Business Description

Summary The iShares Bitcoin Trust ETF (the “Trust”) was formed as a Delaware statutory trust on June 8, 2023. The Trust is governed by the provisions of the Third Amended and Restated Trust Agreement (the “Trust Agreement”) executed by iShares Delaware Trust Sponsor LLC, as sponsor (the “Sponsor”), BlackRock Fund Advisors, as trustee (the “Trustee”), and Wilmington Trust, National Association, as Delaware trustee (the “Delaware Trustee”), dated as of June 27, 2025. The purpose of the Trust is to own bitcoin purchased by the Trust in exchange for the shares issued by the Trust (the “Shares”). Each Share represents a fractional undivided beneficial interest in the net assets of the Trust. The owners of the beneficial interests in the Shares are the “Shareholders.” The assets of the Trust consist primarily of bitcoin held by a custodian on behalf of the Trust. The Sponsor and the Trustee are consolidated subsidiaries of BlackRock, Inc. (“BlackRock”). Coinbase Custody Trust Company, LLC serves as the custodian for the Trust’s bitcoin holdings (the “Bitcoin Custodian”); Anchorage Digital Bank N.A. serves as an additional available custodian for the Trust’s bitcoin holdings (the “Additional Bitcoin Custodian”); Coinbase, Inc. (“Coinbase Inc.” or the “Prime Execution Agent”), an affiliate of the Bitcoin Custodian, serves as the Trust’s prime execution agent; and The Bank of New York Mellon serves as the custodian for the Trust’s cash holdings (the "Cash Custodian”) and as the administrator of the Trust (the “Trust Administrator”). The Bitcoin Custodian, the Additional Bitcoin Custodian, and the Cash Custodian are collectively referred to as the “Custodians.” The Trust’s net asset value increased from $51,519,566,547 at December 31, 2024 to $67,401,155,244 at December 31, 2025, the Trust’s fiscal year end. Outstanding Shares of the Trust increased from 970,440,000 Shares at December 31, 2024 to 1,358,680,000 Shares outstanding at December 31, 2025. The activities of the Trust are limited to (1) issuing blocks of 40,000 Shares (a “Basket”) in exchange for the cash deposited with the Cash Custodian as consideration, (2) selling or delivering bitcoin, as necessary to cover the remuneration due to the Sponsor (the “Sponsor’s Fee”), Trust expenses not assumed by the Sponsor and other liabilities and (3) buying and selling bitcoin through the designated third parties who are not registered broker-dealers and transact in bitcoin pursuant to written agreements with the Trust (each, a “Bitcoin Trading Counterparty” and each written agreement, a “Bitcoin Trading Counterparty Agreement”) or the Prime Execution Agent, as applicable, in exchange for Baskets in connection with creation and redemption. The Trust is not actively managed. It does not engage in any activities designed to obtain a profit from, or to ameliorate losses caused by, changes in the price of bitcoin. The Sponsor of the Trust maintains a website at www.ishares.com, through which the Trust’s annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended (“Exchange Act”), are made available free of charge after they have been filed or furnished to the Securities and Exchange Commission (the “SEC”). The information on the Trust’s website is not, and shall not be deemed to be, part of this report or incorporated into any other filings we make with the SEC. Additional information regarding the Trust may also be found on the SEC’s EDGAR database at www.sec.gov. Trust Objective The Trust seeks to reflect generally the performance of the price of bitcoin. The Trust seeks to reflect such performance before payment of the Trust’s expenses and liabilities. The Shares are intended to constitute a simple means of making an investment similar to an investment in bitcoin rather than by acquiring, holding and trading bitcoin directly on a peer-to-peer or other basis or via a digital asset platform. The Shares have been designed to remove the obstacles represented by the complexities and operational burdens involved in a direct investment in bitcoin, while at the same time having an intrinsic value that reflects, at any given time, the investment exposure to the bitcoin owned by the Trust at such time, less the Trust’s expenses and liabilities.…