iShares Bitcoin Trust ETF

For fiscal year 2025, the iShares Bitcoin Trust ETF reported a net decrease in net assets resulting from operations of -$8.97 billion, driven by a net investment loss of -$174.6 million and a net realized and unrealized loss of -$8.79 billion. The net realized gain was $2.64 billion, primarily from bitcoin sold for share redemptions ($2.60 billion) and to pay expenses ($42.0 million), but was offset by a net change in unrealized depreciation of -$11.44 billion. The Trust's net asset value increased from $51.52 billion at December 31, 2024 to $67.40 billion at December 31, 2025, a 30.83% increase, primarily due to an increase in outstanding shares from 970.44 million to 1.36 billion, despite a 6.32% decrease in the price of bitcoin. Cash flow from operations was -$19.91 billion, primarily from bitcoin purchases of $31.81 billion, partially offset by proceeds from bitcoin sales of $12.07 billion. Financing activities provided $19.91 billion from share issuances of $31.81 billion, net of share redemptions of $11.91 billion.

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