- **Material Definitive Agreement:** On **April 7, 2025**, the Trust entered into a custodial services agreement with **Anchorage Digital Bank** to establish segregated custody accounts for its Bitcoin holdings while maintaining its existing arrangement with Coinbase.  **[0001437749-25-011313_ex_798852.htm:0]** **[0001437749-25-011313_bit20250404_8k.htm:0]**   
- **Enhanced Security Measures:** The agreement requires Anchorage to keep private keys in **cold storage**, reinforcing the Trust’s risk management strategy and offering flexibility in asset allocation.  **[0001437749-25-011313_bit20250404_8k.htm:0]**

iShares Bitcoin Trust ETF Expands Custody Arrangements

d5dad3bc7f8680b1fded4131742ec7ef439ea1f52f9a84017af50400a720f1e9

e22d457e402bda0d082833780aa1e29bc50fa255ffdc457f399376ea74491952

a32dac64112b60c9d2a5bac4e82ee9f06ca17b9d2dc4a4282c7185500ad1547f

The sharp drop in cash for Q3 2024 was primarily due to significant operating activities—most notably, **purchases of bitcoin amounting to $21,589,313,309**—and financing activities where proceeds from share issuance, though large (**$21,612,827,298**), were offset by payments on shares redeemed. These combined activities resulted in a net decrease of **$85,277** in cash for the period, leading to the low ending balance of **$14,723** in Q3 2024.  **[0001437749-24-033812_bit20240930c_10q.htm:3]** 

Why did Cash drop so sharply in Q3 2024?

The **Total Assets** were low in **FY 2023** because the **iShares Bitcoin Trust (IBIT)** was only seeded on **October 27, 2023** with a single initial cash contribution of **$100,000** from BlackRock Financial Management, Inc. During the rest of the fiscal year, the Trust did not engage in additional operations or changes in assets, resulting in no significant change in its total assets, which remained at **$100,000** as of December 31, 2023.  **[0001437749-24-006339_bit20231231_10k.htm:139]** **[0001437749-24-001043_bit20240109_s1a.htm:182]** **[0001437749-24-006339_bit20231231_10k.htm:138]** **[0001437749-24-006339_bit20231231_10k.htm:120]** 

Why are Total Assets so low in FY 2023?

The appearance of **Total Liabilities** in Q1 2024 is due to the accrual of the **Sponsor's fees payable**. The fees began accruing daily on **January 5, 2024**, at an annualized rate of **0.25% of the net asset value (NAV)** of the Trust. As a result, what was **$0** in liabilities at **December 31, 2023** increased to **$2,502,615** by **March 31, 2024**.  **[0001437749-24-015392_bit20240331c_10q.htm:2]** **[0001437749-24-015392_bit20240331c_10q.htm:3]** 

Why did Total Liabilities appear in Q1 2024?

The decline in NAV per Share in Q2 2024 was primarily driven by a **10.24% drop in the bitcoin price**, which directly impacted the Trust's NAV. Additionally, the effect was compounded by a **Sponsor's fee** (calculated at **0.05% of the Trust's average weighted assets**) and significant losses from the Trust's investments, including an **unrealized loss of $2,102,796,450** on bitcoin holdings and a **net investment loss of $9,894,244**. These factors together led to the overall decrease in NAV per Share from **$40.21** at the beginning of the quarter to **$36.07** at the end of the quarter.  **[0001437749-24-025406_bit20240630c_10q.htm:12]** 

What caused the decline in NAV per Share in Q2 2024?

2329f348ae5b8fec9aeb1bae3799cc9df5b5aec6f507009499f4ccb756260370

Investment in Bitcoin, at Fair Value (USD)

Cash (USD)

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02a5a2bcd9b7606386ecb96fb43cdc82408a111ff7612081b76ca73820c39792

| Name           | Is Executive | Is Board Member | Position                                      | External Roles                                                                 | Short Bio                                                                                                                                                                                                 | Start Date   |
|----------------|--------------|-----------------|-----------------------------------------------|---------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------|
| Shannon Ghia   | true         | true            | Director, President, and Chief Executive Officer | Global Co-Head of ETF Markets at BlackRock                                       | Shannon Ghia oversees the operations of the iShares Bitcoin Trust as its Principal Executive Officer. She has been with BlackRock since 2002 and has held various leadership roles in ETF markets.  **[0001437749-24-029619_ex_725171.htm:3]** **[0001437749-24-033812_bit20240930c_10q.htm:29]** **[0001437749-24-006339_bit20231231_10k.htm:129]** **[0001437749-23-033524_bit20231201_s1a.htm:127]**  | March 2022   |
| Bryan Bowers   | true         | false           | Chief Financial Officer                       | None                                                                            | Bryan Bowers oversees fund accounting operations and strategic product initiatives at IBIT. He has been with BlackRock since 2011 and has held various roles in financial reporting and fund administration.  **[0001437749-24-006339_bit20231231_10k.htm:129]** **[0001437749-24-001043_bit20240109_s1a.htm:140]**  | October 2021 |
| Philip Jensen  | false        | true            | Director                                      | Partner at Paul Capital Partners                                                | Philip Jensen serves as a Director and Chairman of the Sponsor's Audit Committee. He has been a Partner at Paul Capital Partners since 2001.  **[0001437749-24-023611_bit20240726_8k.htm:0]** **[0001437749-24-029619_bit20240918_8k.htm:0]** **[0001437749-23-017574_bit20230608_s1.htm:141]** **[0001437749-23-017574_bit20230608_s1.htm:110]** **[0001437749-24-006339_bit20231231_10k.htm:129]**                                                | June 2023    |
| Peter Landini  | false        | true            | Director                                      | Partner and Wealth Manager at RBP Investment Advisors, Inc.                     | Peter Landini is a Director and Audit Committee Member at IBIT. He has been a Partner and Wealth Manager at RBP Investment Advisors since 2003.  **[0001437749-25-002455_bit20250129_posam.htm:203]** **[0001437749-24-006339_bit20231231_10k.htm:130]** **[0001437749-23-017574_bit20230608_s1.htm:110]** **[0001437749-25-002455_bit20250129_posam.htm:145]**                                              | June 2023    |
| Kimun Lee      | false        | false           | Member of the Sponsor's Audit Committee       | Board Member at Firsthand Technology Value Fund, Inc., Firsthand Funds, FundX Investment Trust | Kimun Lee is a member of the Sponsor's Audit Committee and holds multiple board positions in investment funds.  **[0001437749-24-011116_bit20240314_posam.htm:141]** **[0001437749-24-001043_bit20240109_s1a.htm:141]** **[0001437749-24-000917_bit20240108_s1a.htm:141]**                                                                                   | N/A          |
| Lindsey Haswell| false        | true            | Director                                      | Chief Legal and Administrative Officer at MoonPay, Founding Team Member of Core Blockchain Network | Lindsey Haswell is a Director and Audit Committee Member at IBIT. She has extensive experience in legal and administrative roles in tech and blockchain companies.  **[0001437749-24-013419_bit20240426_8k.htm:1]** **[0001437749-25-002455_bit20250129_posam.htm:203]**                                   | April 2024   |

d933003b6a87f0310002e58e433237e9d2e342e4dea44d6522a6da8a83b6f38b

Adjustments for Non-Cash Items

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0ca2f0153e271a54833b51518645df9b3da23872c3203a41ef4790d792771d46

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Common Stock (Shares)

27539b3a1f8ce43a7cc354add5359c575b2814822516dfb97b6b5b2b146b27be

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466f61f8deaa0c854bc25011d50893af13bd22441f80542699d31c48f62d70d5

| Name           | Position                                      | Start Date           | Short Bio                                                                                                                                                                                                                     |
|----------------|----------------------------------------------|----------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Shannon Ghia   | Director, President, and Chief Executive Officer | March 2022 (Director), April 18, 2022 (Principal) | Shannon Ghia, **47**, has been with BlackRock and its affiliates since **2002**, including her tenure at Barclays Global Investors. She is also the **Global Co-Head of ETF Markets** since **January 1, 2022**.  **[0001437749-24-006339_bit20231231_10k.htm:129]** **[0001437749-23-017574_bit20230608_s1.htm:109]**        |
| Bryan Bowers   | Chief Financial Officer                      | October 4, 2021      | Bryan Bowers has been with BlackRock or its affiliates since **September 6, 2011**, managing the Product Oversight and Governance team within BlackRock’s GAAPS function. He holds a B.S. in Accounting from Stockton University.  **[0001437749-24-006339_bit20231231_10k.htm:129]** **[0001437749-23-017574_bit20230608_s1.htm:109]**  |
| Lindsey Haswell| Member of the Board of Directors and Member of the Audit Committee | April 23, 2024 (expected) | Lindsey Haswell is the **Chief Legal and Administrative Officer** of MoonPay since February 2023. She previously held similar roles at Blockchain.com and Lime, and was a founding member of Uber’s Legal team.  **[0001437749-24-013419_bit20240426_8k.htm:1]**              |
| Kimun Lee      | Director (resigning effective November 6, 2024) | N/A                  | Kimun Lee, **77**, is a California-registered investment adviser and has been conducting his consulting business since 1980. He has served on multiple boards and will resign as Director effective **November 6, 2024**.  **[0001437749-24-013419_bit20240426_8k.htm:1]** **[0001437749-24-011116_bit20240314_posam.htm:141]**  |

fcc15b62dd6817aab1df78858f12caa26cc6eed52d21eca4ed54a48095fc74e5

The **iShares Bitcoin Trust (IBIT)** is a Delaware statutory trust formed to provide investors with exposure to bitcoin without directly holding the cryptocurrency. The Trust's primary business activity is owning bitcoin purchased in exchange for shares issued by the Trust. It operates as a passive investment vehicle, focusing on issuing and redeeming shares, managing bitcoin transactions, and maintaining compliance with regulatory requirements.  **[0001437749-24-006339_bit20231231_10k.htm:4]** **[0001437749-23-035270_bit20231221_s1a.htm:104]** 

1. **Bitcoin Holdings** - Owns bitcoin purchased in exchange for shares, providing investors with exposure to bitcoin prices without direct ownership of the cryptocurrency.  **[0001437749-24-006339_bit20231231_10k.htm:4]** **[0001437749-23-035270_bit20231221_s1a.htm:104]** 
2. **Share Issuance and Redemption** - Issues and redeems shares in blocks of 40,000, known as "Baskets," in exchange for cash, facilitating investment in bitcoin.  **[0001437749-24-006339_bit20231231_10k.htm:4]** 
3. **Bitcoin Transactions** - Engages in transactions to convert cash into bitcoin and vice versa, using third-party Bitcoin Trading Counterparties or Coinbase, Inc. as the Prime Execution Agent.  **[0001437749-24-033812_bit20240930c_10q.htm:11]** **[0001437749-24-006339_bit20231231_10k.htm:4]** 
4. **Expense Management** - Sells or delivers bitcoin to cover the Sponsor's Fee, Trust expenses not assumed by the Sponsor, and other liabilities.  **[0001437749-24-006339_bit20231231_10k.htm:4]** **[0001437749-23-035270_bit20231221_s1a.htm:104]**

61c2c7b5966b7cb337a418c86f0b9ea544b77eb8bf317542be9513cda57698df

23794d91c53ae875c8e247d72561e35d9d06ee07c70c9e0dbcc977a6d161504a

iShares Bitcoin Trust ETF (IBIT)

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