Key Takeaways
- BlackRock earned $32 million from IBIT in Q1 2025 despite Bitcoin's price drop.
- IBIT reported $47.78 billion in net assets and 1.013 billion shares outstanding.
- BlackRock added Anchorage as a custodian to diversify counterparty risk.
BlackRock’s Shares Bitcoin Trust ETF (IBIT) generated $32 million in revenue during Q1 2025, according to a new SEC filing.
Despite an 11.15% decline in Bitcoin’s price, the fund saw net share issuances of 43 million and sustained institutional demand.
Net assets & share performance
The Trust’s net assets decreased to $47.78 billion from $51.52 billion in Q4 2024, directly mirroring Bitcoin’s price movement.
The number of outstanding shares rose to 1.013 billion, while NAV per share dropped from $53.09 to $47.14.
IBIT’s highest NAV during the quarter was $60.61 on January 21, with a low of $44.62 on March 10.
Operational costs
Operational costs remained modest.
Sponsor fees reached $33.04 million.
A reduced promotional fee of 0.12%—offered on the first $5 billion in AUM—expired in January and cost the Trust $178,082.
Custody arrangements & regulatory context
In response to operational risks, BlackRock expanded its custody arrangement in April 2025 by adding Anchorage Digital Bank alongside Coinbase Custody.
This came after the February dismissal of the SEC’s lawsuit against Coinbase, a key service provider for the Trust.
Gains & regulatory risks
The Trust realized $624 million in gains from Bitcoin sales used to fund redemptions, demonstrating liquidity efficiency.
However, the filing outlined various regulatory risks, including pending legislation for a U.S. strategic Bitcoin reserve and global market scrutiny.
Insurance considerations
Insurance policies from both Coinbase and Anchorage were acknowledged as potentially inadequate for extreme loss scenarios.
