iShares Bitcoin Trust ETF (NASDAQ:IBIT) filed its Form 10-Q for the quarterly period ended September 30, 2026, with the SEC on November 6, 2026, disclosing net assets of $67,031,315,113 and 1,414,760,000 shares outstanding at quarter end.

Key Highlights

  • Net assets at September 30, 2026: $67,031,315,113, compared with $67,401,155,244 at December 31, 2025.
  • Net asset value per share: $47.38 at September 30, 2026, down from $49.61 at December 31, 2025.
  • Bitcoin holdings fair value: $67,044,294,946 at September 30, 2026, against a cost basis of $65,556,022,810.
  • Third-quarter operations gain: Net increase in net assets from operations of $18,519,927,257 for the three months ended September 30, 2026.
  • Nine-month operations loss: Net decrease in net assets from operations of $3,656,648,016 for the nine months ended September 30, 2026.
  • Shares outstanding as of October 31, 2026: 1,434,080,000, up from 1,358,680,000 at December 31, 2025.
  • Sponsor's fee for nine months: $106,051,287, with no fee waiver recorded in the period.

IBIT's Third-Quarter Recovery After a Difficult First Half of 2026

According to the filing, the iShares Bitcoin Trust ETF holds bitcoin as its sole investment asset, with its net asset value determined by the fair value of that bitcoin holding. The trust is organized as a Delaware statutory trust and sponsored by iShares Delaware Trust Sponsor LLC, headquartered at 400 Howard Street, San Francisco, California. As a large accelerated filer, the trust is subject to full SEC reporting requirements.

The filing reports that net assets declined sharply through the first two quarters of 2026, falling from $67,401,155,244 at December 31, 2025 to $43,386,012,125 at June 30, 2026, before recovering to $67,031,315,113 by September 30, 2026. The third quarter alone saw a net increase in net assets from operations of $18,519,927,257, driven primarily by net change in unrealized appreciation of $19,095,495,926, partially offset by a net realized loss of $541,629,421 and a sponsor's fee expense of $33,939,248. The nine-month net realized loss of $2,319,348,394 included $1,445,227,392 of realized gains and $3,764,575,786 of realized losses, according to the filing.

Capital share activity during the nine months ended September 30, 2026 resulted in a net increase of 56,080,000 shares, with 465,320,000 shares issued and 409,240,000 shares redeemed over the period, the filing states. Contributions for shares issued totaled $19,841,750,717 and distributions for shares redeemed totaled $16,554,942,832 across the nine-month period. The trust's only recurring expense is the sponsor's fee; the filing notes no fee waiver was applied during the nine months ended September 30, 2026, unlike the nine months ended September 30, 2025, when $178,082 was waived.

What Was Disclosed

The Form 10-Q for the quarter ended September 30, 2026 covers the financial position, results of operations, and capital share activity of iShares Bitcoin Trust ETF, an ETF that holds bitcoin as its sole investment, sponsored by iShares Delaware Trust Sponsor LLC.