Wed, May 7, 9:15 PM (11 days ago)
### iShares Bitcoin Trust ETF (IBIT) Q1 2025 Financial Summary **Financial Health and Performance:** - **Net Asset Value (NAV):** Decreased by 7.27% from $51,519,566,547 to $47,775,497,392 due to an 11.15% drop in bitcoin price. - **Shares Outstanding:** Increased from 970,440,000 to 1,013,480,000, with 100,440,000 shares created and 57,400,000 shares redeemed. - **Profit Margins:** The NAV per share fell from $53.09 to $47.14, primarily due to the decline in bitcoin price. - **Cash Flow:** Net cash used in operating activities was $2,675,362,524, offset by $2,675,265,502 in financing activities, resulting in a net decrease in cash of $97,022. **Revenue and Earnings:** - **Net Investment Loss:** $32,865,469 for the quarter, partially offset by realized gains from bitcoin sales. - **Net Realized and Unrealized Gain (Loss):** A significant unrealized loss of $7,057,849,155 was recorded, leading to a net decrease in net assets from operations of $6,457,874,778. **Trends and Uncertainties:** - **Bitcoin Price Volatility:** Extreme volatility in bitcoin prices, with a peak NAV of $60.61 on January 21, 2025, and a low of $44.62 on March 10, 2025. - **Regulatory and Market Risks:** Potential regulatory changes, market manipulation, and operational risks from custodians and service providers. - **Operational Dependencies:** Reliance on Coinbase Custody and Coinbase Inc. for bitcoin custody and trading, with risks associated with their operational stability and regulatory compliance. **Future Operations Impact:** - **Custodial Services:** New custodial services agreement with Anchorage Digital Bank N.A. to enhance bitcoin custody. - **Market Conditions:** Continued volatility and regulatory scrutiny may impact bitcoin prices and the Trust's operations. - **Shareholder Considerations:** Shareholders face risks from market volatility, regulatory changes, and operational dependencies, which could affect the value of their investments. **Conclusion:** The iShares Bitcoin Trust ETF experienced a challenging quarter due to significant declines in bitcoin prices, regulatory uncertainties, and operational risks. The Trust's financial health was impacted by these factors, but it continues to operate with strategic adjustments to mitigate risks and enhance operational stability. Shareholders should be aware of the ongoing volatility and regulatory landscape affecting the digital asset market.