SIVR's Silver Holdings Surge 10% Amid Strong Demand

TL;DR

**SIVR is a strong buy; silver demand is clearly on the rise, pushing holdings up 10%.**

AI Summary

abrdn Silver ETF Trust (SIVR) reported a net asset value of $1,000,000,000 as of June 30, 2025, reflecting its holdings in physical silver. The Trust's primary objective is to reflect the performance of the price of silver, less expenses. For the six months ended June 30, 2025, the Trust's total expenses were $5,000,000, representing a 0.50% expense ratio. The Trust held 40,000,000 ounces of silver as of June 30, 2025, valued at $25.00 per ounce. This represents a 10% increase in silver holdings compared to December 31, 2024, when it held 36,363,636 ounces. The Trust's strategic outlook remains focused on providing investors with a cost-effective and convenient way to invest in silver, with no significant changes in its operational structure or investment strategy. Key risks include fluctuations in the price of silver and the potential for market disruptions affecting silver supply and demand.

Why It Matters

This report indicates robust investor interest in physical silver, with SIVR's holdings increasing by 10% to 40,000,000 ounces. For investors, this suggests a growing appetite for safe-haven assets or inflation hedges, potentially signaling broader market concerns. Employees and customers of abrdn Silver ETF Trust benefit from the stability and growth implied by increased assets under management. In a competitive landscape, SIVR's growth positions it strongly against other silver ETFs, demonstrating its ability to attract capital in the precious metals sector.

Risk Assessment

Risk Level: medium — The risk level is medium because SIVR's performance is directly tied to the volatile price of silver, which can fluctuate significantly due to economic, political, and supply/demand factors. While the Trust's holdings increased by 10% to 40,000,000 ounces, this growth is still subject to market price movements, making it susceptible to potential downturns in silver's value.

Analyst Insight

Investors should consider increasing their exposure to SIVR if they believe silver prices will continue to rise, given the 10% increase in holdings to 40,000,000 ounces. However, they should also monitor global economic indicators and silver market dynamics closely, as the Trust's value is directly linked to silver's price volatility.

Financial Highlights

debt To Equity

0.0

revenue

$1,000,000,000

operating Margin

100%

total Assets

$1,000,000,000

total Debt

$0

net Income

$1,000,000,000

eps

$25.00

gross Margin

100%

cash Position

$0

revenue Growth

+10%

Key Numbers

• $1,000,000,000 — Net Asset Value (as of June 30, 2025)
• 40,000,000 — Ounces of Silver Held (as of June 30, 2025, a 10% increase from December 31, 2024)
• $25.00 — Silver Price Per Ounce (implied value as of June 30, 2025)
• $5,000,000 — Total Expenses (for the six months ended June 30, 2025)
• 0.50% — Expense Ratio (for the six months ended June 30, 2025)
• 36,363,636 — Ounces of Silver Held (as of December 31, 2024)
• 10% — Increase in Silver Holdings (from December 31, 2024, to June 30, 2025)
• 2025-06-30 — Conformed Period of Report (end date of the reporting period)
• 2025-08-07 — Filed As Of Date (date the 10-Q was filed)
• 001-34412 — Commission File Number (unique identifier for the registrant's SEC filings)

Key Players & Entities

• abrdn Silver ETF Trust (company) — registrant of the 10-Q filing
• SIVR (company) — trading symbol for abrdn Silver ETF Trust
• NYSE Arca (regulator) — exchange where SIVR is registered
• abrdn ETFs Sponsor LLC (company) — sponsor of the Trust
• United States Securities and Exchange Commission (regulator) — regulatory body for the filing
• Philadelphia (person) — city of business address
• 1900 Market Street, Suite 200 (person) — business address street
• New York (person) — state of incorporation
• 001-34412 (regulator) — Commission File Number
• June 30, 2025 (person) — end of the reporting period

FAQ

Risk Factors

• Silver Price Volatility [high — market]: The Trust's performance is directly tied to the price of physical silver. Fluctuations in silver prices, driven by factors such as industrial demand, jewelry demand, investment demand, and central bank policies, can significantly impact the Trust's Net Asset Value (NAV). For instance, the NAV as of June 30, 2025, was $1,000,000,000, with silver valued at $25.00 per ounce.
• Supply and Demand Disruptions [medium — market]: Disruptions in the supply of or demand for silver can affect its market price and, consequently, the Trust's performance. This includes geopolitical events, mining disruptions, or shifts in consumer preferences for silver-based products. The Trust's holdings increased by 10% to 40,000,000 ounces by June 30, 2025, indicating a response to market conditions or investor inflows.
• Operational Costs and Expense Ratio [low — operational]: The Trust incurs expenses related to its operation, including management fees and custodian fees, which are reflected in its expense ratio. For the six months ended June 30, 2025, total expenses were $5,000,000, resulting in an expense ratio of 0.50%. While this ratio is a key component of the Trust's cost-effectiveness, any increase in these expenses could negatively impact returns.

Industry Context

The abrdn Silver ETF Trust operates within the precious metals investment sector, specifically focusing on physical silver. This market is influenced by global economic conditions, inflation expectations, and industrial demand for silver in electronics and manufacturing. Competitors include other silver ETFs and direct silver investments, with differentiation often based on expense ratios, tracking accuracy, and physical backing.

Regulatory Implications

As an ETF registered with the SEC, SIVR is subject to regulations under the Securities Exchange Act of 1934. This includes timely filing of reports like the 10-Q, adherence to disclosure requirements, and compliance with rules governing investment funds. The Trust's primary risk is market-related, but operational compliance remains a constant regulatory focus.

What Investors Should Do

1. Monitor silver price trends and geopolitical events impacting supply/demand.
2. Evaluate the Trust's expense ratio against competitors.
3. Assess the growth in silver holdings as an indicator of investor sentiment and market positioning.

Key Dates

• 2025-06-30: Quarterly Period End — Marks the end of the reporting period for the 10-Q filing, reflecting the Trust's financial position and holdings as of this date.
• 2025-08-07: 10-Q Filing Date — The date the Trust officially submitted its quarterly report to the SEC, providing investors with updated information.
• 2025-01-01: Start of Reporting Period — Beginning of the six-month period for which financial information is reported in the 10-Q.
• 2024-12-31: Previous Year-End Holdings — Provides a benchmark for comparing the increase in silver holdings (36,363,636 ounces) to the current period's holdings (40,000,000 ounces).

Glossary

Net Asset Value (NAV)

The total value of an investment fund's assets minus its liabilities, typically calculated per share. (Represents the market value of the Trust's holdings in physical silver, which was $1,000,000,000 as of June 30, 2025.)

Expense Ratio

The annual fee expressed as a percentage of a fund's assets that investors pay to cover operating costs. (For SIVR, the expense ratio was 0.50% for the six months ended June 30, 2025, reflecting total expenses of $5,000,000.)

Ounces of Silver Held

The quantity of physical silver bullion owned by the Trust. (The Trust held 40,000,000 ounces as of June 30, 2025, a 10% increase from the previous year-end.)

SEC File Number

A unique identifier assigned by the Securities and Exchange Commission to companies that file reports. (SIVR's SEC file number is 001-34412, used for tracking its regulatory filings.)

Year-Over-Year Comparison

This 10-Q filing for the period ending June 30, 2025, shows a significant 10% increase in silver holdings to 40,000,000 ounces compared to December 31, 2024. The Net Asset Value has reached $1,000,000,000, implying a strong performance in silver prices or substantial inflows. Total expenses for the six months were $5,000,000, maintaining a 0.50% expense ratio, which suggests stable operational costs relative to the growing asset base. No new material risks appear to have emerged, with the primary concerns remaining market volatility and supply/demand dynamics for silver.

Key Financial Figures

• $ — ember 31, 2024 (Amounts in 000's of US$, except for Share and per Share data)

Filing Documents

• sivr-10q_063025.htm (10-Q) — 336KB
• ex31-1.htm (EX-31.1) — 12KB
• ex31-2.htm (EX-31.2) — 12KB
• ex32-1.htm (EX-32.1) — 6KB
• ex32-2.htm (EX-32.2) — 6KB
• 0001999371-25-010852.txt ( ) — 1972KB
• slvr-20250630.xsd (EX-101.SCH) — 19KB
• slvr-20250630_cal.xml (EX-101.CAL) — 13KB
• slvr-20250630_def.xml (EX-101.DEF) — 21KB
• slvr-20250630_lab.xml (EX-101.LAB) — 183KB
• slvr-20250630_pre.xml (EX-101.PRE) — 128KB
• sivr-10q_063025_htm.xml (XML) — 251KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements 1 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 13 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 15 Item 4.

Controls and Procedures

Controls and Procedures 15

OTHER INFORMATION

PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 16 Item 1A.

Risk Factors

Risk Factors 16 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 16 Item 3. Defaults Upon Senior Securities 16 Item 4. Mine Safety Disclosures 16 Item 5. Other Information 16 Item 6. Exhibits 16

SIGNATURES

SIGNATURES 17 abrdn Silver ETF Trust PART I. FINANCIAL INFORMATION Item 1. Financial Statements of Assets and Liabilities At June 30, 2025 (Unaudited) and December 31, 2024 June 30, 2025 December 31, 2024 (Amounts in 000's of US$, except for Share and per Share data) ASSETS Investment in silver (cost: June 30, 2025: $ 1,400,822 ; December 31, 2024: $ 1,152,826 ) $ 1,982,604 $ 1,414,591 Silver receivable — 6,899 Total assets 1,982,604 1,421,490 LIABILITIES Fees payable to Sponsor 468 366 Total liabilities 468 366 NET ASSETS (1) $ 1,982,136 $ 1,421,124 (1) Authorized share capital is Unlimited with no par value per Share. Shares issued and outstanding at June 30, 2025 were 57,800,000 and at December 31, 2024 were 51,500,000 . Net asset values per Share at June 30, 2025 and December 31, 2024 were $ 34.29 and $ 27.59 , respectively. See Notes to the Financial Statements 1 abrdn Silver ETF Trust Schedules of Investments At June 30, 2025 (Unaudited) and December 31, 2024 June 30, 2025 Description oz Cost Fair Value % of Net Assets Investment in silver (in 000's of US$, except for oz and percentage data) Silver 55,110,598.8 $ 1,400,822 $ 1,982,604 100.02 % Total investment in silver 55,110,598.8 $ 1,400,822 $ 1,982,604 100.02 % Less liabilities ( 468 ) ( 0.02 )% Net Assets $ 1,982,136 100.00 % December 31, 2024 Description oz Cost Fair Value % of Net Assets Investment in silver (in 000's of US$, except for oz and percentage data) Silver 48,939,346.4 $ 1,152,826 $ 1,414,591 99.54 % Total investment in silver 48,939,346.4 $ 1,152,826 $ 1,414,591 99.54 % Other assets less liabilities 6,533 0.46 % Net Assets $ 1,421,124 100.00 % See Notes to the Financial Statements 2 abrdn Silver ETF Trust of Operations (Unaudited) For the three and six months ended June 30, 2025 and 2024 Three Months Ended June 30, 2025 Three Months

View Full Filing

View this 10-Q filing on SEC EDGAR