Platinum Trust (PLTM) functions as a grantor trust holding physical platinum, so results mainly mirror bullion prices and share flows. Net assets rose to $220.7M, with ounces held increasing to 115,751.508 as creations outpaced redemptions.

Over nine months, platinum gained 41.33%, and NAV per share rose 40.81%, a tight tracking relationship after Sponsor fees of $663,154 at a 0.50% annualized rate. The March quarter showed the downside: a 5.87% platinum price drop produced a $25.7M operating loss and a 6.00% NAV decline.

The filing confirms minimal operating complexity: no leverage, derivatives, or off‑balance sheet arrangements, and the Sponsor absorbs most expenses beyond its fee. Future results will continue to depend primarily on LBMA Platinum Price PM and investor demand for new Baskets.

Key Figures

Net assets: $220,738k Ounces of platinum held: 115,751.508 ounces NAV per share: $18.32 +5 more

8 metrics

Net assets $220,738k Net assets at March 31, 2026

Ounces of platinum held 115,751.508 ounces Physical platinum holdings at March 31, 2026

NAV per share $18.32 Net asset value per share at March 31, 2026

Nine‑month NAV total return 40.81% Total return at NAV for nine months ended March 31, 2026

Platinum price change 9M 41.33% Increase in platinum price from June 30, 2025 to March 31, 2026

Sponsor fee 9M $663k Sponsor fees for nine months ended March 31, 2026

Shares outstanding 12,050,000 shares Shares outstanding as of May 8, 2026

Quarterly NAV change -5.60% Decrease in net asset value in quarter ended March 31, 2026

Key Terms

grantor trust, LBMA Platinum Price PM, Authorized Participants, Basket, +2 more

6 terms

grantor trust financial

"The Trust is classified as a “grantor trust” for United States federal income tax purposes."

A grantor trust is a legal arrangement where the person who puts assets into the trust keeps enough control or rights that, for tax and legal purposes, those assets are treated as still belonging to that person. For investors, that matters because income, gains and losses generated by the trust typically flow through to the grantor (or directly to investors) for tax reporting and distributions, affecting after-tax returns and cash flow predictability — think of it like a mailbox that forwards all the mail back to the sender rather than holding it inside.

LBMA Platinum Price PM financial

"the fair value is based on the London Bullion Market Association (“LBMA”) Platinum Price PM."

Authorized Participants financial

"The Trust issues and redeems in one or more blocks of 50,000 Shares (a block of 50,000 Shares is called a “Basket”) only to Authorized Participants on an ongoing basis."

Authorized participants are a small group of large financial firms that have a formal arrangement with an exchange-traded fund (ETF) or similar product to create and redeem shares directly with the issuer. They act like wholesalers for the fund, supplying or removing shares to keep the market price in line with the value of the underlying assets; their activity affects an ETF’s liquidity, trading costs and how closely it tracks its target holdings.

Basket financial

"a block of 50,000 Shares is called a “Basket”"

A basket is a collection of securities or assets grouped and traded together as a single unit—like buying a mixed fruit basket instead of one apple. Investors use baskets to spread risk across many holdings, gain broad exposure to a sector, index or investment idea, or execute large trades more efficiently; the basket’s performance shows how that group behaves and affects portfolio diversification, costs and risk.

ASC 820 financial

"The Trust follows the provisions of ASC 820, Fair Value Measurements (“ASC 820”)."

ASC 820 is an accounting standard that tells companies how to measure and report the fair value of assets and liabilities when a clear market price doesn’t exist. It matters to investors because those reported fair values affect a company’s balance sheet and earnings, and the standard requires disclosure about how values were estimated—similar to knowing whether a used car’s listed price came from a recent sale or from an opinion, which helps assess reliability.

good delivery platinum bars financial

"99.96% and 99.88% of platinum is in the form of good delivery platinum bars as of March 31, 2026 and 2025, respectively."

10-Q Quarterly Reports: What Changes Quarter to Quarter →

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended March 31, 2026

Or

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Transition Period from ___________ to _____________

Commission File Number: 001-38349

GRANITESHARES PLATINUM TRUST

(Exact name of registrant as specified in its charter)

New York		82-6644954
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

c/o GraniteShares Inc

250 Broadway, 24^th Floor

New York, New York 10007

(Address of principal executive offices)

Registrant’s telephone number, including area code:

(646) 876-5096

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes ☐ No ☒

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☐	Accelerated filer	☐
Non accelerated filer	☐	Smaller reporting company	☒
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of May 08, 2026, the Registrant had 12,050,000 Shares outstanding.

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Shares		PLTM		NYSE Arca, Inc.

GRANITESHARES PLATINUM TRUST

FORM 10-Q

FOR THE QUARTER ENDED March 31, 2026

INDEX

PART I. FINANCIAL INFORMATION
Item 1.	Financial Statements	3
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	12
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	14
Item 4.	Controls and Procedures	14
PART II. OTHER INFORMATION
Item 1.	Legal Proceedings	15
Item 1A.	Risk Factors	15
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	15
Item 3.	Defaults Upon Senior Securities	15
Item 4.	Mine Safety Disclosures	15
Item 5.	Other Information	15
Item 6.	Exhibits	15
SIGNATURES		16

2

PART I - FINANCIAL INFORMATION:

Item 1. Financial Statements

Statements of Assets and Liabilities

At March 31, 2026 (unaudited) and June 30, 2025

Amounts in 000’s of US$, except share and per share data		March 31, 2026				June 30, 2025
		(unaudited)
Assets
Investment in platinum, at fair value (1)		$	220,854			$	85,235
Platinum receivable for fund shares sold			-				3,252
Total Assets		$	220,854			$	88,487
Liabilities
Payable for platinum purchased		$	-			$	3,252
Fees payable to Sponsor			116				29
Total Liabilities			116				3,281
Net Assets		$	220,738			$	85,206
Shares issued and outstanding (2)			12,050,000				6,550,000
Net asset value per Share		$	18.32			$	13.01

	(1)	Cost of investment in platinum: $182,134 and $65,762, respectively.
	(2)	No par value, unlimited amount authorized.

See Notes to the Financial Statements

3

Schedules of Investments

At March 31, 2026 (unaudited) and June 30, 2025

Amounts in 000’s of US$, except for ounces and percentages

March 31, 2026 (unaudited)		Ounces of platinum				Cost				Value				% of Net Assets
Platinum			115,751.508			$	182,134			$	220,854				100.05	%
Total investment						$	182,134			$	220,854				100.05	%
Liabilities in excess of other assets										$	(116	)			(0.05	)%
Net Assets										$	220,738				100.00	%

June 30, 2025		Ounces of platinum				Cost				Value				% of Net Assets
Platinum			63,137.357			$	65,762			$	85,235				100.03	%
Total investment						$	65,762			$	85,235				100.03	%
Liabilities in excess of other assets										$	(29	)			(0.03	)%
Net assets										$	85,206				100.00	%

See Notes to the Financial Statements

4

Statements of Operations (unaudited)

For the three and nine months ended March 31, 2026 and 2025

Amounts in 000’s of US$, except per share data		Three Months Ended March 31, 2026				Three Months Ended March 31, 2025				Nine Months Ended March 31, 2026				Nine Months Ended March 31, 2025
Expenses
Sponsor fees		$	351			$	62			$	663			$	169
Total expenses			351				62				663				169
Net investment loss			(351	)			(62	)			(663	)			(169	)
Net realized and unrealized gain (loss)
Net realized gain (loss) from:
Platinum bullion sold to pay expenses			95				(2	)			162				(9	)
Platinum bullion distributed for the redemption of Shares			9,943				(25	)			10,524				(179	)
Net realized gain (loss)			10,038				(27	)			10,686				(188	)
Net change in unrealized appreciation (depreciation)			(35,376	)			4,096				19,247				(226	)
Net realized and unrealized gain (loss)			(25,338	)			4,069				29,933				(414	)
Net increase (decrease) in net assets resulting from operations		$	(25,689	)		$	4,007			$	29,270			$	(583	)
Net increase (decrease) in net assets per share		$	(1.90	)		$	0.75			$	2.94			$	(0.12	)
Weighted average number of shares (in 000’s)			13,499				5,342				9,968				4,823

See Notes to the Financial Statements

5

Statements of Changes in Net Assets (unaudited)

For the three and nine months ended March 31, 2026 and 2025

Amounts in 000’s of US$		Three Months Ended March 31, 2026				Three Months Ended March 31, 2025				Nine Months Ended March 31, 2026				Nine Months Ended March 31, 2025
Net Assets – beginning of the period		$	233,824			$	45,905			$	85,206			$	43,119
Creations of 2,550,000, 200,000, 8,150,000, and 1,200,000 shares respectively			60,320				1,805				156,214				10,968
Redemptions of 2,500,000, 150,000, 2,650,000 and 350,000 shares respectively			(47,717	)			(1,425	)			(49,952	)			(3,212	)
Net investment loss			(351	)			(62	)			(663	)			(169	)
Net realized gain (loss) from platinum bullion sold to pay expenses			95				(2	)			162				(9	)
Net realized gain (loss) from platinum bullion distributed for redemptions			9,943				(25	)			10,524				(179	)
Net change in unrealized appreciation (depreciation) on investment in platinum bullion			(35,376	)			4,096				19,247				(226
Net Assets – end of period		$	220,738			$	50,292			$	220,738			$	50,292

See Notes to the Financial Statements

6

Financial Highlights (unaudited)

For the three and nine months ended March 31, 2026 and 2025

Per Share Performance (for a Share outstanding throughout each period)		Three Months Ended March 31, 2026				Three Months Ended March 31, 2025				Nine Months Ended March 31, 2026				Nine Months Ended March 31, 2025
Net asset value per Share at beginning of period		$	19.49			$	8.83			$	13.01			$	9.80
Net investment loss (1)			(0.03	)			(0.01	)			(0.07	)			(0.04	)
Net realized and unrealized gain (loss) on investment in platinum			(1.14	)			0.76				5.38				(0.18	)
Net change in net assets from operations			(1.17	)			0.75				5.31				(0.22	)
Net asset value per Share at end of period		$	18.32			$	9.58			$	18.32			$	9.58
Market Value per Share at end of period		$	18.91			$	9.68			$	18.91			$	9.68
Total return ratio, at net asset value(2)			(6.00	)%			8.49	%			40.81	%			(2.24	)%
Total return ratio, at market price			(4.16	)%			10.13	%			45.46	%			0.10	%
Net assets ($000’s)		$	220,738			$	50,292			$	220,738			$	50,292
Ratio to average net assets
Net investment loss (3)			(0.50	)%			(0.50	)%			(0.50	)%			(0.50	)%
Expenses (3)			0.50	%			0.50	%			0.50	%			0.50	%

(1)	Calculated using the average shares outstanding method.
(2)	Percentage not annualized.
(3)	Percentage annualized.

See Notes to the Financial Statements

7

Notes to the Financial Statements (Unaudited)

1. Organization

GraniteShares Platinum Trust (the “Trust”) is an investment trust formed on January 11, 2018 under New York law pursuant to a trust indenture. The Sponsor of the Trust, GraniteShares LLC (the “Sponsor”), is responsible for, among other things, overseeing the performance of The Bank of New York Mellon (the “Trustee”) and the Trust’s principal service providers, including the preparation of financial statements. The Trustee is responsible for the day-to-day administration of the Trust.

The objective of the Trust is for the value of the Shares to reflect, at any given time, the value of the assets owned by the Trust at that time less the Trust’s accrued expenses and liabilities as of that time. The Shares are intended to constitute a simple and cost-effective means of making an investment similar to an investment in platinum.

The fiscal year end for the Trust is June 30.

Undefined capitalized terms shall have the meaning as set forth in the Trust’s registration statement.

2. Basis of Accounting and Significant Accounting Policies

The Sponsor has determined that the Trust falls within the scope of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 946, Financial Services—Investment Companies, and has concluded that for reporting purposes, the Trust is classified as an Investment Company. The Trust is not registered as an investment company under the Investment Company Act of 1940 as amended and is not required to register under such act.

The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires those responsible for preparing financial statements to make estimates and assumptions that affect the reported amounts and disclosures. Actual results could differ from those estimates.

The following is a summary of significant accounting policies followed by the Trust.

2.1 Custody and Fair Valuation of Platinum

The Trust follows the provisions of ASC 820, Fair Value Measurements (“ASC 820”). ASC 820 provides guidance for determining fair value and requires increased disclosure regarding the inputs to valuation techniques used to measure fair value. ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

Platinum is held by ICBC Standard Bank Plc (the “Custodian”), on behalf of the Trust, at the Custodian’s London, United Kingdom vaulting premises. 99.96% and 99.88% of platinum is in the form of good delivery platinum bars as of March 31, 2026 and 2025, respectively. A current list of all platinum held by the Custodian is available on the sponsor’s website. The cost of platinum is determined according to the average cost method and the fair value is based on the London Bullion Market Association (“LBMA”) Platinum Price PM.

LBMA Platinum Price PM is the price per troy ounce of platinum, stated in U.S. dollars, determined by the LME, following an auction process starting after 2:00 p.m. (London time), on each day that the London platinum market is open for business, and announced by the LME shortly thereafter.

The per Share amount of platinum exchanged for a purchase or redemption is calculated daily by the Trustee, using the LBMA Platinum Price PM to calculate the platinum amount in respect of any liabilities for which covering platinum sales have not yet been made, and represents the per Share amount of platinum held by the Trust, after giving effect to its liabilities, to cover expenses and liabilities and any losses that may have occurred.

8

ASC 820 establishes a hierarchy that prioritizes inputs to valuation techniques used to measure fair value. The three levels of inputs are as follows:

Level 1: Unadjusted quoted prices in active markets for identical assets or liabilities that the Trust has the ability to access.

Level 2: Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments and similar data.

Level 3: Unobservable inputs for the asset or liability to the extent that relevant observable inputs are not available, representing the Trust’s own assumptions about the assumptions that a market participant would use in valuing the asset or liability, and that would be based on the best information available.

The following table summarizes the Trust’s investments at fair value:

 Schedule of Trust Investments Fair Value

(Amounts in 000’s of US$)
March 31, 2026		Level 1				Level 2				Level 3
Investment in Platinum		$	220,854			$	–			$	–
Total		$	220,854			$	–			$	–

The following table summarizes the Trust’s investments at fair value:

(Amounts in 000’s of US$)
June 30, 2025		Level 1				Level 2				Level 3
Investment in Platinum		$	85,235			$	–			$	–
Total		$	85,235			$	–			$	–

There were no transfers between Level 1 and other Levels for the period ended March 31, 2026 and year ended June 30, 2025.

2.2 Expenses, realized gains and losses

The Trust’s only ordinary recurring fee is expected to be the fee paid to the Sponsor, which will accrue daily at an annualized rate equal to 0.50% of the adjusted daily net asset value of the Trust, paid monthly in arrears.

The Sponsor has agreed to assume administrative and marketing expenses incurred by the Trust, including the Trustee’s monthly fee and out of pocket expenses, the Custodian’s fee and the reimbursement of the Custodian’s expenses, exchange listing fees, United States Securities and Exchange Commission (the “SEC”) registration fees, printing and mailing costs, audit fees and certain legal expenses.

As of the period ended March 31, 2026, the fees payable to the Sponsor were $115,682. As of the fiscal year ended June 30, 2025, the fees payable to the Sponsor were $29,422.

With respect to expenses not otherwise assumed by the Sponsor, the Trustee will, at the direction of the Sponsor or in its own discretion, sell the Trust’s platinum as necessary to pay these expenses. When selling platinum to pay expenses, the Trustee will endeavor to sell the smallest amounts of platinum needed to pay these expenses in order to minimize the Trust’s holdings of assets other than platinum. Other than the Sponsor’s Fee, the Trust had no expenses during the three and nine months ended March 31, 2026, and 2025.

Unless otherwise directed by the Sponsor, when selling platinum the Trustee will endeavor to sell at the price established by the LBMA PM Platinum Price. The Trustee will place orders with dealers (which may include the Custodian) through which the Trustee expects to receive the most favorable price and execution of orders. The Custodian may be the purchaser of such platinum only if the sale transaction is made at the next LBMA PM Platinum Price or such other publicly available price that the Sponsor deems fair, in each case as set following the sale order. A gain or loss is recognized based on the difference between the selling price and the cost of the platinum sold. Neither the Trustee nor the Sponsor is liable for depreciation or loss incurred by reason of any sale.

9

Realized gains and losses result from the transfer of platinum for Share redemptions and / or to pay expenses and are recognized on a trade date basis as the difference between the fair value and cost of platinum transferred. Gain or loss on sales of platinum bullion is calculated on a trade date basis using the average cost method.

2.3 Platinum Receivable and Payable

Platinum receivable or payable represents the quantity of platinum covered by contractually binding orders for the creation or redemption of Shares respectively, where the platinum has not yet been transferred to or from the Trust’s account. Generally, ownership of the platinum is transferred within two business days of the trade date.

2.4 Creations and Redemptions of Shares

The Trust issues and redeems in one or more blocks of 50,000 Shares (a block of 50,000 Shares is called a “Basket”) only to Authorized Participants on an ongoing basis. The creation and redemption of Baskets will only be made in exchange for the delivery to the Trust or the distribution by the Trust of the amount of platinum represented by the Baskets being created or redeemed, the amount of which will be based on the combined ounces represented by the number of shares included in the Baskets being created or redeemed determined on the day the order to create or redeem Baskets is properly received.

Orders to create and redeem Baskets may be placed only by Authorized Participants. An Authorized Participant must: (1) be a registered broker-dealer or other securities market participant, such as a bank or other financial institution, which, but for an exclusion from registration, would be required to register as a broker-dealer to engage in securities transactions, (2) be a participant in DTC, and (3) must have an agreement with the Custodian establishing an unallocated account in London or have an existing unallocated account meeting the standards described herein. To become an Authorized Participant, a person must enter into an Authorized Participant Agreement with the Sponsor and the Trustee. The Authorized Participant Agreement provides the procedures for the creation and redemption of Baskets and for the delivery of the platinum required for such creations and redemptions. The Authorized Participant Agreement and the related procedures attached thereto may be amended by the Trustee and the Sponsor, without the consent of any investor or Authorized Participant. A transaction fee of $500 will be assessed on all creation and redemption transactions. Multiple Baskets may be created on the same day, provided each Basket meets the requirements described below and that the Custodian is able to allocate platinum to the Trust Allocated Account such that the Trust Unallocated Account holds no more than 192 ounces of platinum at the close of a business day.

Authorized Participants who make deposits with the Trust in exchange for Baskets will receive no fees, commissions or other form of compensation or inducement of any kind from either the Sponsor or the Trust, and no such person has any obligation or responsibility to the Sponsor or the Trust to effect any sale or resale of shares.

2.5 Income Taxes

The Trust is classified as a “grantor trust” for United States federal income tax purposes. As a result, the Trust itself will not be subject to United States federal income tax. Instead, the Trust’s income and expenses will “flow through” to the Shareholders, and the Trustee will report the Trust’s proceeds, income, gains, losses and deductions to the Internal Revenue Service on that basis.

The Sponsor has evaluated whether or not there are uncertain tax positions that require financial statement recognition and has determined that no reserves for uncertain tax positions are required as of March 31, 2026 and June 30, 2025.

The Sponsor evaluates tax positions taken or expected to be taken in the course of preparing the Trust’s tax returns to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax positions not deemed to meet that threshold would be recorded as an expense in the current year. The Trust is required to analyze all open tax years. Open tax years are those years that are open for examination by the relevant income taxing authority. As of March 31, 2026, the 2025, 2024, 2023 and 2022 tax years remain open for examination.

10

2.6 Segment Reporting

The 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.

2.7 Recently Adopted Accounting Pronouncement

The Trust adopted the FASB Accounting Standards Update 2023-09, “Income Taxes (Topic 740) Improvements to Income Tax Disclosures” (“ASU 2023-09”), which establishes new income tax disclosure requirements and modifies or eliminates certain existing disclosure provisions.  The amendments in this ASU are intended to address investor requests for more transparency about income tax information and to improve the effectiveness of income tax disclosures.  The Trust’s adoption of ASU 2023-09 did not have a material impact on the Trust’s financial statements.

3. Investment in Platinum

Changes in ounces of platinum and their respective values for the period ended March 31, 2026.

 Schedule of Investment in Platinum

Amounts in 000’s of US$, except for ounces data		Ounces				Fair Value
Opening balance as of June 30, 2025			63,137.357			$	85,235
Platinum contributed			78,379.027				156,215
Platinum distributed			(25,764.876	)			(39,843	)
Change in unrealized appreciation (depreciation)			-				19,247
Ending balance as of March 31, 2026			115,751.508			$	220,854

Changes in ounces of platinum and their respective values for the fiscal year ended June 30, 2025.

Amounts in 000’s of US$, except for ounces data		Ounces				Fair Value
Opening balance as of June 30, 2024			42,625.054			$	43,136
Platinum contributed			30,391.246				32,318
Platinum distributed			(9,878.943	)			(9,925	)
Change in unrealized appreciation (depreciation)			–				19,706	)
Ending balance as of June 30, 2025			63,137.357			$	85,235

4. Related parties – Sponsor and Trustee

A fee is paid to the Sponsor as compensation for services performed under the Trust Agreement. In exchange for the Sponsor’s fee, the Sponsor has agreed to assume the following administrative and marketing expenses incurred by the Trust: the Trustee’s fee and out-of-pocket expenses, the custodian’s fee and reimbursement of the custodian expenses, NYSE Arca listing fees, SEC registration fees, printing and mailing costs, audit fees and expenses, and up to $500,000 per annum in legal fees and expenses. The Sponsor’s fee is payable at an annualized rate of 0.50% of the Trust’s Net Asset Value, accrued on a daily basis computed on the prior Business Day’s Net Asset Value and paid monthly in arrears.

The Sponsor, from time to time, may temporarily waive all or a portion of the Sponsor’s Fee at its discretion for a stated period of time. Presently, the Sponsor does not intend to waive any part of its fee.

Affiliates of the Trustee may from time to time act as Authorized Participants or purchase or sell platinum or Shares for their own account, as agent for their customers and for accounts over which they exercise investment discretion.

5. Concentration of risk

The Trust’s sole business activity is the investment in platinum. Several factors could affect the price of platinum, including: (i) global platinum supply and demand, which is influenced by factors such as production and cost levels in major platinum-producing countries, recycling, autocatalyst demand, industrial demand, jewelry demand and investment demand; (ii) investors’ expectations with respect to the rate of inflation; (iii) currency exchange rates; (iv) interest rates; (v) investment and trading activities of hedge funds and commodity funds; and (vi) global or regional political, economic or financial events and situations. In addition, there is no assurance that platinum will maintain its long-term value in terms of purchasing power in the future. In the event that the price of platinum declines, the Sponsor expects the value of an investment in the Shares to decline proportionately. Each of these events could have a material effect on the Trust’s financial position and results of operations.

6. Indemnification

Under the Trust’s organizational documents, each of the Trustee (and its directors, officers, employees, shareholders, agents and affiliates) and the Sponsor (and its members, managers, directors, officers, employees, agents and affiliates) is indemnified against any liability, loss or expense it incurs without (i) gross negligence, bad faith, willful misconduct or willful misfeasance on its part in connection with the performance of its obligations under the Trust Agreement or any such other agreement or any actions taken in accordance with the provisions of the Trust Agreement or any such other agreement and (ii) reckless disregard on its part of its obligations and duties under the Trust Agreement or any such other agreement. Such indemnity shall also include payment from the Trust of the reasonable costs and expenses incurred by the indemnified party in investigating or defending itself against any such loss, liability or expense or any claim therefore. In addition, the Sponsor may, in its sole discretion, undertake any action that it may deem necessary or desirable in respect of the Trust Agreement and in such event, the reasonable legal expenses and costs and other disbursements of any such actions shall be expenses and costs of the Trust and the Sponsor shall be entitled to reimbursement by the Trust. The Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred.

7. Subsequent events

Management has evaluated the events and transactions that have occurred through the date the financial statements were issued and noted no items requiring adjustment of the financial statements or additional disclosures.

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Item 2. 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 the 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. Except as required by applicable disclosure laws, neither the Sponsor, nor any other person assumes responsibility for the accuracy or completeness of any forward-looking statements. 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.

Introduction

The Trust is a common law trust, formed under the laws of the state of New York on January 11, 2018. The Trust is not managed like a corporation or an active investment vehicle. It does not have any officers, directors, or employees and is administered by the Trustee pursuant to the Trust Agreement. 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. It does not hold or trade in commodity futures contracts, nor is it a commodity pool, or subject to regulation as a commodity pool operator or a commodity trading adviser in connection with issuing Shares.

The Trust holds platinum and is expected to issue Baskets in exchange for deposits of platinum, and to distribute platinum in connection with redemptions of Baskets. Shares issued by the Trust represent units of undivided beneficial interest in and ownership of the Trust. The investment objective of the Trust is for the Shares to reflect the performance of the price of platinum, less the Trust’s expenses. The Sponsor believes that, for many investors, the Shares will represent a cost-effective investment relative to traditional means of investing in platinum.

The Trust issues and redeems Shares only with Authorized Participants in exchange for platinum and only in aggregations of 50,000 Shares or integral multiples thereof. A list of current Authorized Participants is available from the Sponsor or the Trustee.

Shares of the Trust trade on the New York Stock Exchange (the “NYSE”) Arca under the symbol “PLTM”.

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Valuation of Platinum; Computation of Net Asset Value

On each business day, as soon as practicable after 4:00 p.m. (New York time), the Trustee evaluates the platinum held by the Trust and determines the net asset value of the Trust and the NAV. The Trustee values the platinum held by the Trust using that day’s LBMA Platinum Price PM. If there is no announced LBMA Platinum PM on a business day, the Trustee is authorized to use that day’s LBMA Platinum Price AM. Having valued the platinum held by the Trust, the Trustee then subtracts all accrued fees, expenses and other liabilities of the Trust from the value of the platinum and other assets of the Trust. The result is the net asset value of the Trust. The Trustee computes the NAV by dividing the net asset value of the Trust by the number of Shares outstanding on the date the computation is made.

Liquidity and Capital Resources

The Trust is not aware of any trends, demands, commitments, events or uncertainties that are reasonably likely to result in material changes to its liquidity needs. In exchange for the Sponsor’s 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 Trustee will, at the direction of the Sponsor or in its own discretion, sell the Trust’s platinum as necessary to pay the Trust’s expenses not otherwise assumed by the Sponsor. The Trustee will not sell platinum to pay the Sponsor’s Fee but will pay the Sponsor’s Fee through in-kind transfers of platinum to the Sponsor. At March 31, 2026 the Trust did not have any cash balances.

Off-Balance Sheet Arrangements

The Trust has no off-balance sheet arrangements.

Critical Accounting Policies

The financial statements and accompanying notes are prepared in accordance with accounting principles generally accepted in the United States of America. 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. Below, the Trust describes the valuation of platinum bullion, a critical accounting policy that the Trust believes is important to understanding its results of operations and financial position. 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, 2026

The Trust’s net asset value decreased from $233,824,339 on December 31, 2025 to $220,738,196 on March 31, 2026, a 5.60% decrease. The Trust’s net asset value decreased due to the negative change in the price of platinum, which moved from $2,027.00 on December 31, 2025 to $1,908.00 on March 31, 2026, or -5.87%. The impact of the change in platinum price was reduced by a positive change in the number of shares outstanding from 12,000,000 to 12,050,000, or 0.42%. The 50,000 shares increase was the result of 51 creation orders and 50 redemption orders (50,000 shares per creation order).

The 6.00% decrease in the Trust’s net asset value per share, from $19.49 on December 31, 2025, to $18.32 on March 31, 2026, is directly related to the 5.87% decrease in the price of platinum.

The Trust’s net asset value per share decreased more than the price of platinum on a percentage basis due to the Sponsor’s fees, which were $351,389 for the quarter, or 0.123% of the Trust’s average weighted net assets of $284,883,201 during the quarter. The net asset value per share of $27.02 on January 26, 2026, was the highest during the quarter, compared with a low during the quarter of $17.75 on March 27, 2026.

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The net decrease in net assets resulting from operations for the quarter ended March 31, 2026, was $25,689,957, resulting from an unrealized loss on investment in platinum bullion of $35,376,043, decreased by a gain of $10,037,475 on metal sold to cover the redemption orders and the Sponsor’s fees and decreased by the Sponsor’s fees of $351,389. Other than the Sponsor’s fees the Trust had no expenses during the quarter.

Nine Months Ended March 31, 2026

The Trust’s net asset value increased from $85,206,010 on June 30, 2025 to $220,738,196 on March 31, 2026, a 159.06% increase. The Trust’s number of shares outstanding increased from 6,550,000 to 12,050,000 over this period, or +83.97%. The 5,500,000 shares increase was the net result of 163 creations orders and 53 redemption orders (50,000 shares per creation and redemption order). The positive impact in the number of shares outstanding was increased by the price of platinum, which increased 41.33% from $1,350.00 on June 30, 2025, to $1,908.00 on March 31, 2026.

The 40.81% increase in the Trust’s net asset value per share, from $13.01 on June 30, 2025, to $18.32 on March 31, 2026, is directly related to the 41.33% increase in the price of platinum.

The Trust’s net asset value per share increased less than the price of platinum on a percentage basis due to the Sponsor’s fees, which were $663,154 for the period, or 0.375% of the Trust’s average weighted net assets of $177,184,645 during the period. The net asset value per share of $27.02 on January 26, 2026 was the highest during the period, compared with a low during the period of $12.54 on August 01, 2025.

Net increase in net assets resulting from operations for the 9 months period ending March 31, 2026, was $29,269,172, resulting from an unrealized gain on investment in platinum bullion of $19,246,386, increased by a gain of $10,685,940 on metal sold to cover the redemption orders and the Sponsor’s fees, but reduced by the Sponsor’s fees of $663,154. Other than the Sponsor’s fees the Trust had no expenses during the quarter.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

Not applicable.

Item 4. Controls and Procedures

Disclosure Controls and Procedures

The duly authorized officers of the Sponsor, performing functions equivalent to those a principal executive officer and principal financial officer of the Trust would perform if the Trust had any officers, have evaluated the effectiveness of the Trust’s disclosure controls and procedures, and have concluded that the disclosure controls and procedures of the Trust were effective as of the end of the period covered by this report. Such disclosure controls and procedures are designed to provide reasonable assurance that information required to be disclosed in the reports that the Trust files or submits under the Securities Exchange Act of 1934, as amended, are recorded, processed, summarized and reported, within the time period specified in the applicable rules and forms, and that such information is accumulated and communicated to the duly authorized officers of the Sponsor performing functions equivalent to those a principal executive officer and principal financial officer of the Trust would perform if the Trust had any officers to allow timely decisions regarding required disclosure.

Internal Control over Financial Reporting

There has been no change in the internal control over financial reporting that occurred during the fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Trust’s internal control over financial reporting.

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PART II – OTHER INFORMATION

Item 1. Legal Proceedings

None.

Item 1A. Risk Factors

You should carefully consider the factors discussed from page 8 “Risk Factors” in our prospectus dated January 23, 2024, filed pursuant to Rule 424(b)(3) under the Securities Act of 1933, as amended, with the U.S. Securities and Exchange Commission, file number 333-276531, which could materially affect our business, financial condition or future results. The risks described in the prospectus are not the only risks facing the Trust. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition and/or operating results.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

a) None.

b) Not applicable.

c) For the three months ended March 31, 2026:

Period		Total Baskets Redeemed				Total Shares Redeemed				Average ounces of platinum per Share
January 2026			-				-				-
February 2026			-				-				-
March 2026			50				2,500,000				0.0096026
Total			50				2,500,000				0.0096026

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

None.

Item 6. Exhibits

(a) Exhibits

31.1		Chief Executive Officer’s Certificate, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2		Chief Accounting Officer’s Certificate, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1		Chief Executive Officer’s Certificate, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2		Chief Accounting Officer’s Certificate, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS		XBRL Instance Document
101.SCH		XBRL Taxonomy Extension Schema Document
101.CAL		XBRL Taxonomy Extension Calculation Document
101.DEF		XBRL Taxonomy Extension Definitions Document
101.LAB		XBRL Taxonomy Extension Labels Document
101.PRE		XBRL Taxonomy Extension Presentation Document

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned in the capacities thereunto duly authorized.

	GraniteShares LLC
	Sponsor of the GraniteShares Platinum Trust
	(Registrant)
Date: May 08, 2026	/s/ William Rhind
	William Rhind*
	CEO and CFO
Date: May 08, 2026	/s/ Benoit Autier
	Benoit Autier*
	Chief Accounting Officer

*The Registrant is a trust and the persons are signing in their capacities as officers of GraniteShares LLC, the Sponsor of the Registrant.

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FAQ

How did GraniteShares Platinum Trust (PLTM) perform for the nine months ended March 31, 2026?

GraniteShares Platinum Trust delivered a 40.81% total return at NAV over nine months, as NAV per share rose from $13.01 to $18.32. This primarily reflected a 41.33% increase in the underlying platinum price during the same period.

What were GraniteShares Platinum Trust’s (PLTM) net assets and holdings at March 31, 2026?

At March 31, 2026, the Trust reported net assets of $220.7 million and held 115,751.508 ounces of platinum at fair value of $220.854 million. There were 12,050,000 shares outstanding, each with a net asset value of $18.32.

How closely did PLTM track platinum prices during the reported period?

Over nine months, platinum rose 41.33%, while PLTM’s NAV per share increased 40.81%, showing tight tracking. The small difference mainly reflects the annualized 0.50% Sponsor fee, which is the Trust’s only recurring expense in the period.

What were the key drivers of PLTM’s size and share count changes?

Net assets grew from $85.2 million to $220.7 million, and shares outstanding increased from 6,550,000 to 12,050,000. This expansion came from net creations of 5,500,000 shares, tied to investor demand and additional platinum contributed to the Trust.

What expenses did GraniteShares Platinum Trust (PLTM) incur in the quarter ended March 31, 2026?

During the quarter, the Trust’s only expense was the Sponsor fee of $351,389, accruing at an annualized rate of 0.50% of adjusted daily NAV. Other administrative and marketing costs were assumed by the Sponsor under the Trust’s agreement.

How did PLTM perform in the quarter ended March 31, 2026 versus platinum prices?

In the quarter, platinum fell from $2,027.00 to $1,908.00, a 5.87% decline. PLTM’s NAV per share decreased from $19.49 to $18.32, a 6.00% drop, with the slightly larger decline reflecting the impact of Sponsor fees.