10-K: iShares Silver Trust Reports 184% Net Asset Surge in 2025

iShares Silver Trust's net asset value jumped 183.90% to $38.04 billion in 2025, fueled by a 149.01% increase in silver prices and higher outstanding shares.

Summary

• Net asset value increased from $13.40 billion at December 31, 2024, to $38.04 billion at December 31, 2025, representing a 183.90% increase.
• The price of silver rose 149.01% from $28.91 at December 31, 2024, to $71.99 at December 31, 2025.
• Outstanding Shares increased from 508,950,000 at December 31, 2024, to 582,950,000 at December 31, 2025, reflecting 411,600,000 shares created and 337,600,000 shares redeemed during the year.
• Net increase in net assets resulting from operations for 2025 was $21.30 billion, including a $17.75 billion unrealized gain on investment in silver bullion.
• The Trust is a grantor trust designed to reflect the performance of silver prices, with assets primarily consisting of silver bullion held by a custodian.
• The Sponsor, iShares Delaware Trust Sponsor LLC (a consolidated subsidiary of BlackRock, Inc.), assumes most administrative and marketing expenses, including audit fees and up to $500,000 annually in legal fees.
• The Trust's silver is valued daily using the LBMA Silver Price, determined by an electronic auction administered by ICE Benchmark Administration (IBA).
• BlackRock's Enterprise Risk Management (ERM) framework, including a dedicated Technology Risk and Cybersecurity Committee (TRCC), oversees the Trust's cybersecurity risk management and strategy.

Sentiment

Score: 9

Explanation: StockSavvy.ai views this as highly positive due to the exceptional growth in net asset value and silver price, indicating strong market performance and investor interest in the Trust's underlying asset. The effective internal controls further bolster confidence.

Positives

• Net asset value increased by 183.90% to $38.04 billion in 2025, demonstrating significant growth.
• The price of silver increased by 149.01% to $71.99 per ounce in 2025, indicating a strong market for the underlying asset.
• Outstanding Shares increased by 74,000,000 in 2025, suggesting robust investor demand for the Trust's shares.
• Net increase in net assets resulting from operations was $21.30 billion for the year ended December 31, 2025, a substantial improvement over prior periods.
• The Trust reported a significant unrealized gain on investment in silver bullion of $17.75 billion in 2025.
• Management concluded that disclosure controls and procedures and internal control over financial reporting were effective as of December 31, 2025.
• No cybersecurity risks materially affected the Trust's objective, results of operations, or financial condition as of December 31, 2025.

Negatives

• The Trust's only ordinary recurring expense is the Sponsor's fees, which were $95,546,277 for 2025, causing the NAV to increase slightly less than the silver price on a percentage basis.
• The amount of silver represented by each Share will decrease over the life of the Trust due to sales of silver necessary to pay the Sponsor's fees and other Trust expenses, requiring silver price increases to maintain Share price.
• U.S. Shareholders who are individuals are subject to a maximum 28% long-term capital gains tax rate for silver, which is higher than the current maximum 20% rate for most other long-term capital gains.
• A 3.8% tax on net investment income applies to certain U.S. Shareholders who are individuals, estates, and trusts.

Risks

• Actual or perceived disruptions in the processes used to determine the LBMA Silver Price, or lack of confidence in that benchmark, may adversely affect the return on investment.
• Future governmental decisions, such as regulations applicable to U.S. banks and non-U.S. bank entities trading in physical commodities, may significantly impact the price of silver.
• The Trust holds only silver, making its net asset value potentially more volatile than a more broadly diversified portfolio.
• Demand for silver may temporarily exceed available supply, potentially hindering the creation of Baskets and leading to price volatility and deviations in the market price of Shares relative to the NAV.
• A sudden increase in demand for Shares that temporarily exceeds supply may result in price volatility not directly correlated to the price of silver.
• The trading price of the Shares has been, and could continue to be, highly volatile due to various factors including economic conditions, hedging activity, speculator sentiment, global supply and demand, geopolitical events, inflation expectations, interest rates, and investor confidence.
• The amount of silver represented by each Share will decrease over the life of the Trust due to sales of silver necessary to pay the Sponsor's fees and other Trust expenses, requiring silver price increases to offset this decline.
• The Trust is a passive investment vehicle and is not actively managed to mitigate losses from price decreases.
• Shares may trade at a discount or premium to their NAV, influenced by non-concurrent trading hours between major silver markets and NYSE Arca.
• The costs inherent in buying or selling the Shares, such as brokerage commissions and bid-ask spreads, may significantly detract from investment results.
• Competition from other methods of investing in silver could limit the market for the Shares and reduce their liquidity.
• The liquidation of the Trust may occur at a time when the disposition of silver results in losses to investors.
• The liquidity of the Shares may be adversely affected by the withdrawal of Authorized Participants.
• Redemptions of Baskets may be suspended during market disruptions, potentially leading to losses for Authorized Participants and reduced secondary market liquidity for all Shareholders.
• Holders of 75% of the Shares have the power to terminate the Trust, which could force investors to find alternative investment vehicles.
• The lack of an active trading market for the Shares may result in losses at the time of disposition.
• Difficulties in the creation and redemption process or illiquidity in the physical silver market could cause the price of Shares to diverge from the NAV.
• As an owner of Shares, investors do not have the rights normally associated with ownership of other types of shares (e.g., voting, dividends).
• The Trust is not registered as an investment company or commodity pool, meaning owners of Shares lack the regulatory protections afforded to investors in such entities.
• The value of the Shares will be adversely affected if the Trust is required to indemnify the Sponsor or the Custodian under the Trust Agreement and Custodian Agreement.
• The Trust is exposed to various operational risks, including human error, information technology failures, and non-compliance, which may not be fully mitigated by service provider safeguards.
• The Trust may be negatively impacted by the effects of the spread of illnesses or other public health emergencies on the global economy, markets, and service providers.
• The Trust relies on the information and technology systems of its Service Providers, exposing it to cybersecurity incidents that could cause financial losses, operational disruption, or disclosure of confidential information.
• Conflicts of interest may occur as the Sponsor and its affiliates manage other accounts, funds, or trusts that invest in silver bullion or other precious metals.
• The Sponsor and the Trustee may amend the Trust Agreement without Shareholder consent, potentially increasing fees or prejudicing substantial rights of Shareholders.
• The bullion custody operations of the Custodian are not subject to specific governmental regulatory supervision, relying on LBMA best practices.
• The value of the Shares will be adversely affected if silver owned by the Trust is lost or damaged in circumstances where the Trust cannot recover the corresponding loss, as the Custodian's liability is limited.
• The Custodian has no obligation to replace lost silver under circumstances for which it is liable, and its liability is limited to the market value at the time of loss.
• The choice of English law to govern the Custodian Agreement may limit the Trust's ability to seek legal redress against the Custodian in U.S. courts.
• Shareholders and Authorized Participants lack the right under the Custodian Agreement to assert claims directly against the Custodian.
• Silver transferred to the Trust in connection with the creation of Baskets may not be of the quality required, potentially leading to losses if the Trust inadvertently issues Shares for inferior silver.
• The Trust does not insure its silver, and the Custodian's insurance is for its own benefit, exposing Shareholders to the risk of loss for which no person is liable.
• Activities by Malaysia Airport Holdings Berhad with Iran Airtour, in which BlackRock affiliates hold a minority interest, are disclosed under Section 13(r) and could pose reputational or other risks.

Future Outlook

The report includes cautionary notes regarding forward-looking statements, indicating that actual events or results may differ materially from predictions. These differences could arise from changes in commodity prices, market conditions, laws or regulations (including taxes), governmental actions, and other world economic and political developments. The Sponsor does not guarantee the accuracy of forward-looking statements and is not obligated to update them to reflect actual results or changes in expectations.

Management Comments

• The Sponsor does not make forward-looking statements unless it believes it has a reasonable basis for doing so, the Sponsor cannot guarantee their accuracy.
• Neither the Trust nor the Sponsor is under any duty to update any of the forward-looking statements to conform such statements to actual results or to a change in the expectations or predictions.
• The Sponsors management concluded that the Trust maintained effective internal control over financial reporting as of December 31, 2025.
• As of December 31, 2025, BlackRock is not aware of any cybersecurity risks that have materially affected or are reasonably likely to materially affect BlackRocks business strategy, results of operations or financial condition.

Industry Context

StockSavvy.ai notes that the iShares Silver Trust's exceptional performance in 2025, marked by a 183.90% increase in net asset value and a 149.01% surge in silver prices, reflects a robust bullish trend in the broader precious metals market. This strong performance likely indicates heightened investor interest in silver, potentially driven by factors such as inflation concerns, geopolitical uncertainties (e.g., the Russia-Ukraine conflict mentioned as a risk factor), or increased industrial demand. The significant growth in outstanding shares further underscores the market's appetite for accessible silver exposure through an ETF structure, positioning the Trust to capitalize directly on these favorable market conditions due to its passive investment strategy.

Comparison to Industry Standards

• The filing does not provide specific comparisons to other comparable companies, projects, or results within the industry.

Management Changes

Corporate Governance

Legal Proceedings

• The Trust received a payment of $17,333 in 2025 and $138,783 in 2024 from a class action settlement related to silver, indicating past legal proceedings.

Related Party Transactions

• The Sponsor, iShares Delaware Trust Sponsor LLC (a consolidated subsidiary of BlackRock, Inc.), is a related party and earned $95,546,277 in fees for the year ended December 31, 2025, while assuming certain Trust expenses.
• The Trustee, The Bank of New York Mellon, is a related party.
• Certain funds and entities affiliated with Global Infrastructure Management, LLC, a consolidated subsidiary of BlackRock, Inc., obtained a minority non-controlling interest in Malaysia Airport Holdings Berhad in March 2025. Malaysia Airport Holdings Berhad subsequently engaged in activities with Iran Airtour in November 2025, which is disclosed under Section 13(r) of the Exchange Act.

Stakeholder Impact

• Shareholders: Directly impacted by the price of silver and Trust expenses. The significant increase in silver prices in 2025 led to substantial gains for shareholders. They are also subject to specific tax rules for collectibles.
• Authorized Participants: Benefit from arbitrage opportunities by creating and redeeming Baskets, which helps maintain the market price of Shares close to NAV. Their ability to acquire and deliver silver is crucial for market liquidity.
• Sponsor (BlackRock): Benefits from increased Sponsor fees due to the growth in the Trust's net asset value. Responsible for the overall management and oversight of the Trust.
• Custodian (JPMorgan Chase Bank N.A., London Branch): Responsible for the safekeeping of the Trust's silver, with its liability limited under the Custodian Agreement.
• Regulators (SEC, FCA): Oversee the Trust's compliance with securities laws and market integrity, particularly concerning the LBMA Silver Price benchmark.

Next Steps

• The Trustee will continue to evaluate the silver held by the Trust and determine the net asset value daily.
• The Sponsor will continue to make annual, quarterly, and current reports available free of charge on its website.
• The Sponsor expects to use the powers granted by the Trust's governing documents to seek to replace the LBMA Silver Price with a more reliable indicator of value if the current benchmark's reliability changes.

Key Dates

Recommendation

The iShares Silver Trust demonstrated exceptional performance in 2025, with net asset value soaring by 183.90% driven by a 149.01% increase in silver prices. This indicates robust demand for silver and strong investor confidence in the Trust as a vehicle for silver exposure. While the Trust is a passive investment and subject to silver price volatility, the significant gains and effective internal controls suggest a compelling opportunity for investors seeking exposure to the silver market. The increase in outstanding shares further underscores positive market sentiment, making it a strong buy for those bullish on silver.

Keywords

Silver, iShares Silver Trust, SLV, ETF, Precious Metals, Commodity, BlackRock, SEC Filing, 10-K, Financial Report, Net Asset Value, LBMA Silver Price, Investment, Grantor Trust, Cybersecurity, Risk Management, Market Volatility, Bullion, Custodian, Financial Performance