NASDAQ$IBIT
iShares Bitcoin Trust · Q1 2025 earnings
Q1 2025 earnings · · Investor relations
Briefing
iShares Bitcoin Trust reported a Q1 2025 net decrease in net assets from operations of $6.46B, or $6.41 per share.
For the quarter ended March 31, 2025, the Trust's net asset value fell 7.27% as bitcoin prices declined about 11% while shares outstanding increased from creations. Net decrease in net assets from operations was $6.46 billion ($6.41 per share), reflecting unrealized losses on bitcoin holdings and the sponsor fee; the Trust had no operating revenue.
- NAV declined with bitcoin price; shares outstanding rose to 1.01B.
- Net decrease from operations $6.46B ($6.41 per share).
- Unrealized loss on bitcoin $7.06B partially offset by redemptions.
- Sponsor fee $32.9M; no product revenue at trust level.
Headline financials
Revenue & EPS history
iShares Bitcoin Trust · Revenue · Quarterly
$633M
Forward guidance
Commodity trust outlook tracks bullion prices, creations/redemptions, and sponsor fees rather than traditional EPS guidance.
Tailwinds
- Institutional demand for physical exposure can increase AUM.
- Low expense ratio versus active alternatives.
Headwinds
- Spot price volatility flows directly to NAV per share.
- Sponsor fee and transaction costs reduce long-term returns.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 7 quarterly earnings reports · overlaid with Q1 2025
+1.6%
Avg return
Earnings day
+5.2%
Avg return
5 days after
-2.6%
Avg return
30 days after
57%
4 / 7 earnings
Positive
+10.9%
Q2 2024
Best reaction
-1.8%
Q1 2024
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -1.7% | -0.9% | -26.1% | |
| Q3 2025 | +3.0% | +5.3% | -11.4% | |
| Q2 2025 | -1.0% | +1.4% | -4.4% | |
| Q1 2025 | +1.3% | +7.2% | +9.8% | |
| Q3 2024 | +0.7% | +17.6% | +33.2% | |
| Q2 2024 | +10.9% | +11.1% | -2.5% | |
| Q1 2024 | -1.8% | -5.1% | -17.0% |
Discussion
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