iShares Bitcoin Trust (IBIT) 10-K 1 Mar 24 2023 FY Annual report Financial data

Document And Entity Information

Document And Entity Information - USD ($) $ in Thousands	7 Months Ended
	Dec. 31, 2023	Feb. 29, 2024	Jun. 30, 2023
Document Information [Line Items]
Entity Central Index Key	0001980994
Entity Registrant Name	iShares Bitcoin Trust
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2023
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Document Transition Report	false
Entity File Number	001-41914
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	93-6461129
Entity Address, Address Line One	400 Howard Street
Entity Address, City or Town	San Francisco
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94105
City Area Code	415
Local Phone Number	670-2000
Title of 12(b) Security	Shares
Trading Symbol	IBIT
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	No
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 0
Entity Common Stock, Shares Outstanding		266,000,000
Auditor Firm ID	238
Auditor Name	PricewaterhouseCoopers LLP
Auditor Location	Philadelphia, Pennsylvania

Statement of Assets and Liabili

Statement of Assets and Liabilities	Dec. 31, 2023 USD ($) $ / shares shares
Assets
Cash	$ 100,000
Total Assets	100,000
Liabilities
Total Liabilities	0
Commitments and contingent liabilities (Note 6)
Net Assets	$ 100,000
Shares issued and outstanding(a) (in shares) | shares	4,000	[1]
Net asset value per Share (Note 2C) (in dollars per share) | $ / shares	$ 25
[1]No par value, unlimited amount authorized.

Statement of Changes in Net Ass

Statement of Changes in Net Assets	2 Months Ended
	Dec. 31, 2023 USD ($) shares
Net Assets at October 27, 2023	$ 0
Operations:
Net investment loss	0
Net realized gain	0
Net change in unrealized appreciation/depreciation	0
Net increase (decrease) in net assets resulting from operations	0
Capital Share Transactions:
Contributions for Shares issued	100,000
Distributions for Shares redeemed	0
Net increase in net assets from capital share transactions	100,000
Increase (decrease) in net assets	100,000
Net Assets, End of Period	$ 100,000
Shares issued and redeemed
Shares issued (in shares) | shares	4,000
Shares redeemed (in shares) | shares	0
Net increase in Shares issued and outstanding (in shares) | shares	4,000

Statement of Cash Flows

Statement of Cash Flows	2 Months Ended
	Dec. 31, 2023 USD ($)
Cash Provided by Operating Activities
Net increase (decrease) in net assets resulting from operations	$ 0
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by operating activities:
Proceeds from bitcoin sold to pay expenses	0
Change in operating assets and liabilities:
Sponsor’s fees payable	0
Net cash provided by operating activities	0
Cash Provided by Financing Activities
Proceeds from issuance of capital shares	100,000
Net cash provided by financing activities	100,000
Cash
Net increase (decrease) in cash	100,000
Cash, beginning of period	0
Cash, end of period	$ 100,000

Insider Trading Arrangements

Insider Trading Arrangements	7 Months Ended
	Dec. 31, 2023
Insider Trading Arr Line Items
Material Terms of Trading Arrangement [Text Block]	9B. Not
Rule 10b5-1 Arrangement Terminated [Flag]	false
Rule 10b5-1 Arrangement Adopted [Flag]	false
Non-Rule 10b5-1 Arrangement Terminated [Flag]	false
Non-Rule 10b5-1 Arrangement Adopted [Flag]	false

Note 1 - Organization

Note 1 - Organization	7 Months Ended
	Dec. 31, 2023
Notes to Financial Statements
Business Description and Basis of Presentation [Text Block]	1 The iShares Bitcoin Trust (the “Trust”) was organized on June 8, 2023 October 17, 2023. As of December 31, 2023, no not 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 for an investor to make an investment similar to an investment in bitcoin. The Trust qualifies as an investment company solely for accounting purposes and not 946, not not 1940,

Note 2 - Significant Accounting

Note 2 - Significant Accounting Policies	7 Months Ended
	Dec. 31, 2023
Notes to Financial Statements
Significant Accounting Policies [Text Block]	2 A. Basis of Accounting The following significant accounting policies are consistently followed by the Trust in the preparation of its financial statements in conformity with generally accepted accounting principles in the United States of America (“U.S. GAAP”). The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. B. Bitcoin Coinbase Custody Trust Company, LLC (the “Bitcoin Custodian”) is responsible for safekeeping the bitcoin owned by the Trust. The Bitcoin Custodian is appointed by the Trustee. Gain or loss on sales of bitcoin is calculated on a trade date basis using the average cost method. C. Calculation of Net Asset Value On each business day, as soon as practicable after 4:00 D. Cash and Cash Equivalents Cash includes non-interest bearing, non-restricted cash maintained with one not E. Federal Income Taxes The Trust is treated as a grantor trust for federal income tax purposes and, therefore, no December 31, 2023 no

Note 3 - Trust Expenses

Note 3 - Trust Expenses	7 Months Ended
	Dec. 31, 2023
Notes to Financial Statements
Trust Expenses [Text Block]	3 The Trust will pay to the Sponsor a Sponsor’s fee in accordance with the Trust Agreement. The Sponsor’s fee shall be included in the Trust Agreement prior to the commencement of trading of Shares on the Nasdaq Stock Market LLC (“NASDAQ”). In exchange for the Sponsor’s fee, the Sponsor has agreed to assume the marketing and the following administrative expenses of the Trust: the fees of the Trustee, the Delaware Trustee, the Trust Administrator, the Bitcoin Custodian, and the The Bank of New York Mellon (the “Cash Custodian”), NASDAQ listing fees, Securities and Exchange Commission (“SEC”) registration fees, printing and mailing costs, tax reporting fees, audit fees, license fees and expenses and up to $500,000 per annum in ordinary legal fees and expenses. The Sponsor may not not

Note 4 - Related Parties

Note 4 - Related Parties	7 Months Ended
	Dec. 31, 2023
Notes to Financial Statements
Related Party Transactions Disclosure [Text Block]	4 The Sponsor and the Trustee are considered to be related parties to the Trust. The Trustee’s fee is paid by the Sponsor and is not As of December 31, 2023,

Note 5 - Indemnification

Note 5 - Indemnification	7 Months Ended
	Dec. 31, 2023
Notes to Financial Statements
Indemnification [Text Block]	5 The Trust Agreement provides that the Sponsor shall indemnify the Trustee, its directors, employees, delegees and agents against, and hold each of them harmless from, any loss, liability, claim, cost, expense or judgment of any kind whatsoever (including the reasonable fees and expenses of counsel) that is incurred by any of them and that arises out of or is related to ( 1 2 3 not x not The Trust Agreement provides that the Trustee shall indemnify the Sponsor, its directors, employees, delegees and agents against, and hold each of them harmless from, any loss, liability, claim, cost, expense or judgment of any kind whatsoever (including the reasonable fees and expenses of counsel) ( 1 2 not The Trust Agreement provides that the Sponsor and its shareholders, directors, officers, employees, affiliates (as such term is defined under the Securities Act of 1933, 1 2 The Trust has agreed that the Cash Custodian will only be responsible for any loss or damage suffered by the Trust as a direct result of the Cash Custodian’s negligence, fraud or willful default in the performance of its duties. The Trust’s maximum exposure under these arrangements is unknown because it involves future potential claims against the Trust, which cannot be predicted with any certainty.

Note 6 - Commitments and Contin

Note 6 - Commitments and Contingent Liabilities	7 Months Ended
	Dec. 31, 2023
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	6 may may not

Note 7 - Subsequent Events

Note 7 - Subsequent Events	7 Months Ended
	Dec. 31, 2023
Notes to Financial Statements
Subsequent Events [Text Block]	7 On January 5, 2024, The Trust's registration statement on Form S- 1 January 10, 2024 January 11, 2024. twelve January 11, 2024, first Other than the items noted above there were no

Significant Accounting Policies

Significant Accounting Policies (Policies)	7 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	A. Basis of Accounting The following significant accounting policies are consistently followed by the Trust in the preparation of its financial statements in conformity with generally accepted accounting principles in the United States of America (“U.S. GAAP”). The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.
Investment, Policy [Policy Text Block]	B. Bitcoin Coinbase Custody Trust Company, LLC (the “Bitcoin Custodian”) is responsible for safekeeping the bitcoin owned by the Trust. The Bitcoin Custodian is appointed by the Trustee. Gain or loss on sales of bitcoin is calculated on a trade date basis using the average cost method.
Calculation of Net Asset Value [Policy Text Block]	C. Calculation of Net Asset Value On each business day, as soon as practicable after 4:00
Cash and Cash Equivalents, Policy [Policy Text Block]	D. Cash and Cash Equivalents Cash includes non-interest bearing, non-restricted cash maintained with one not
Income Tax, Policy [Policy Text Block]	E. Federal Income Taxes The Trust is treated as a grantor trust for federal income tax purposes and, therefore, no December 31, 2023 no

Note 1 - Organization (Details

Note 1 - Organization (Details Textual)	2 Months Ended	7 Months Ended
	Dec. 31, 2023 $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares
Stock Issued During Period, Shares, New Issues (in shares)	4,000
BlackRock Financial Management, Inc. [Member]
Stock Issued During Period, Shares, New Issues (in shares)		4,000
Stock Issued During Period, Value, New Issues | $		$ 100,000
Shares Issued, Price Per Share (in dollars per share) | $ / shares	$ 25	$ 25

Note 3 - Trust Expenses (Detail

Note 3 - Trust Expenses (Details Textual)	7 Months Ended
	Dec. 31, 2023 USD ($)
Maximum [Member]
Legal Fees Per Year	$ 500,000

Note 4 - Related Parties (Detai

Note 4 - Related Parties (Details Textual) - BlackRock Financial Management, Inc. [Member]	Dec. 31, 2023 shares
Shares, Issued (in shares)	4,000
Ownerhsip Percentage	100%

Note 5 - Indemnification (Detai

Note 5 - Indemnification (Details Textual)	Dec. 31, 2023 shares
Shares Prescribed Aggregation (in shares)	40,000

Note 7 - Subsequent Events (Det

Note 7 - Subsequent Events (Details Textual) - USD ($)		2 Months Ended	7 Months Ended	12 Months Ended
	Jan. 05, 2024	Dec. 31, 2023	Dec. 31, 2023	Jan. 11, 2025
Stock Issued During Period, Shares, New Issues (in shares)		4,000
Forecast [Member]
Sponsors Fee After Fee Waiver, Percentage				0.12%
Maximum Amount of Trust Assets for Sponsor's Fee After Fee Waiver				$ 5,000,000,000
BlackRock Financial Management, Inc. [Member]
Stock Issued During Period, Shares, New Issues (in shares)			4,000
Shares Issued, Price Per Share (in dollars per share)		$ 25	$ 25
Subsequent Event [Member]
Sponsors Fee Annualized Accrual Rate Based on Daily Net Asset Value	0.25%
Subsequent Event [Member] | BlackRock Financial Management, Inc. [Member]
Stock Issued During Period, Shares, New Issues (in shares)	400,000
Shares Issued, Price Per Share (in dollars per share)	$ 25
Proceeds from Issuance of Common Stock	$ 10,000,000