Adjustments for Non-Cash Items

Stock-Based Compensation

Changes in Working Capital

Capital Expenditures (CapEx)

Proceeds from / Repayments of Debt

Share Repurchases

Dividend Payments

Net Change in Cash (USD)

0ca2f0153e271a54833b51518645df9b3da23872c3203a41ef4790d792771d46

Cash and Cash Equivalents (USD)

Common Stock (Shares)

27539b3a1f8ce43a7cc354add5359c575b2814822516dfb97b6b5b2b146b27be

Investment in Bitcoin, at Fair Value (USD)

Cash (USD)

Total Assets (USD)

Sponsor’s Fees Payable (USD)

Total Liabilities (USD)

Net Assets (USD)

Shares Issued and Outstanding

Net Asset Value per Share (USD)

02a5a2bcd9b7606386ecb96fb43cdc82408a111ff7612081b76ca73820c39792

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

iShares Bitcoin Trust ETF (IBIT)

Financials