BlackRock Bitcoin And Ether ETFs Show $7.7 Billion Net Creations In Q3

BlackRock's iShares Bitcoin Trust ETF (IBIT), iShares Ethereum Trust ETF (ETHA) and iShares Staked Ethereum Trust ETF (ETHB) each filed a quarterly report, called a 10-Q, with the US Securities and Exchange Commission, signed on 6th November. All three cover the three months to 30th September 2026. The funds are exchange-traded funds (ETFs) that hold bitcoin or ether directly and issue shares against them. Net creations are shares issued minus shares redeemed, measured in dollars.

Three Funds, One Quarter Of Flows

IBIT's 10-Q reports $7.80 billion of contributions for shares issued and $2.67 billion paid out for shares redeemed in the quarter, a net $5.13 billion. Shares outstanding rose by 56.08 million to 1.41 billion. It held 801,033 bitcoin (BTC) at 30th September.

ETHA's 10-Q shows $2.71 billion issued, $0.47 billion redeemed and a net $2.23 billion. It held 3,675,697 ether (ETH).

ETHB's 10-Q shows $388.9 million issued, $24.1 million redeemed and a net $364.8 million. It held 441,284 ETH.

Net Assets At 30th September

Net assets are the value of what a fund holds, so they move with the market value of the coins as well as with creations and redemptions. At 30th September they stood at $67.03 billion for IBIT (up from $43.39 billion at 30th June), $9.90 billion for ETHA (from $4.29 billion) and $1.19 billion for ETHB (from $459.4 million).

For IBIT, the filing splits the $23.65 billion increase into $5.13 billion from share transactions and $19.10 billion of net change in unrealised appreciation, a figure for gains on holdings not yet sold. ETHA's unrealised change was $3.55 billion and ETHB's $365.0 million. Those figures describe the quarter to 30th September, not the position now.

What iShares' Own Pages Show Since

IBIT's filing cover reports 1,434,080,000 shares outstanding at 31st October. iShares' IBIT page shows 1,415,720,000 as of 6th November, 18.36 million fewer, and net assets of $60.70 billion on that date. The 6th November count is still 0.96 million above the 1,414,760,000 reported for 30th September.

ETHA's 10-Q states 136,813,284 shares at 31st October. Its page shows 131,773,284 as of 6th November, 5.04 million fewer, with net assets of $6.64 billion. ETHB went from 32,520,000 to 30,880,000 on its page, with net assets of $886.6 million.

These are changes in share counts, not dollar flows. The pages give no daily flow figures. Net assets on 6th November also reflect that day's coin values, so they are not comparable with the 30th September totals as a flow measure.

ETHA's Reverse Split

ETHA carried out a one-for-three reverse split on 6th October, after the quarter ended. The filing restates earlier share counts and per-share figures to match, so the 162,426,667 shares at 30th September are already on the new basis. On that basis, ETHA's count was 25.6 million lower by 31st October and a further 5.04 million lower by 6th November, a total drop of 18.9 percent from 30th September (our calculation). According to the filing, the split proportionately decreased the number of shares and increased the net asset value per share, without changing the aggregate value of the trust's assets.

Fees

IBIT's sponsor fee accrues daily at an annualised 0.25 percent of net asset value, with no waiver this year. The fee charged in the quarter was $33.9 million, against $53.3 million in the same quarter of 2025. For nine months it was $106.1 million.

ETHA's fee also runs at 0.25 percent and was $4.33 million for the quarter, against $7.92 million a year earlier, before a $204,795 waiver. ETHB carries the same 0.25 percent headline rate, but the sponsor has waived part of it for twelve months from 12th March 2026, so that it equals 0.12 percent on the first $2.5 billion of assets. ETHB's quarterly fee was $660,434 before a $243,743 waiver.

What ETHB Adds

ETHB stakes part of its ether, which the filing describes as staking through staking service providers to earn staking rewards, with the trust retaining control of the ether. Since its seeding on 14th January 2026 it has earned $4.26 million in staking rewards, shown net of validator and staking provider fees. It also made distributions to shareholders of $2.62 million in the quarter, which IBIT and ETHA did not. Our explainer on how Ethereum staking works sets out how rewards and risks arise.

What Is Not Shown

The filings do not say who bought or sold, or why. The product pages give share counts and net assets, not creations and redemptions by day. Other issuers' funds were not examined here, so these figures describe BlackRock's three trusts only.

Our earlier look at daily US fund flows in late October used a different data source and covers a different period. For background, see our explainers on how Bitcoin works and what Ethereum is.