iShares Bitcoin Trust ETF

iShares Bitcoin Trust ETF is a U.S.-domiciled exchange-traded trust that holds bitcoin and issues shares representing fractional beneficial interests in the trust’s net assets. Its shares trade on Nasdaq under the ticker IBIT, giving investors a listed vehicle to gain bitcoin exposure through a traditional brokerage account rather than directly holding digital assets.

— iShares Bitcoin Trust ETF
%
Exchange-traded bitcoin exposure100% Shares designed to track the price of bitcoin through a listed trust structure.
Creation and redemption mechanism0% Basket-based issuance and redemption handled by authorized participants.
Custody and administration0% Operational services supporting bitcoin custody, cash custody, and trust administration.

The trust is purchased by investors who want bitcoin exposure through a brokerage account without directly managing...

  • Retail brokerage investorsprimary

    Buy shares for bitcoin exposure without directly holding crypto assets or managing wallets.

  • Wealth and advisory platformsprimary

    Use the ETF wrapper to add bitcoin exposure within managed portfolios and client accounts.

  • Institutional investorssecondary

    Purchase listed shares for operational simplicity, custody convenience, and portfolio implementation.

  • Authorized participants and market makerssecondary

    Create and redeem baskets and provide liquidity in the secondary market.

The trust is organized in the United States as a Delaware statutory trust and its shares trade on Nasdaq in the U.S...

  • •U.S.-domiciled Delaware statutory trust
  • •Shares listed and traded on Nasdaq (IBIT)
  • •Bitcoin exposure is global, not tied to one operating country
  • •Custody and administration are centered in U.S. service providers
  • •Market access depends on U.S. exchange and AP infrastructure

The trust’s core strategy is passive: it seeks to reflect the price performance of bitcoin before expenses and...

01
Maintain close tracking to bitcoinshort-term

The product value proposition depends on shares reflecting bitcoin price movements.

02
Preserve secondary-market liquidityshort-term

Liquid trading helps keep shares near NAV and supports investor adoption.

03
Compete in the exchange-traded bitcoin product marketmedium-term

Investor adoption and asset gathering depend on standing out versus other bitcoin ETFs.

The trust is exposed to bitcoin price volatility, which directly drives the value of its shares and can produce large...

critical

Bitcoin price volatility

The trust holds only bitcoin and cash, so share value moves with bitcoin prices.

Scope
Net asset value and market price
Materiality
high
high

Competition from other exchange-traded bitcoin products

Competing products may attract assets faster or charge lower fees, reducing scale and liquidity.

Scope
Asset growth and secondary-market trading
Materiality
high
high

Custody and operational dependence

The trust relies on custodians, a prime execution agent, and authorized participants to function.

Scope
Settlement, safekeeping, and creation/redemption process
Materiality
high
high

Regulatory and market-structure risk

Bitcoin markets and exchange-traded crypto products remain subject to evolving regulation and market practices.

Scope
Product viability and trading conditions
Materiality
high
medium

Valuation and benchmark risk

NAV depends on bitcoin pricing sources and benchmark methodology, which can affect reported value.

Scope
NAV calculation and investor returns
Materiality
medium
Fair value of bitcoin
Largest driver of reported net assets and changes in value
Valuation source selection
Can change reported asset values and comparability
Accrued sponsor fee and expenses
Affects per-share NAV and period-end balances
Creation and redemption accounting
Impacts balance sheet composition and per-share metrics

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: 29.4.2026