iShares Gold Trust Micro Reports 123.65% Increase in Net Asset Value to $3.04 Billion

The iShares Gold Trust Micro reported significant financial growth in its latest 10-Q filing for the quarter ending June 30, 2025. The Trust's net asset value (NAV) surged to $3.04 billion, a 123.65% increase from $1.36 billion at the end of 2024. This growth was primarily driven by a substantial increase in the number of outstanding shares, which rose from 52.2 million to 92.75 million during the same period. The NAV per share also increased from $26.04 to $32.78, reflecting a 25.88% rise, closely aligned with a 25.91% increase in the price of gold, which reached $3,287.45 per ounce by the end of June.

In terms of operational performance, the Trust reported a net increase in net assets resulting from operations of $398.1 million for the six months ended June 30, 2025. This figure includes a net realized gain of $56.2 million from gold bullion distributed for the redemption of shares and an unrealized gain of $342.5 million. The Trust's expenses for the period were $743,758, primarily consisting of sponsor fees, which were waived to some extent, resulting in a lower effective fee of 0.07% of average net assets.

The Trust's strategic developments included the issuance of 48 million new shares and the redemption of 7.45 million shares during the six-month period. This activity reflects a growing interest in gold investments amid fluctuating market conditions. The Trust's operational metrics indicate a healthy engagement, with the number of shares outstanding increasing significantly, suggesting a robust demand for gold as an investment vehicle.

The filing also highlighted the Trust's liquidity position, noting that it does not foresee any trends or conditions that would materially affect its liquidity needs. The Trust's only source of liquidity is through the sale of gold, and it has maintained a stable operational structure with no significant changes in its internal controls or procedures. The Trust continues to be managed by The Bank of New York Mellon, with the sponsor, iShares Delaware Trust Sponsor LLC, overseeing its operations.

Looking ahead, the Trust's management remains optimistic about its performance, citing the potential for continued growth in net assets as gold prices fluctuate. However, they acknowledge the inherent risks associated with gold investments, including market volatility and economic conditions that could impact gold prices. The Trust's strategy remains focused on reflecting the performance of gold prices while managing expenses effectively to maximize returns for its shareholders.