SLV's Silver Holdings Soar 73% Amid Bullion Price Surge

TL;DR

**SLV is crushing it, with silver holdings up 73% and NAV per share soaring, making it a strong play for commodity bulls.**

AI Summary

iShares Silver Trust (SLV) experienced significant growth in net assets and silver holdings for the nine months ended September 30, 2025. The Trust's investment in silver bullion, at fair value, surged to $23,222,607,159 as of September 30, 2025, a substantial increase from $13,407,235,411 at December 31, 2024. This 73.2% increase was driven by a net increase in net assets resulting from operations of $8,162,197,125 for the nine months ended September 30, 2025, compared to $3,178,191,885 for the same period in 2024. Net realized and unrealized gains were a primary contributor, totaling $8,222,931,436 for the nine months ended September 30, 2025, up from $3,222,912,402 in the prior year. The Trust's net asset value per Share rose to $41.91 at September 30, 2025, from $26.33 at December 31, 2024. Shares outstanding increased to 553,900,000 from 508,950,000 over the same period. Sponsor's fees increased to $60,734,311 for the nine months ended September 30, 2025, from $44,720,517 in 2024, reflecting the larger asset base. The Trust continues to operate as a grantor trust for federal income tax purposes, passing through gains and losses to shareholders.

Why It Matters

This significant increase in iShares Silver Trust's net assets and silver holdings reflects strong investor demand for silver, potentially signaling a flight to safe-haven assets or inflation hedges. For investors, SLV's robust performance, with net asset value per share jumping from $26.33 to $41.91, indicates substantial capital appreciation. This growth also impacts the broader precious metals market, potentially driving up silver prices and influencing mining companies. Competitively, SLV's expansion solidifies its position as a leading silver ETF, attracting more capital and potentially increasing its market influence against other commodity-backed funds.

Risk Assessment

Risk Level: low — The iShares Silver Trust primarily holds silver bullion, which is a tangible asset. The main risk is market price fluctuation of silver, but the Trust itself has no operational or credit risk beyond its custodian. The filing shows a healthy increase in net assets and no significant liabilities or legal proceedings, indicating a stable financial position.

Analyst Insight

Investors should consider SLV as a direct exposure to silver, given its strong performance and increased holdings. Those bullish on precious metals or seeking inflation hedges might find this an opportune time to invest, while those with existing positions may want to hold or add, anticipating continued appreciation.

Financial Highlights

debt To Equity

N/A

revenue

$8,222,931,436

operating Margin

N/A

total Assets

$23,285,472,575

total Debt

$0

net Income

$8,162,197,125

eps

$16.00

gross Margin

N/A

cash Position

N/A

revenue Growth

+156.6%

Revenue Breakdown

Key Numbers

• $23.22B — Investment in silver bullion (fair value) (Increased from $13.41B at Dec 31, 2024, representing a 73.2% growth.)
• $41.91 — Net asset value per Share (Increased from $26.33 at Dec 31, 2024, indicating significant shareholder value appreciation.)
• 553.9M — Shares issued and outstanding (Increased from 508.95M at Dec 31, 2024, reflecting increased investor interest.)
• $8.16B — Net increase in net assets from operations (For the nine months ended Sep 30, 2025, up from $3.18B in the prior year, showing strong operational performance.)
• $8.22B — Net realized and unrealized gain (For the nine months ended Sep 30, 2025, a key driver of asset growth.)
• 502.9M — Ounces of silver bullion (Held at September 30, 2025, up from 463.8M ounces at December 31, 2024.)
• $60.73M — Sponsor's fees (For the nine months ended Sep 30, 2025, reflecting the larger asset base.)

Key Players & Entities

• iShares Silver Trust (company) — registrant
• SLV (company) — trading symbol
• iShares Delaware Trust Sponsor LLC (company) — Trust's sponsor
• The Bank of New York Mellon (company) — Trustee
• JPMorgan Chase Bank N.A., London branch (company) — Custodian of silver bullion
• NYSE Arca, Inc. (regulator) — exchange where shares are registered
• SEC (regulator) — U.S. Securities and Exchange Commission
• $23,222,607,159 (dollar_amount) — fair value of silver bullion at September 30, 2025
• $13,407,235,411 (dollar_amount) — fair value of silver bullion at December 31, 2024
• $8,162,197,125 (dollar_amount) — net increase in net assets from operations for nine months ended September 30, 2025

FAQ

Risk Factors

• Volatility of Silver Prices [high — market]: The Trust's performance is directly tied to the price of silver bullion. Silver prices are subject to significant volatility due to various factors including industrial demand, jewelry demand, investment demand, central bank policies, and geopolitical events. For the nine months ended September 30, 2025, the net change in unrealized appreciation was $6,385,088,084, highlighting the impact of price fluctuations.
• Custodial and Security Risks [medium — operational]: The Trust relies on third-party custodians to store the physical silver bullion. Any failure of these custodians to adequately safeguard the silver, or any loss or theft of the silver, could materially and adversely affect the Trust's ability to reflect the performance of silver prices and its net asset value. The Trust holds $23,222,607,159 in silver bullion as of September 30, 2025.
• Changes in Tax Laws [medium — regulatory]: The Trust operates as a grantor trust for U.S. federal income tax purposes. Changes in tax laws or interpretations could affect the tax treatment of the Trust and its shareholders, potentially impacting the attractiveness of investing in the Trust. The Trust passes through gains and losses to shareholders, making tax implications a key consideration.
• Sponsor Fee Impact [low — financial]: The Sponsor's fees are charged regardless of the Trust's performance. For the nine months ended September 30, 2025, these fees amounted to $60,734,311. While reflecting the larger asset base, these fees represent a drag on performance, especially during periods of lower silver prices or negative returns.
• Liquidity of Silver Market [medium — market]: While the silver market is generally liquid, significant disruptions or periods of low trading volume could impact the Trust's ability to buy or sell silver bullion at fair prices, especially for large transactions required to meet redemptions or create new shares. The Trust's holdings increased to 502.9 million ounces of silver.

Industry Context

The iShares Silver Trust operates within the precious metals investment sector, specifically focusing on silver. This sector is influenced by global economic conditions, inflation expectations, currency movements, and investor sentiment towards safe-haven assets. The Trust competes with other silver ETFs, physical silver holdings, and silver mining stocks. Recent performance indicates a strong demand for silver as an investment, driven by its dual role as a precious metal and an industrial commodity.

Regulatory Implications

As a grantor trust, SLV is subject to SEC regulations governing disclosure and reporting. Changes in tax laws or regulations affecting trusts or precious metals could impact the Trust's structure and investor appeal. Compliance with reporting requirements, such as this 10-Q filing, is crucial for maintaining investor confidence and regulatory standing.

What Investors Should Do

1. Monitor silver price trends closely.
2. Review the Trust's expense ratio and sponsor fees.
3. Assess the impact of unrealized gains on tax liabilities.
4. Compare SLV's performance against other silver investment vehicles.

Key Dates

• 2025-09-30: End of Q3 2025 reporting period — Marked a significant increase in net assets to $23.21B and NAV per share to $41.91, driven by strong silver price appreciation.
• 2025-02-19: Filing of 2024 Annual Report (10-K) — Provided audited financial statements for the prior year, serving as a baseline for comparison with current interim results.
• 2006-04-21: Trust Organization Date — Establishes the legal framework and operational history of the iShares Silver Trust.

Glossary

Silver bullion

Physical silver in the form of bars or coins that meets specific purity standards. (This is the primary asset held by the iShares Silver Trust, and its fair value directly determines the Trust's net asset value.)

Net asset value (NAV) per Share

The market value of the Trust's assets minus its liabilities, divided by the number of outstanding shares. (This is the key metric for investors to assess the per-share value of their investment in the Trust.)

Sponsor's fees

Fees paid to the entity that sponsors and manages the Trust, typically calculated as a percentage of the Trust's assets under management. (These fees reduce the overall return to shareholders and are a direct expense of the Trust.)

Grantor trust

A type of trust where the grantor (the entity that creates the trust) retains certain powers or benefits, and the trust's income, deductions, and credits are passed through directly to the grantor or beneficiaries for tax purposes. (The iShares Silver Trust operates as a grantor trust, meaning it does not pay U.S. federal income tax itself; instead, gains and losses are reported by the shareholders.)

Unrealized appreciation/depreciation

The increase or decrease in the value of an asset that has not yet been sold or realized. (This reflects the change in the market value of the Trust's silver holdings, a major driver of its performance.)

Year-Over-Year Comparison

Compared to the prior year's nine-month period, the iShares Silver Trust has demonstrated exceptional growth. Total assets have surged by 73.2% to $23.22B, primarily driven by a substantial increase in the net realized and unrealized gains on silver bullion, which grew by 156.6% to $8.22B. This performance led to a significant rise in net assets from operations, up 156.8% to $8.16B. Consequently, the net asset value per share increased from $26.33 to $41.91, and shares outstanding grew by 8.8%, reflecting heightened investor interest in silver.

Key Financial Figures

• $15,058,637,016 — Cost of investment in silver bullion: $15,058,637,016 and $11,628,353,352, respectively. (b)
• $11,628,353,352 — in silver bullion: $15,058,637,016 and $11,628,353,352, respectively. (b) No par value, unl

Filing Documents

• slv20250930_10q.htm (10-Q) — 546KB
• ex_854421.htm (EX-31.1) — 13KB
• ex_854422.htm (EX-31.2) — 13KB
• ex_854423.htm (EX-32.1) — 5KB
• ex_854424.htm (EX-32.2) — 5KB
• 0001437749-25-033436.txt ( ) — 2880KB
• slv-20250930.xsd (EX-101.SCH) — 29KB
• slv-20250930_cal.xml (EX-101.CAL) — 18KB
• slv-20250930_def.xml (EX-101.DEF) — 124KB
• slv-20250930_lab.xml (EX-101.LAB) — 131KB
• slv-20250930_pre.xml (EX-101.PRE) — 148KB
• slv20250930_10q_htm.xml (XML) — 538KB

– 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 Silver Trust At September 30, 2025 and December 31, 2024 September 30, 2025 December 31, 2024 Assets Investment in silver bullion, at fair value (a) $ 23,222,607,159 $ 13,407,235,411 Receivable for investments sold 62,865,416 — Total Assets 23,285,472,575 13,407,235,411 Liabilities Sponsor's fees payable 8,506,995 5,976,407 Payable for capital shares redeemed 62,865,409 — Total Liabilities 71,372,404 5,976,407 Commitments and contingent liabilities (Note 6) — — Net Assets $ 23,214,100,171 $ 13,401,259,004 Shares issued and outstanding (b) 553,900,000 508,950,000 Net asset value per Share (Note 2C) $ 41.91 $ 26.33 (a) Cost of investment in silver bullion: $15,058,637,016 and $11,628,353,352, respectively. (b) No par value, unlimited amount authorized. See notes to financial statements. 1 Table of Contents iShares Silver 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 $ 24,024,767 $ 16,928,398 $ 60,734,311 $ 44,720,517 Total expenses 24,024,767 16,928,398 60,734,311 44,720,517 Net investment loss ( 24,024,767 ) ( 16,928,398 ) ( 60,734,311 ) ( 44,720,517 ) Net Realized and Unrealized Gain (Loss) Net realized gain from: Litigation proceeds (a) 17,333 138,783 17,333 138,783 Silver bullion sold to pay expenses 5,713,033 2,926,466 12,431,608 6,118,434 Silver bullion distributed for the redemption of Shares 897,833,804 269,781,344 1,825,394,411 765,560,025 Net realized gain 903,564,170 272,846,593 1,837,843,352 771,817,242 Net change in unrealized appreciation/depreciation 4,093,112,014 544,712,454 6,385,088,084 2,451,095,160 Net realized and unrealized gain 4,996,676,184 817,559,047 8,222,931,436 3,222,912,402 Net in

Notes to Financial Statements (Unaudited)

Notes to Financial Statements (Unaudited) September 30, 2025 1 - Organization The iShares Silver Trust (the "Trust") was organized on April 21, 2006 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 Third 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 silver. 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 silver. 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 o

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