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iShares Bitcoin Trust ETF (BLK-0.85%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in net asset value to $23,330,686,624 from $19,449,621,956 at the end of the previous quarter. The increase is attributed to a rise in the number of outstanding shares and an increase in the price of bitcoin.
The Trust reported a net investment loss of $11,488,718 for the quarter, offset by an unrealized gain on investment in bitcoin of $119,089,128. The net increase in net assets resulting from operations was $106,951,533.
The Trust's net asset value per share increased to $36.23 from $36.07 at the end of the previous quarter, reflecting a 0.44% increase. The increase in value is directly related to a 0.49% increase in the price of bitcoin during the quarter.
During the nine months ended September 30, 2024, the Trust's net asset value grew from $100,000 to $23,330,686,624. This growth was primarily due to an increase in the number of outstanding shares and a 45.12% increase in the price of bitcoin.
The Trust's net asset value per share increased by 44.92% from $25.00 at the beginning of the year to $36.23 at the end of the third quarter. This increase is slightly less than the rise in bitcoin prices due to the Sponsor's fee.
The Trust engages in bitcoin transactions for converting cash into bitcoin and vice versa, using third-party Bitcoin Trading Counterparties or Coinbase, Inc. (COIN-2.31%) as its Prime Execution Agent.
The Trust's financial statements are prepared in accordance with U.S. GAAP, and the Trust follows specific accounting policies for the valuation of bitcoin and calculation of net asset value.
The Trust's assets consist primarily of bitcoin, creating a concentration risk associated with fluctuations in the price of bitcoin. The Trust acknowledges potential risks, including cybersecurity incidents and regulatory changes, that could impact its operations.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the iShares Bitcoin Trust ETF quarterly 10-Q report dated November 7, 2024. To report an error, please email earnings@qz.com.