iShares Silver Trust Reports 28.28% NAV Increase to $17.19 Billion for Six Months Ending June 30, 2025

The iShares Silver Trust reported significant financial performance for the six months ending June 30, 2025, with a net asset value (NAV) of $17.19 billion, reflecting a 28.28% increase from $13.40 billion at the end of 2024. This growth was primarily driven by a 24.46% rise in the price of silver, which increased from $28.91 to $35.98 per ounce during the same period. The Trust's shares outstanding also rose from 508.95 million to 525.85 million, as 171.45 million shares were created and 154.55 million shares were redeemed.

In the second quarter of 2025, the Trust's NAV increased from $15.25 billion to $17.19 billion, marking a 12.73% rise. The increase in NAV was attributed to a 5.64% increase in the price of silver and a net increase in shares outstanding. The NAV per share rose from $30.99 to $32.69, with a total return of 5.49% for the quarter. The Trust reported a net increase in net assets resulting from operations of $904.54 million for the quarter, which included a net realized gain of $416.52 million from silver bullion distributed for share redemptions.

Operationally, the Trust's expenses for the quarter totaled $19.19 million, primarily consisting of sponsor fees, which accounted for 0.12% of the average weighted assets. The Trust had no other significant expenses during the quarter. The increase in net assets was also supported by a net realized gain of $3.67 million from silver bullion sold to cover expenses and an unrealized gain of $507.22 million on investments in silver bullion.

The Trust's investment strategy remains focused on reflecting the performance of silver prices, and it continues to operate as a passive investment vehicle. The Trust does not engage in activities aimed at generating profits from price fluctuations. The outlook for the Trust remains contingent on market conditions affecting silver prices, with potential risks including economic downturns and changes in investor sentiment towards silver.

As of June 30, 2025, the Trust held approximately 478 million ounces of silver bullion, valued at $17.20 billion. The Trust's structure allows for continuous issuance and redemption of shares in exchange for silver, facilitating liquidity for investors. The Trust's management remains committed to maintaining transparency and effective governance, with no significant changes in its operational structure reported during the period.