Net assets increased from $1,359,466,882 at December 31, 2024, to $6,029,172,796 at December 31, 2025, representing a 343.50% increase. Outstanding Shares grew from 52,200,000 at December 31, 2024, to 140,400,000 at December 31, 2025, with 105,000,000 shares created and 16,800,000 shares redeemed during the year. The price of gold increased by 65.00% from $2,610.85 at December 31, 2024, to $4,307.95 at December 31, 2025. Net Asset Value (NAV) per Share increased by 64.90% from $26.04 at December 31, 2024, to $42.94 at December 31, 2025. Net increase in net assets resulting from operations for the year ended December 31, 2025, was $1,598,557,846. The Trust is a passive investment vehicle designed to reflect the performance of the price of gold before expenses and liabilities. The Sponsor has voluntarily waived a portion of its fees, resulting in an annualized rate of 0.07% of the Trust's net asset value through June 30, 2027. BlackRock's Board of Directors and its Risk Committee are actively engaged in the oversight of BlackRock's risk management program, including cybersecurity threats, which also applies to the Trust.