10-Q: GraniteShares Platinum Trust Reports Strong Q2 Growth

GraniteShares Platinum Trust reported significant growth in net assets and share value for the quarter and six months ended December 31, 2025, driven by rising platinum prices and increased share creations.

Summary

• Net assets increased by 80.9% to $233,824,339 for the quarter ended December 31, 2025, from $129,274,099 on September 30, 2025.
• Net assets increased by 174.4% to $233,824,339 for the six months ended December 31, 2025, from $85,206,010 on June 30, 2025.
• Shares outstanding grew from 8,550,000 to 12,000,000 during the quarter, and from 6,550,000 to 12,000,000 over the six-month period.
• The price of platinum appreciated by 29.0% from $1,571.00 to $2,027.00 per ounce during the quarter.
• The price of platinum appreciated by 50.1% from $1,350.00 to $2,027.00 per ounce over the six-month period.
• Net asset value per share rose by 28.9% to $19.49 for the quarter and 49.8% for the six months ended December 31, 2025.
• The Trust recorded a net increase in net assets from operations of $39,182,189 for the quarter and $54,959,128 for the six months, primarily due to unrealized gains on platinum investments.
• Sponsor fees amounted to $194,905 for the quarter and $311,766 for the six months ended December 31, 2025.

Sentiment

Score: 9

Explanation: StockSavvy.ai views this as a highly positive report, reflecting robust growth in net assets and share value driven by a strong platinum market and increased investor participation. The Trust is effectively meeting its investment objective.

Positives

• Net assets experienced substantial growth, increasing by 80.9% for the quarter and 174.4% for the six months ended December 31, 2025.
• Platinum prices showed strong appreciation, rising 29.0% during the quarter and 50.1% over the six-month period.
• The number of shares outstanding significantly increased, indicating robust investor interest and capital inflow into the Trust.
• The Trust generated a positive net increase in net assets from operations of $39.18 million for the quarter and $54.96 million for the six months, driven by unrealized gains on platinum.
• The net asset value per share reached a high of $22.06 on December 24, 2025, reflecting strong performance.

Negatives

• The Trust incurred a net investment loss of $195,000 for the quarter and $312,000 for the six months ended December 31, 2025, primarily due to Sponsor fees.
• Net asset value per share increased slightly less than the percentage increase in platinum price due to the impact of Sponsor fees.

Risks

• The price of platinum is subject to various factors including global supply and demand, production costs, recycling, autocatalyst demand, industrial demand, jewelry demand, and investment demand.
• Investors' expectations regarding inflation rates can influence platinum prices.
• Currency exchange rates and interest rates can affect the value of platinum.
• Investment and trading activities of hedge funds and commodity funds may impact platinum prices.
• Global or regional political, economic, or financial events and situations pose risks to platinum prices.
• There is no guarantee that platinum will maintain its long-term value in terms of purchasing power.
• A decline in the price of platinum is expected to lead to a proportionate decline in the value of the Shares.
• The Trust indemnifies the Trustee and Sponsor against certain liabilities, with the maximum exposure under these arrangements currently unknown.

Future Outlook

The Trust's investment objective is for the value of its Shares to reflect the performance of the price of platinum, net of expenses. The Sponsor believes the Shares offer a cost-effective investment similar to direct platinum investment. The Trust does not anticipate any material changes to its liquidity needs based on current trends, demands, commitments, events, or uncertainties.

Management Comments

• "The Sponsor believes that, for many investors, the Shares will represent a cost-effective investment relative to traditional means of investing in platinum."
• "The Trust is not aware of any trends, demands, commitments, events or uncertainties that are reasonably likely to result in material changes to its liquidity needs."
• "There has been no change in the internal control over financial reporting that occurred during the fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Trusts internal control over financial reporting."

Industry Context

StockSavvy.ai notes that the significant appreciation in platinum prices during the reported periods aligns with broader trends in precious metals and commodities, often driven by inflation concerns, geopolitical instability, and industrial demand. The strong growth in shares outstanding suggests increasing investor appetite for direct exposure to platinum via accessible investment vehicles like ETFs, reflecting a potential shift in asset allocation towards hard assets.

Comparison to Industry Standards

• The Trust's total return ratio at net asset value of 28.90% for the quarter and 49.81% for the six months closely tracks the underlying platinum price increase of 29.0% and 50.1% respectively, indicating efficient management and minimal tracking error relative to direct platinum investments.
• The substantial increase in shares outstanding and net assets suggests strong market acceptance and competitive positioning within the commodity ETF sector, comparable to how other single-commodity ETFs (e.g., SPDR Gold Shares (GLD) or iShares Silver Trust (SLV)) attract capital during periods of rising commodity prices and investor demand for inflation hedges.

Related Party Transactions

• A fee is paid to GraniteShares LLC (the Sponsor) for services, calculated at an annualized rate of 0.50% of the Trust's Net Asset Value, accrued daily and paid monthly in arrears.
• Affiliates of The Bank of New York Mellon (the Trustee) may, from time to time, act as Authorized Participants or purchase or sell platinum or Shares for their own account, as agent for their customers, and for accounts over which they exercise investment discretion.

Stakeholder Impact

• Shareholders: Directly benefit from the significant appreciation in platinum prices and the corresponding increase in Net Asset Value per share, along with enhanced liquidity due to increased shares outstanding.
• Sponsor (GraniteShares LLC): Benefits from higher Sponsor fees as the Trust's net assets grow.
• Authorized Participants: Continue to facilitate the creation and redemption of Baskets, earning transaction fees.
• Custodian (ICBC Standard Bank Plc): Continues to hold platinum on behalf of the Trust and receives associated fees.

Next Steps

• Management is evaluating the impacts of Accounting Standards Update 2023-09 (Income Taxes) on the Trust's financial statements, which is effective for annual periods beginning after December 15, 2024.

Key Dates

Recommendation

The GraniteShares Platinum Trust has demonstrated exceptional performance, with net assets surging over 174% in six months and NAV per share increasing nearly 50%, directly reflecting a robust platinum market. The Trust effectively tracks platinum prices, offering a cost-effective investment vehicle. Given the strong underlying commodity performance and increasing investor interest, a seasoned investor would view this as a compelling opportunity for exposure to platinum, warranting a strong buy recommendation.

Keywords

Platinum, Investment Trust, Commodity, PLTM, GraniteShares, LBMA Platinum Price, Precious Metals, NAV, SEC Filing, 10-Q, Financial Report, Q2 2026