**iShares Bitcoin Trust ETF Reports Financial Performance for Fiscal Year 2025**
The iShares Bitcoin Trust ETF (IBIT), a Delaware statutory trust, reported its financial performance for the fiscal year ending December 31, 2025. The Trust's net asset value (NAV) increased from $51.52 billion at the end of 2024 to $67.40 billion at the end of 2025, representing a 30.83% increase. This growth was primarily driven by an increase in the number of outstanding shares, which rose from 970.44 million to 1.36 billion during the year, reflecting 623.64 million shares created and 235.40 million shares redeemed. The increase in NAV was partially offset by a 6.32% decrease in the price of bitcoin, from $93,365.36 to $87,463.03.
The Trust's net decrease in net assets resulting from operations for the year was $8.97 billion. This figure includes an unrealized loss on investment in bitcoin of $11.44 billion and a net investment loss of $174.56 million, which were partially offset by net realized gains of $41.99 million from bitcoin sold to cover expenses, $2.11 billion from bitcoin sold for share redemptions, and $490.80 million from bitcoin paid for in-kind redemptions of shares. The Trust's only recurring expense was the Sponsor's Fee, which amounted to $174.56 million, or 0.25% of the Trust's average weighted assets.
Key operational developments included the Trust's reliance on Coinbase Custody Trust Company, LLC as the Bitcoin Custodian and Coinbase, Inc. as the Prime Execution Agent. The Trust also utilizes a Trade Financing Agreement with Coinbase Credit, Inc. to facilitate creations and redemptions. The Trust's activities are limited to issuing baskets of 40,000 shares in exchange for cash, selling bitcoin to cover expenses, and buying and selling bitcoin through designated third parties or the Prime Execution Agent in connection with creation and redemption activities. The Trust is not actively managed and does not engage in activities designed to profit from changes in the price of bitcoin.
Looking ahead, the Trust faces several risk factors, including the volatility of bitcoin prices, regulatory uncertainty in the digital asset market, and potential security threats to the Trust's bitcoin holdings. The Trust's performance is also subject to competition from other bitcoin-related investment products and the potential for conflicts of interest involving the Sponsor and its affiliates. The Trust's financial statements are prepared using a valuation methodology that may not be consistent with U.S. Generally Accepted Accounting Principles (GAAP), which could result in discrepancies between the Trust's daily NAV and the NAV reported in its periodic financial statements. The Sponsor will continue to monitor market conditions and regulatory developments to manage the Trust's operations and mitigate potential risks.
About iShares Bitcoin Trust ETF
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