IBIT's 10-K Is A Structural Document, Not An Earnings Story
BlackRock's iShares Bitcoin Trust filed its annual report on February 27, 2026. Reading it like a corporate 10-K misses what actually matters.
Filing Summaries
Notes that pull the important parts of SEC filings into context for covered companies and ETF wrappers.
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RIOT's Q1 10-Q: Mining Economics Meet A $1.07 Billion Bitcoin Balance Sheet
Riot Platforms' first-quarter filing shows a miner carrying material Bitcoin treasury exposure alongside direct operating leverage to hashrate and energy costs.
FBTC's First Annual 10-K: The Wrapper Tells You What It Can
Fidelity's spot Bitcoin ETF filed its first full-year 10-K on February 25. The document confirms the mechanics. It cannot tell you anything about Bitcoin.
MARA's 10-K: the miner that is becoming a treasury company
MARA's fiscal 2025 annual filing shows a Bitcoin miner where the balance sheet now competes with the rigs as the dominant equity driver.
Robinhood's Q1 10-Q: $1.07 billion in revenue and a crypto-sensitive model facing a 32% YTD drawdown
HOOD crossed a billion in quarterly revenue, but a fear-regime crypto tape and a 32% YTD decline make the revenue mix the central question.
IBIT's Q1 10-Q Tells You Almost Nothing, And That Is The Point
BlackRock's spot Bitcoin ETF filed its Q1 2026 10-Q on May 7. The filing is a structural formality. The real read sits in Bitcoin price, flows, and AUM.
Coinbase Posted $1.41 Billion In Q1. The Tape It Lands Into Looks Worse.
COIN's Q1 revenue was earned in a different crypto market than the one it now operates in. The Q2 print is where the exchange model gets tested.
FBTC's Q1 10-Q Is Clean. The Tape Around It Is Not.
Fidelity's spot Bitcoin ETF filed a routine quarterly report on May 6, with near-maximum Bitcoin exposure and a watchlist-level filing risk read, while the macro tape sits in fear sentiment and a Bitcoin-led regime.
Galaxy Digital's Q1 10-Q lands into a Bitcoin-led tape running on fear
GLXY filed its March quarter 10-Q on May 8 with $10.04 billion in revenue, and the filing arrives just as Bitcoin dominance climbs and crypto sentiment sits in fear.
MARA's Q1 10-Q: A $2.41 Billion Bitcoin Pile Now Runs The Equity
MARA's first-quarter filing shows $174.6 million in revenue alongside a Bitcoin treasury that dominates the equity's risk profile.