iShares Bitcoin Trust ETF (NASDAQ: IBIT) is a digital asset investment trust that holds bitcoin as its sole asset, providing investors with exposure to bitcoin's price performance through a listed exchange-traded product. The Trust generates revenue for its sponsor, iShares Delaware Trust Sponsor LLC (a BlackRock affiliate), through a management fee assessed against trust assets. Share value tracks directly to the value of bitcoin held by the Trust, as measured by an index price designed to reflect the global bitcoin market. The Trust is organized as a Delaware statutory trust and files annual reports under the Securities Exchange Act of 1934. As disclosed in the 10-K filed 2026-02-27, the Trust's shares are registered under Section 12(b) and trade on a national securities exchange under the ticker IBIT. Investors bear exposure to bitcoin price volatility, digital asset custody risks, and blockchain network risks, all of which are disclosed as material risk factors in the filing.

Revenue model

The Sponsor earns a management fee charged against Trust assets. The Trust itself does not generate operating revenue. Share value fluctuates with the price of bitcoin held by the Trust.

Products and services

A single exchange-traded product: iShares Bitcoin Trust ETF (IBIT). The Trust holds bitcoin as its only asset. No other products or services are described in the filing excerpts.

Customers and end markets

Investors seeking bitcoin price exposure through a listed, regulated exchange-traded product. End market is the digital asset investment category. No customer concentration data is disclosed in the filing excerpts.

Value-chain role

Passive bitcoin holding vehicle. The Trust sits between bitcoin markets and public equity investors, providing regulated, exchange-listed access to bitcoin price performance without direct digital asset custody by the investor.

Geographic exposure

Organized as a Delaware statutory trust, sponsored by iShares Delaware Trust Sponsor LLC. No geographic revenue breakdown is disclosed in the filing excerpts.

Source: SEC 10-K, filed 2026-02-27

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