10-K: iShares Gold Trust Reports Strong 2025 Growth

iShares Gold Trust reported a significant increase in net asset value and gold prices for the fiscal year ended December 31, 2025, driven by strong gold market performance and increased share issuance.

Summary

• The iShares Gold Trust's net asset value increased by 107.48% from $32,955,472,597 at December 31, 2024, to $68,376,501,330 at December 31, 2025.
• The number of outstanding Shares rose from 668,650,000 at December 31, 2024, to 842,850,000 at December 31, 2025.
• The Net Asset Value (NAV) per Share increased by 64.60% from $49.29 at December 31, 2024, to $81.13 at December 31, 2025.
• The price of gold increased by 65.00% from $2,610.85 at December 31, 2024, to $4,307.95 at December 31, 2025.
• Net increase in net assets resulting from operations for the year ended December 31, 2025, was $24,262,756,542.
• The Sponsor's fees for 2025 were $124,023,218, representing an annualized rate of 0.25% of the Trust's average weighted assets.
• The Trust is a grantor trust for U.S. federal income tax purposes, meaning income and expenses flow through to Shareholders.
• BlackRock's Enterprise Risk Management (ERM) framework, including a dedicated Technology Risk and Cybersecurity Committee (TRCC), oversees the Trust's cybersecurity risk management and strategy.
• Certain funds affiliated with Global Infrastructure Management, LLC (a BlackRock subsidiary) obtained a minority interest in Malaysia Airport Holdings Berhad in March 2025, which subsequently had Iran Airtour launch flights to one of its operated airports in November 2025.

Sentiment

Score: 8

Explanation: StockSavvy.ai views this as a very positive report, driven by exceptional gold price performance and strong investor interest, leading to substantial growth in net assets and shares outstanding. The effective internal controls also add to the positive sentiment.

Positives

• The Trust's net asset value more than doubled, increasing by 107.48% to $68.38 billion in 2025.
• The underlying gold price experienced a significant 65.00% increase, reaching $4,307.95 per ounce by year-end 2025.
• Net assets from operations saw a substantial increase of $24.26 billion for the year ended December 31, 2025.
• The number of outstanding shares grew by 174.2 million, indicating strong investor interest and capital inflows.
• The Trust received litigation proceeds of $12,290 in 2025 and $86,528 in 2024 from a class action settlement related to gold.
• Management concluded that the Trust maintained effective internal control over financial reporting as of December 31, 2025.

Negatives

• The NAV per Share increased slightly less than the price of gold on a percentage basis (64.60% vs. 65.00%) due to the impact of the Sponsor's fees.
• The Trust is a passive investment vehicle and does not actively manage its gold holdings or employ hedging techniques to mitigate losses from price decreases.
• The amount of gold represented by each Share will continuously decrease over the Trust's life due to sales necessary to cover the Sponsor's fees and other Trust expenses.
• Shares may trade at a discount or premium to their net asset value, particularly during non-concurrent trading hours between major gold markets and NYSE Arca.
• Investors incur brokerage commissions and bid-ask spreads when buying or selling Shares, which can detract from overall investment results.

Risks

• Actual or perceived disruptions in the processes used to determine the LBMA Gold Price PM, or lack of confidence in that benchmark, may adversely affect the return on investment.
• Future governmental decisions, such as those concerning gold ownership or trading regulations, may significantly impact the price of gold.
• The Trust holds only gold, making its net asset value potentially more volatile than a diversified portfolio.
• The market price of Shares is as unpredictable as the price of gold, exposing investors to potential losses.
• Factors such as large sales by official sectors, increased gold hedging, negative speculator sentiment, global supply/demand, geopolitical events, inflation expectations, and interest rates can cause gold prices to decline.
• The Russia-Ukraine conflict and related sanctions on Russian gold may cause volatility in precious metals prices, though no material impact on the Trust was noted as of the report date.
• The amount of gold represented by each Share will decrease over time due to sales to cover fees and expenses, requiring gold price increases to maintain Share value.
• Increased Trust expenses or unexpected liabilities could necessitate larger gold sales, accelerating the decrease in gold represented by each Share.
• The Trust's passive nature means it does not employ hedging to reduce risks from price decreases.
• The price received upon the sale of Shares may be less than the value of the gold represented by them due to market supply and demand dynamics.
• Competition from other gold investment methods could limit the market for Shares and reduce liquidity.
• Liquidation of the Trust at a time of low gold prices could result in losses for investors.
• Withdrawal of Authorized Participants could decrease the liquidity of Shares.
• Redemptions of Baskets may be suspended during market disruptions or emergencies, potentially leading to losses for Authorized Participants.
• Holders of 75% of the Shares have the power to terminate the Trust, which could force investors to seek alternative gold investment vehicles.
• The lack of an active trading market for Shares could adversely affect the selling price.
• Difficulties in the creation and redemption processes could cause the Share price to diverge from the price of gold.
• Shareholders do not have the rights normally associated with corporate share ownership (e.g., voting, dividends).
• The Trust is not registered as an investment company or commodity pool, meaning Shareholders lack certain regulatory protections.
• The value of Shares will be adversely affected if the Trust is required to indemnify the Sponsor or the Custodian.
• The Trust is exposed to various operational risks, including human error, information technology failures, and non-compliance with procedures.
• Public health emergencies could disrupt gold supply chains, increase Trust costs, affect liquidity, and impair service provider systems.
• The Trust relies on the information and technology systems of its Service Providers, which are susceptible to cybersecurity incidents.
• Conflicts of interest may arise as the Sponsor and its affiliates manage other accounts, funds, or trusts that invest in physical gold or other precious metals.
• The Sponsor and Trustee may amend the Trust Agreement without Shareholder consent, potentially increasing fees or prejudicing substantial rights.
• The gold bullion custody operations of the Custodian are not subject to specific governmental regulatory supervision.
• The Custodian's liability for loss or damage to the Trust's gold is limited to specific circumstances (negligence, fraud, willful default) and excludes acts of God, war, or terrorism.
• The Custodian Agreement is governed by English law, which may be difficult for U.S. courts to interpret, potentially limiting legal redress against the Custodian.
• Shareholders and Authorized Participants lack the right to assert claims directly against the Custodian.
• There is a risk that gold transferred to the Trust may not meet quality requirements, potentially adversely affecting the NAV.
• The Trust lacks insurance protection for its gold, and Shareholders have limited legal recourse against the Trust and its service providers for losses not covered by insurance or liability.

Future Outlook

The Trust's forward-looking statements indicate that actual events or results may differ materially from expectations due to various risks, including changes in commodity prices, market conditions, laws, regulations, and world economic/political developments. The Sponsor does not guarantee the accuracy of forward-looking statements and is not obligated to update them.

Management Comments

• BlackRock's Board of Directors is actively engaged in the oversight of BlackRock's risk management program.
• BlackRock's Risk Committee assists BlackRock's Board with its oversight of BlackRock's levels of risk, risk assessment, risk management and related policies and processes, including risks arising from cybersecurity threats.
• As of December 31, 2025, cybersecurity risks have not materially affected the Trust's objective, results of operations or financial condition.
• The Sponsor's management concluded that the Trust maintained effective internal control over financial reporting as of December 31, 2025.

Industry Context

StockSavvy.ai notes that the significant increase in iShares Gold Trust's net asset value and gold price aligns with a period of strong performance in the broader gold market. The Trust's passive investment strategy means its performance is directly tied to gold price fluctuations, making it a bellwether for investor sentiment and market dynamics in the precious metals sector. The ongoing geopolitical risks, such as the Russia-Ukraine conflict and related sanctions, continue to be a factor influencing gold prices, though the filing indicates no material impact on the Trust's performance from these specific events as of the report date. The disclosure regarding BlackRock's affiliation with Malaysia Airport Holdings Berhad and Iran Airtour flights highlights the increasing complexity of global investment portfolios and the need for vigilance regarding international sanctions and related party disclosures.

Comparison to Industry Standards

• The Trust's 65.00% increase in gold price for 2025 significantly outperforms the average annual gold price growth observed over the last decade, which typically ranges from 5-15% depending on the specific period, indicating a particularly strong year for the commodity.
• The Sponsor's fee of 0.25% of net asset value is competitive within the gold ETF market, comparable to or lower than fees charged by similar products like SPDR Gold Shares (GLD) or Aberdeen Standard Physical Gold Shares ETF (SGOL), which typically range from 0.17% to 0.40%.
• The increase in outstanding shares from 668.65 million to 842.85 million suggests robust investor demand for gold exposure through an ETF structure, potentially reflecting a flight to safety or inflation hedging similar to trends seen in other major gold-backed products during periods of economic uncertainty.

Corporate Governance

Legal Proceedings

• The Trust recognized a net realized gain from litigation proceeds of $12,290 for the year ended December 31, 2025, and $86,528 for the year ended December 31, 2024, related to a class action settlement concerning gold.
• No other legal proceedings were reported in Item 3 of the filing.

Related Party Transactions

• The Sponsor (iShares Delaware Trust Sponsor LLC) and the Trustee (The Bank of New York Mellon) are considered related parties to the Trust.
• The Trustee's fee is paid by the Sponsor and is not a separate expense of the Trust.
• Certain funds and entities affiliated with Global Infrastructure Management, LLC, a consolidated subsidiary of BlackRock, Inc., obtained a minority non-controlling interest in Malaysia Airport Holdings Berhad in March 2025.
• Malaysia Airport Holdings Berhad informed the registrant that in November 2025, Iran Airtour launched flights to one airport operated by Malaysia Airport Holdings Berhad.

Stakeholder Impact

• Shareholders: Directly impacted by gold price fluctuations, Trust expenses, and potential trading premiums/discounts. Benefit from strong gold market performance. Subject to specific tax consequences (e.g., 28% long-term capital gains rate for individuals on gold).
• Authorized Participants: Facilitate creation/redemption of Baskets, subject to fees and gold delivery requirements. Affected by liquidity and arbitrage opportunities.
• Service Providers (Custodian, Trustee): Receive fees for services. Custodian's liability is limited under specific circumstances.
• Regulatory Authorities: The Trust's operations and disclosures are subject to SEC oversight, and BlackRock's affiliated entities are subject to various international regulations and sanctions.

Next Steps

• The Trustee will continue to evaluate gold held by the Trust and determine net asset value daily.
• The Sponsor will continue to maintain its website with Trust reports and gold bar lists.
• BlackRock will continue to implement and improve its cybersecurity program and ERM framework.

Key Dates

Recommendation

The iShares Gold Trust demonstrated exceptional performance in 2025, with its net asset value more than doubling and the underlying gold price surging by 65%. This robust growth, coupled with significant investor inflows reflected in the increased outstanding shares, indicates strong market confidence and momentum. While the Trust is a passive vehicle and subject to gold price volatility, the current market conditions and the Trust's efficient structure make it a compelling investment for exposure to gold. The effective internal controls and transparent reporting further support a positive outlook. Investors seeking direct exposure to gold's performance should consider this a strong buy.

Keywords

Gold Trust, ETF, Gold Bullion, Investment, Commodity, SEC Filing, Financial Report, BlackRock, iShares, IAU, Precious Metals, Market Risk, Cybersecurity, Grantor Trust, LBMA Gold Price, Net Asset Value