IAU Gold Holdings Soar 80% as Unrealized Gains Drive Net Asset Growth

TL;DR

**IAU is printing money with gold's rally, making it a strong safe-haven play right now.**

AI Summary

The iShares Gold Trust (IAU) experienced significant growth in net assets and gold bullion holdings for the nine months ended September 30, 2025. Net assets surged to $59,153,326,540, a substantial increase from $32,955,472,597 at December 31, 2024. This growth was primarily driven by a net increase in net assets resulting from operations of $16,806,272,868 for the nine months ended September 30, 2025, compared to $6,837,363,679 for the same period in 2024. The Trust's investment in gold bullion, at fair value, increased to $59,164,609,885 from $32,962,525,082. Net change in unrealized appreciation/depreciation was a significant contributor, reaching $15,893,832,843 for the nine months ended September 30, 2025, up from $5,799,277,563 in the prior year. Shares issued and outstanding increased to 820,650,000 from 668,650,000, with net asset value per Share rising to $72.08 from $49.29. Sponsor's fees, the primary expense, increased to $83,203,208 for the nine months ended September 30, 2025, from $52,673,498 in the comparable 2024 period.

Why It Matters

This report highlights a robust period for IAU, indicating strong investor demand for gold and significant appreciation in its value. For investors, the substantial increase in net assets and NAV per share suggests gold is performing well as a store of value and potential inflation hedge, especially given the $15.89 billion in unrealized appreciation. Employees of the Trust's sponsor, iShares Delaware Trust Sponsor LLC, benefit from increased sponsor fees, reflecting the Trust's growth. In the broader market, this surge in gold's value could signal increased economic uncertainty or inflationary expectations, potentially impacting other asset classes and competitive investment products.

Risk Assessment

Risk Level: low — The iShares Gold Trust's primary asset is gold bullion, which is generally considered a safe-haven asset. The Trust reported zero cash at the end of the period, indicating its direct exposure to gold price fluctuations. The significant net increase in net assets resulting from operations of $16,806,272,868 for the nine months ended September 30, 2025, largely due to unrealized appreciation, demonstrates the low operational risk and direct correlation to gold's market performance.

Analyst Insight

Investors should consider increasing their allocation to IAU if they seek exposure to gold's price appreciation and a hedge against market volatility, given the strong performance and significant unrealized gains. The Trust's structure as a grantor trust also offers tax pass-through benefits, which could be advantageous for long-term holders.

Financial Highlights

debt To Equity

0.00

revenue

$0

operating Margin

N/A

total Assets

$59,164,609,885

total Debt

$0

net Income

$16,806,272,868

eps

$22.85

gross Margin

N/A

cash Position

$0

revenue Growth

N/A

Key Numbers

• $59.15B — Net Assets (Increased from $32.96B at Dec 31, 2024, reflecting significant growth.)
• $16.81B — Net Increase in Net Assets from Operations (For the nine months ended Sep 30, 2025, up from $6.84B in 2024, indicating strong operational performance.)
• $15.89B — Net Change in Unrealized Appreciation/Depreciation (For the nine months ended Sep 30, 2025, a primary driver of asset growth, up from $5.80B in 2024.)
• 820.65M — Shares Issued and Outstanding (Increased from 668.65M at Dec 31, 2024, showing increased investor interest.)
• $72.08 — Net Asset Value per Share (Increased from $49.29 at Dec 31, 2024, reflecting gold price appreciation.)
• 15.47M — Ounces of Gold Bullion (Held at Sep 30, 2025, up from 12.63M ounces at Dec 31, 2024.)
• $83.20M — Sponsor's Fees (For the nine months ended Sep 30, 2025, up from $52.67M in 2024, reflecting larger asset base.)
• 0.25% — Annualized Sponsor's Fee Rate (Accrued daily on the net asset value of the Trust.)

Key Players & Entities

• ISHARES GOLD TRUST (company) — Registrant
• IAU (company) — Trading Symbol
• iShares Delaware Trust Sponsor LLC (company) — Trust Sponsor
• The Bank of New York Mellon (company) — Trustee
• JPMorgan Chase Bank N.A., London branch (company) — Custodian of gold bullion
• NYSE Arca, Inc. (regulator) — Exchange where Shares are registered
• SEC (regulator) — Securities and Exchange Commission
• $59,153,326,540 (dollar_amount) — Net Assets at September 30, 2025
• $16,806,272,868 (dollar_amount) — Net increase in net assets from operations for nine months ended September 30, 2025
• $15,893,832,843 (dollar_amount) — Net change in unrealized appreciation/depreciation for nine months ended September 30, 2025

FAQ

Risk Factors

• Gold Price Volatility [high — market]: The Trust's performance is directly tied to the price of gold. Fluctuations in gold prices, driven by global economic conditions, geopolitical events, and investor sentiment, can significantly impact the Trust's net asset value and the value of its gold bullion holdings. For the nine months ended September 30, 2025, the net change in unrealized appreciation/depreciation was $15,893,832,843, highlighting the sensitivity to price movements.
• Sponsor and Trustee Fees [medium — operational]: The Trust incurs fees for its sponsor and trustee services, which reduce the net assets available to shareholders. Sponsor's fees increased to $83,203,208 for the nine months ended September 30, 2025, from $52,673,498 in the prior year, reflecting the growth in assets under management. While these fees are a necessary operational cost, they represent a direct expense impacting returns.
• Redemption of Shares [medium — market]: The Trust may issue or redeem large blocks of Shares, which can impact the liquidity of the gold bullion held. The Trust distributed $962,149,299 worth of gold bullion for share redemptions during the nine months ended September 30, 2025, compared to $1,075,052,520 in the prior year. Significant redemption activity could necessitate the sale of gold at unfavorable prices.
• No Investment Company Registration [low — regulatory]: The Trust qualifies as an investment company solely for accounting purposes but is not registered under the Investment Company Act of 1940. This status, while permitted, means it is not subject to the same regulatory oversight as registered investment companies, which could present unique considerations for investors.

Industry Context

The iShares Gold Trust operates within the precious metals investment sector, specifically as a physically-backed gold ETF. Its primary function is to provide investors with a convenient way to gain exposure to the price movements of gold. The industry is characterized by its sensitivity to macroeconomic factors, inflation expectations, and geopolitical uncertainty, all of which can influence gold's appeal as a safe-haven asset.

Regulatory Implications

The Trust is structured as an investment vehicle for accounting purposes but is not registered as an investment company under the Investment Company Act of 1940. This means it is not subject to the same level of regulatory oversight as registered funds, which investors should be aware of. Compliance with SEC reporting requirements for its 10-Q filings remains critical.

What Investors Should Do

1. Monitor Gold Price Trends
2. Evaluate Sponsor Fee Impact
3. Assess Share Issuance/Redemption Activity

Key Dates

• 2025-09-30: Nine Months Ended — Represents the reporting period for the current 10-Q, showing substantial growth in net assets and gold holdings.
• 2024-12-31: Year End — Prior period comparative data for net assets ($32,955,472,597) and shares outstanding (668,650,000).
• 2005-01-21: Trust Organization — Inception date of the iShares Gold Trust.

Glossary

Gold Bullion

Physical gold in the form of bars or coins, held by the Trust as its primary asset. (The value of the Trust's net assets is directly dependent on the fair value of the gold bullion it holds.)

Net Assets

The total value of the Trust's assets minus its liabilities. (Represents the total value attributable to shareholders and is a key indicator of the Trust's size and performance.)

Net Asset Value per Share (NAV)

The value of each share of the Trust, calculated by dividing the total net assets by the number of shares outstanding. (Provides investors with a per-share valuation of their investment in the Trust.)

Sponsor's Fees

Fees paid to the entity that sponsors the Trust for its services, typically calculated as a percentage of net assets. (A primary expense of the Trust that directly reduces investor returns.)

Unrealized Appreciation/Depreciation

The change in value of the Trust's gold holdings that have not yet been sold. (A significant driver of the Trust's net increase in assets, reflecting market price movements of gold.)

Year-Over-Year Comparison

Compared to the prior year's nine-month period, the iShares Gold Trust has demonstrated substantial growth. Net assets surged from $32,955,472,597 to $59,153,326,540, driven by a significant increase in net assets from operations, which rose from $6,837,363,679 to $16,806,272,868. This growth is largely attributable to a more than doubling of the net change in unrealized appreciation/depreciation, from $5,799,277,563 to $15,893,832,843, indicating a strong upward trend in gold prices. Consequently, shares outstanding increased from 668,650,000 to 820,650,000, and the net asset value per share climbed from $49.29 to $72.08.

Key Financial Figures

• $31,460,481,938 — ) Cost of investment in gold bullion: $31,460,481,938 and $21,152,229,978, respectively. (b)
• $21,152,229,978 — nt in gold bullion: $31,460,481,938 and $21,152,229,978, respectively. (b) No par value, unl

Filing Documents

• iau20250930_10q.htm (10-Q) — 537KB
• ex_854394.htm (EX-31.1) — 13KB
• ex_854395.htm (EX-31.2) — 13KB
• ex_854396.htm (EX-32.1) — 5KB
• ex_854397.htm (EX-32.2) — 5KB
• 0001437749-25-033433.txt ( ) — 2831KB
• iau-20250930.xsd (EX-101.SCH) — 29KB
• iau-20250930_cal.xml (EX-101.CAL) — 16KB
• iau-20250930_def.xml (EX-101.DEF) — 122KB
• iau-20250930_lab.xml (EX-101.LAB) — 127KB
• iau-20250930_pre.xml (EX-101.PRE) — 146KB
• iau20250930_10q_htm.xml (XML) — 529KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION Item 1.

Financial Statements (Unaudited)

Financial Statements (Unaudited) 1 1 2 3 5 Schedules of Investments at September 30, 2025 and December 31, 2024 6

Notes to Financial Statements

Notes to Financial Statements 7 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 11 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 12 Item 4.

Controls and Procedures

Controls and Procedures 12

– OTHER INFORMATION

PART II – OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 13 Item 1A.

Risk Factors

Risk Factors 13 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 13 Item 3. Defaults Upon Senior Securities 13 Item 4. Mine Safety Disclosures 13 Item 5. Other Information 13 Item 6. Exhibits 14

SIGNATURES

SIGNATURES 15 Table of Contents

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements iShares Gold Trust At September 30, 2025 and December 31, 2024 September 30, 2025 December 31, 2024 Assets Investment in gold bullion, at fair value (a) $ 59,164,609,885 $ 32,962,525,082 Total Assets 59,164,609,885 32,962,525,082 Liabilities Sponsor's fees payable 11,283,345 7,052,485 Total Liabilities 11,283,345 7,052,485 Commitments and contingent liabilities (Note 6) — — Net Assets $ 59,153,326,540 $ 32,955,472,597 Shares issued and outstanding (b) 820,650,000 668,650,000 Net asset value per Share (Note 2C) $ 72.08 $ 49.29 (a) Cost of investment in gold bullion: $31,460,481,938 and $21,152,229,978, respectively. (b) No par value, unlimited amount authorized. See notes to financial statements. 1 Table of Contents iShares Gold Trust For the three and nine months ended September 30, 2025 and 2024 Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Expenses Sponsor's fees $ 31,813,966 $ 18,638,119 $ 83,203,208 $ 52,673,498 Total expenses 31,813,966 18,638,119 83,203,208 52,673,498 Net investment loss ( 31,813,966 ) ( 18,638,119 ) ( 83,203,208 ) ( 52,673,498 ) Net Realized and Unrealized Gain (Loss) Net realized gain from: Litigation proceeds (a) 12,290 — 12,290 86,528 Gold bullion sold to pay expenses 13,174,107 6,272,883 33,481,644 15,620,566 Gold bullion distributed for the redemption of Shares 294,525,387 567,904,927 962,149,299 1,075,052,520 Net realized gain 307,711,784 574,177,810 995,643,233 1,090,759,614 Net change in unrealized appreciation/depreciation 7,667,296,712 2,985,283,203 15,893,832,843 5,799,277,563 Net realized and unrealized gain 7,975,008,496 3,559,461,013 16,889,476,076 6,890,037,177 Net increase in net assets resulting from operations $ 7,943,194,530 $ 3,540,822,894 $ 16,806,272,868 $ 6,837,363,

Notes to Financial Statements (Unaudited)

Notes to Financial Statements (Unaudited) September 30, 2025 1 - Organization The iShares Gold Trust (the "Trust") was organized on January 21, 2005 as a New York trust. The trustee is The Bank of New York Mellon (the "Trustee"), which is responsible for the day-to-day administration of the Trust. The Trust's sponsor is iShares Delaware Trust Sponsor LLC, a Delaware limited liability company (the "Sponsor"). The Trust is governed by the provisions of the Fifth Amended and Restated Depositary Trust Agreement (the "Trust Agreement") executed by the Trustee and the Sponsor as of January 31, 2022. The Trust issues units of beneficial interest ("Shares") representing fractional undivided beneficial interests in its net assets. The Trust seeks to reflect generally the performance of the price of gold. The Trust seeks to reflect such performance before payment of the Trust's expenses and liabilities. The Trust is designed to provide a vehicle for investors to make an investment similar to an investment in gold. The accompanying unaudited financial statements were prepared in accordance with generally accepted accounting principles in the United States of America ("U.S. GAAP") for interim financial information and with the instructions for Form 10 -Q and the rules and regulations of the U.S. Securities and Exchange Commission (the "SEC"). In the opinion of management, all material adjustments, consisting only of normal recurring adjustments considered necessary for a fair statement of the interim period financial statements, have been made. Interim period results are not necessarily indicative of results for a full-year period. These financial statements and the notes thereto should be read in conjunction with the Trust's financial statements included in its Annual Report on Form 10 -K for the year ended December 31, 2024, as filed with the SEC on February 19, 2025. The Trust qualifies as an investment company solely for accounting purposes and not for any other

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

Item 2. Management ' s Discussion and Analysis of Financial Condition and Results of Operation

View Full Filing

View this 10-Q filing on SEC EDGAR