The iShares Silver Trust reported a significant increase in its financial performance for the fiscal year ending December 31, 2024, with its net asset value (NAV) rising to $13.4 billion, up from $10.4 billion in the previous year, marking a 28.99% increase. This growth was primarily driven by a 21.48% increase in the price of silver, which rose from $23.79 to $28.90 per ounce. The number of outstanding shares also increased, from 477 million to approximately 509 million, as the Trust created 293.6 million shares while redeeming 261.6 million shares during the year.
In comparison to the previous fiscal year, the Trust's NAV per share increased from $21.78 to $26.33, reflecting a 20.89% rise. The increase in NAV was slightly less than the price of silver due to the Sponsor's fees, which totaled $63.3 million, equivalent to 0.50% of the Trust's average weighted assets. The highest NAV recorded during the year was $31.47 on October 23, 2024, while the lowest was $20.21 on February 14, 2024.
Operationally, the Trust's activities remain focused on issuing and redeeming shares in exchange for silver, with no active management of the silver holdings. The Trust's structure allows for the creation and redemption of shares only in large baskets of 50,000 shares, which are facilitated by authorized participants. The Trust does not have any employees or officers, and its operations are managed by the Sponsor, iShares Delaware Trust Sponsor LLC, a subsidiary of BlackRock, Inc.
The Trust's financial results indicate a net increase in net assets resulting from operations of approximately $2.17 billion for the year, driven by an unrealized gain on silver bullion of $1 billion and a net realized gain of $1.22 billion from silver distributed for share redemptions. The Trust's expenses were limited to the Sponsor's fees, as it does not incur other operational costs. Looking ahead, the Trust aims to continue reflecting the performance of silver prices while managing its expenses effectively, although it remains exposed to market volatility and fluctuations in silver prices.
About iShares Silver Trust
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