IBIT

Jay Jacobs was appointed to the Board of Directors and as President and CEO of iShares Delaware Trust Sponsor LLC (IBIT's sponsor) on March 27, 2026, replacing Shannon Ghia, who resigned from both roles on the same date with no dispute cited.

IBIT's total NAV grew 30.83% in 2025, from $51.5B to $67.4B, driven entirely by net share creation — 623.6M shares issued against 235.4M redeemed, producing net inflows of roughly 388M shares. This AUM growth more than offset a 6.32% decline in bitcoin's spot price, which fell from $93,365 to $87,463 over the year. The trust's only cost is the 25 bps sponsor fee, which totaled $174.6M on $69.9B average weighted assets — a structurally simple, near-zero-expense-ratio model where fee revenue scales directly with AUM. Operationally, 2025 was a loss year: net decrease from operations was $8.97B, driven by an $11.44B unrealized loss on bitcoin holdings as prices declined from their late-2024 highs. Realized gains from redemptions ($2.11B cash, $491M in-kind) and expense-related bitcoin sales ($42M) partially offset the unrealized hit, but the dominant P&L driver was spot price direction. The NAV ranged from $43.60 on April 8 to $71.32 on October 6, reflecting significant intra-year bitcoin volatility. The contrast with 2024 is stark: that year produced $14.23B in net income from operations, anchored by a $14.16B unrealized gain as bitcoin surged 112.78% from the trust's first purchase price of $43,878. AUM scaled from essentially zero ($100K seed capital at end of 2023) to $51.5B by year-end 2024 on the back of 982M shares created in the fund's inaugural year. The 2025 results confirm that IBIT's financial performance is purely a function of bitcoin price trajectory and AUM scale — there are no operating levers, no margin to manage, and no revenue diversification.

MD&A summary generating — check back in a moment.

MD&A summary generating — check back in a moment.

MD&A summary generating — check back in a moment.

IBIT added Anchorage Digital Bank N.A. as a second bitcoin custodian on April 7, 2025, entering a custodial services agreement requiring Anchorage to hold all private keys in cold storage. The existing Coinbase custody arrangement remains unchanged, and the sponsor currently has no plans to transfer any bitcoin to Anchorage — the addition is purely a risk management measure given the trust's growing AUM.