10-Q/A: GraniteShares Platinum Trust Reports Strong Q3 Growth

GraniteShares Platinum Trust saw its net assets surge by 51.7% to $129.3 million in Q3 2025, driven by a significant increase in platinum prices and share creations.

Summary

• Net assets increased by 51.7% from $85.206 million on June 30, 2025, to $129.274 million on September 30, 2025.
• The net asset value per share rose by 16.22%, from $13.01 to $15.12, during the quarter.
• The price of platinum increased by 16.37%, moving from $1,350.00 per ounce on June 30, 2025, to $1,571.00 per ounce on September 30, 2025.
• Shares outstanding increased by 2,000,000, or 30.53%, due to 41 baskets created and 1 basket redeemed.
• Net increase in net assets resulting from operations for the quarter was $15.777 million, primarily from $15.734 million in unrealized appreciation on platinum investment.
• Sponsor fees for the quarter amounted to $117,000, representing 0.5% of the Trust's average weighted net assets.

Sentiment

Score: 8

Explanation: The Trust experienced substantial growth in net assets and net asset value per share, driven by a strong increase in platinum prices and significant share creations, indicating robust investor interest and favorable market conditions for platinum.

Positives

• Net assets increased significantly by 51.7% to $129.274 million.
• Net asset value per share grew by 16.22% to $15.12.
• The underlying platinum price appreciated by 16.37% during the quarter.
• The Trust experienced a net increase in net assets from operations of $15.777 million, a substantial improvement from a net decrease in the prior year period.
• Strong investor interest led to the creation of 2,050,000 shares, contributing $28.940 million to net assets.

Negatives

• The Trust incurred a net investment loss of $117,000, primarily due to sponsor fees.
• The net asset value per share increase was slightly less than the platinum price increase on a percentage basis due to sponsor fees.

Risks

• The Trust's sole business activity is investment in platinum, making it highly susceptible to fluctuations in platinum prices.
• Factors affecting platinum price include global supply and demand, production costs, recycling, autocatalyst, industrial, jewelry, and investment demand.
• Investor expectations regarding inflation, currency exchange rates, interest rates, and investment activities of hedge and commodity funds can impact platinum prices.
• Global or regional political, economic, or financial events and situations could materially affect the Trust's financial position.
• There is no assurance that platinum will maintain its long-term value in terms of purchasing power.
• A decline in the price of platinum is expected to cause a proportionate decline in the value of an investment in the Shares.

Future Outlook

The Trust's investment objective is for the Shares to reflect the performance of the price of platinum, less the Trust's expenses. It is not managed like an active investment vehicle. The Sponsor does not assume responsibility for the accuracy or completeness of any forward-looking statements and is not under a duty to update them to conform to actual results or changes in expectations.

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."

Industry Context

The GraniteShares Platinum Trust operates as a passive investment vehicle, providing investors with exposure to the price of physical platinum. Its performance is directly tied to the London Bullion Market Association (LBMA) Platinum Price PM, positioning it within the broader precious metals market. The Trust's structure as a grantor trust, not registered under the Investment Company Act of 1940, aligns with similar physically-backed commodity ETFs designed for direct commodity price tracking.

Comparison to Industry Standards

• The 0.50% annualized sponsor fee is a key metric for comparison against other physically-backed platinum ETFs, such as Aberdeen Standard Physical Platinum Shares ETF (PPLT) or ZKB Physical Platinum ETF (ZPLT), which typically have expense ratios in a similar range, making GraniteShares Platinum Trust competitive in terms of cost-effectiveness for passive platinum exposure.
• The Trust's objective to reflect the performance of platinum price, less expenses, is a standard model for commodity-backed investment products, providing a transparent and direct correlation to the underlying asset.

Corporate Governance

Related Party Transactions

• A fee is paid to the Sponsor, GraniteShares LLC, at an annualized rate of 0.50% of the Trust's Net Asset Value, accrued daily and paid monthly in arrears.
• The Sponsor assumes various administrative and marketing expenses incurred by the Trust, including Trustee fees, Custodian fees, exchange listing fees, SEC registration fees, printing, mailing, audit, and certain legal expenses (up to $500,000 per annum).
• Affiliates of The Bank of New York Mellon (the Trustee) may act as Authorized Participants or purchase/sell platinum or Shares for their own account or as agents for customers.

Stakeholder Impact

• Shareholders: Directly benefit from the 16.22% increase in Net Asset Value per Share due to platinum price appreciation and the overall growth in net assets.
• Sponsor (GraniteShares LLC): Benefits from increased assets under management, leading to higher sponsor fees ($117,000 for the quarter).
• Authorized Participants: Continue to facilitate market liquidity through creation and redemption activities, earning a $500 transaction fee per Basket.

Next Steps

• The Trust will continue its ongoing operations of issuing and redeeming Baskets in exchange for platinum with Authorized Participants.

Key Dates

Recommendation

The Trust's performance is directly tied to the price of platinum, and the strong Q3 results reflect a significant appreciation in the commodity's value. As a passive investment vehicle, its operational performance is consistent with its mandate. An investor's decision should primarily be based on their independent outlook for platinum prices. Given the recent strong performance, the current price likely reflects these gains, suggesting a 'Hold' for those with a neutral to moderately positive long-term view on platinum, rather than a 'Buy' based solely on past performance.

Keywords

Platinum, Investment Trust, Precious Metals, PLTM, GraniteShares, Commodity, Bullion, SEC Filing, 10-Q/A, ETF