UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended ~~September~~December 3031, 2024

☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Transition Period from ___________ to _____________

Commission File Number: 001-38349

GRANITESHARES PLATINUM TRUST

(Exact name of registrant as specified in its charter)

New York

82-6644954

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer

Identification No.)

c/o GraniteShares Inc

~~205~~222 ~~Hudson Street~~Broadway, ~~7th~~21st Floor

New York, New York ~~10013~~10038

(Address of principal executive offices)

Registrant’s telephone number, including area code:

(646) 876-5096

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes ☐ No ☒

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☐	Accelerated filer	☐
Non accelerated filer	☐	Smaller reporting company	☒
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of ~~November~~February 0803, ~~2024~~2025, the Registrant had 45,~~650~~400,000 Shares outstanding.

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Shares		PLTM		NYSE Arca, Inc.

GRANITESHARES PLATINUM TRUST

FORM 10-Q

FOR THE QUARTER ENDED ~~September~~DECEMBER 3031, 2024

INDEX

PART I. FINANCIAL INFORMATION
Item 1.	Financial Statements	3
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	1112
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	1214
Item 4.	Controls and Procedures	1214
PART II. OTHER INFORMATION
Item 1.	Legal Proceedings	1315
Item 1A.	Risk Factors	1315
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	1315
Item 3.	Defaults Upon Senior Securities	1315
Item 4.	Mine Safety Disclosures	1315
Item 5.	Other Information	1315
Item 6.	Exhibits	1315
SIGNATURES		1416

PART I - FINANCIAL INFORMATION:

Item 1. Financial Statements

Statements of Assets and Liabilities

At ~~September~~December 3031, 2024 (unaudited) and June 30, 2024

Amounts in 000’s of US$, except share and per share data	~~September~~December 3031, 2024 ~~(unaudited)~~		June 30, 2024
	(unaudited)
Assets
Investment in platinum, at fair value(1)	$	41,932	$	43,136
Investment in platinum, at fair value (1)	$	45,924	$	43,136
Total Assets	$	4145,~~932~~924	$	43,136
Liabilities
Fees payable to Sponsor	$	1719	$	17
Total Liabilities		1719		17
Net Assets	$	4145,~~915~~905	$	43,119
Shares issued and outstanding(2)		4,400,000		4,400,000
Shares issued and outstanding (2)		5,200,000		4,400,000
Net asset value per Share	$	98.5383	$	9.80

	(1)	Cost of investment in platinum: $4350,~~314~~479 and $43,369, respectively.
	(2)	No par value, unlimited amount authorized.

See Notes to the Financial Statements

Schedules of Investments

At ~~September~~December 3031, 2024 (unaudited) and June 30, 2024

Amounts in 000’s of US$, except for ounces and percentages

September 30, 2024 (unaudited)	Ounces of platinum		Cost		Value			% of Net Assets
December 31, 2024 (unaudited)	Ounces of platinum		Cost		Value			% of Net Assets
Platinum		4250,~~570~~244.~~323~~872	$	4350,~~314~~479	$	4145,~~932~~924			100.04	%
Total investment			$	4350,~~314~~479	$	4145,~~932~~924			100.04	%
Liabilities in excess of other assets					$	(17	)		(0.04	)%
Assets in excess of liabilities					$	(19	)		(0.04	)%
Net assets					$	41,915			100.00	%
Net Assets					$	45,905			100.00	%

June 30, 2024	Ounces of platinum		Cost		Value			% of Net Assets
Platinum		42,625.054	$	43,369	$	43,136			100.04	%
Total investment			$	43,369	$	43,136			100.04	%
Liabilities in excess of other assets					$	(17	)		(0.04	)%
Net assets					$	43,119			100.00	%
Net Assets					$	43,119			100.00	%

See Notes to the Financial Statements

Statements of Operations (~~unaudited~~Unaudited)

For the three and six months ended ~~September~~December 3031, 2024, and 2023

Amounts in 000’s of US$, except per share data	Three Months Ended ~~September~~December 3031, 2024			Three ~~Months~~Month Ended ~~September~~December 3031, 2023			Six Months Ended December 31, 2024			Six Months Ended December 31, 2023
Expenses
Sponsor fees	$	5255		$	4745		$	107		$	92
Total expenses		5255			4745			107			92
Net investment loss		(5255	)		(4745	)		(107	)		(92	)
Net realized and unrealized gains (losses)
Net realized and unrealized gain (loss)
Net realized gain (loss) from:
Platinum bullion sold to pay expenses		(34	)		(6	)		(7	)		(12	)
Platinum bullion distributed for the redemption of Shares		-(154	)		(~~168~~44	)		(154	)		(212	)
Net realized gain (loss)		(3158	)		(~~174~~50	)		(161	)		(224	)
Net change in unrealized appreciation (depreciation)		(13,~~149~~173	)		13,~~487~~353			(4,322	)		4,840
Net realized and unrealized gain (loss)		(13,~~152~~331	)		13,~~313~~303			(4,483	)		4,616
Net increase (decrease) in net assets resulting from operations	$	(13,~~204~~386	)	$	13,~~266~~258		$	(4,590	)	$	4,524
Net increase (decrease) in net assets per share	$	(0.2771	)	$	0.3180		$	(1.00	)	$	1.11
Weighted average number of shares (in 000’s)		4,~~400~~739			4,~~120~~059			4,569			4,089

See Notes to the Financial Statements

Statements of Changes in Net Assets (~~unaudited~~Unaudited)

For the three and six months ended ~~September~~December 3031, 2024 and 2023

Amounts in 000’s of US$	Three Months Ended ~~September~~December 3031, 2024			Three Months Ended ~~September~~December 3031, 2023			Six Months Ended December 31, 2024			Six Months Ended December 31, 2023
Net Assets – beginning of the period	$	43,119		$	34,919
Net Assets – beginning of period	$	41,915		$	36,334		$	43,119		$	34,919
Creations of 0 and 450,000 shares respectively		-			3,960
Creations of 1,000,000, 50,000, 1,000,000 and 500,000 shares respectively		9,163			413			9,163			4,372
Redemptions of 0 and (400,000) shares respectively		-			(3,811	)
Redemptions of 200,000, 50,000, 200,000 and 450,000 shares respectively		(1,787	)		(453	)		(1,787	)		(4,263	)
Net investment income (loss)		(5255	)		(4745	)		(107	)		(92	)
Net realized gain (loss) from platinum bullion sold to pay expenses		(34	)		(6	)		(7	)		(12	)
Net realized gain (loss) from platinum bullion distributed for redemptions		-(154	)		(~~168~~44	)		(154	)		(212	)
Net change in unrealized appreciation (depreciation) on investment in platinum bullion		(13,~~149~~173	)		13,~~487~~353			(4,322	)		4,840
Net Assets – end of period	$	4145,~~915~~905		$	3639,~~334~~552		$	45,905		$	39,552

See Notes to the Financial Statements

Financial Highlights (~~unaudited~~Unaudited)

For the three and six months ended ~~September~~December 3031, 2024 and 2023

Per Share Performance (for a Share outstanding throughout each period)	Three Months Ended ~~September~~December 3031, 2024			Three Months Ended ~~September~~December 3031, 2023			Six Months Ended December 31, 2024			Six Months Ended December 31, 2023
Net asset value per Share at beginning of period	$	9.8053		$	8.7397		$	9.80		$	8.73
Net investment income (loss) (1)		(0.01	)		(0.01	)
Net investment income (loss)(1)		(0.01	)		(0.01	)		(0.02	)		(0.02	)
Net realized and unrealized gain (loss) on investment in platinum		(0.2669	)		0.2581			(0.95	)		1.06
Net change in net assets from operations		(0.2770	)		0.2480			(0.97	)		1.04
Net asset value per Share at end of period	$	98.5383		$	89.9777		$	8.83		$	9.77
Market value per Share at end of period	$	98.5179		$	89.8165		$	8.79		$	9.65
Total return ratio, at net asset value(2)		(27.7635	)%		28.7592	%		(9.90	)%		11.91	%
Total return ratio, at market price(2)		(17.6957	)%		(09.2847	)%		(9.10	)%		9.16	%
Net assets ($000’s)	$	4145,~~915~~905		$	3639,~~334~~552		$	45,905		$	39,552
Ratio to average net assets
Net investment loss (3)		(0.50	)%		(0.50	)%		(0.50	)%		(0.50	)%
Expenses (3)		0.50	%		0.50	%		0.50	%		0.50	%

⁽¹⁾	Calculated using the average shares outstanding method.
⁽²⁾	Percentage not annualized.
⁽³⁾	Percentage annualized.

See Notes to the Financial Statements

Notes to the Financial Statements (Unaudited)

1. Organization

GraniteShares Platinum Trust (the “Trust”) is an investment trust formed on January 11, 2018 under New York law pursuant to a trust indenture. The Sponsor of the Trust, GraniteShares LLC (the “Sponsor”), is responsible for, among other things, overseeing the performance of The Bank of New York Mellon (the “Trustee”) and the Trust’s principal service providers, including the preparation of financial statements. The Trustee is responsible for the day-to-day administration of the Trust.

The objective of the Trust is for the value of the Shares to reflect, at any given time, the value of the assets owned by the Trust at that time less the Trust’s accrued expenses and liabilities as of that time. The Shares are intended to constitute a simple and cost-effective means of making an investment similar to an investment in platinum.

The fiscal year end for the Trust is June 30.

Undefined capitalized terms shall have the meaning as set forth in the Trust’s registration statement.

2. Basis of Accounting and Significant Accounting Policies

The Sponsor has determined that the Trust falls within the scope of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 946, Financial Services—Investment Companies, and has concluded that for reporting purposes, the Trust is classified as an Investment Company. The Trust is not registered as an investment company under the Investment Company Act of 1940, as amended, and is not required to register under such act.

The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires those responsible for preparing financial statements to make estimates and assumptions that affect the reported amounts and disclosures. Actual results could differ from those estimates.

The following is a summary of significant accounting policies followed by the Trust.

2.1 Custody and Fair Valuation of Platinum

The Trust follows the provisions of ASC 820, Fair Value Measurements (“ASC 820”). ASC 820 provides guidance for determining fair value and requires increased disclosure regarding the inputs to valuation techniques used to measure fair value. ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

Platinum is held by ICBC Standard Bank Plc (the “Custodian”), on behalf of the Trust, at the Custodian’s London, United Kingdom vaulting premises. 99.9795% and 99.8984% of platinum is in the form of good delivery platinum bars as of ~~September~~December 3031, 2024 and 2023, respectively. A current list of all platinum held by the Custodian is available on the sponsor’s website. The cost of platinum is determined according to the average cost method and the fair value is based on the London Bullion Market Association (“LBMA”) Platinum Price PM.

LBMA Platinum Price PM is the price per troy ounce of platinum, stated in U.S. dollars, determined by the LME, following an auction process starting after 2:00 p.m. (London time), on each day that the London platinum market is open for business, and announced by the LME shortly thereafter.

The per Share amount of platinum exchanged for a purchase or redemption is calculated daily by the Trustee, using the LBMA Platinum Price PM to calculate the platinum amount in respect of any liabilities for which covering platinum sales have not yet been made, and represents the per Share amount of platinum held by the Trust, after giving effect to its liabilities, to cover expenses and liabilities and any losses that may have occurred.

ASC 820 establishes a hierarchy that prioritizes inputs to valuation techniques used to measure fair value. The three levels of inputs are as follows:

Level 1: Unadjusted quoted prices in active markets for identical assets or liabilities that the Trust has the ability to access.

Level 2: Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments and similar data.

Level 3: Unobservable inputs for the asset or liability to the extent that relevant observable inputs are not available, representing the Trust’s own assumptions about the assumptions that a market participant would use in valuing the asset or liability, and that would be based on the best information available.

The following table summarizes the Trust’s investments at fair value:

(Amounts in 000’s of US$)

September 30, 2024

Level 1

Level 2

Level 3

December 31, 2024

Level 1

Level 2

Level 3

Investment in Platinum

4145,~~932~~924

–

Total

4145,~~932~~924

–

The following table summarizes the Trust’s investments at fair value:

(Amounts in 000’s of US$)
June 30, 2024	Level 1		Level 2		Level 3
Investment in Platinum	$	43,136	$	–	$	–
Total	$	43,136	$	–	$	–

There were no transfers between Level 1 and other Levels for the period ended ~~September~~December 3031, 2024 and the fiscal year ended June 30, 2024.

2.2 Expenses, realized gains and losses

The Trust’s only ordinary recurring fee is expected to be the fee paid to the Sponsor, which will accrue daily at an annualized rate equal to 0.50% of the adjusted daily net asset value of the Trust, paid monthly in arrears.

The Sponsor has agreed to assume administrative and marketing expenses incurred by the Trust, including the Trustee’s monthly fee and out of pocket expenses, the Custodian’s fee and the reimbursement of the Custodian’s expenses, exchange listing fees, United States Securities and Exchange Commission (the “SEC”) registration fees, printing and mailing costs, audit fees and certain legal expenses.

As of period ended ~~September~~of 30December 31, 2024, the fees payable to the Sponsor were $1619,~~927~~125. As of the fiscal year ended June 30, 2024, the fees payable to the Sponsor were $17,280.

With respect to expenses not otherwise assumed by the Sponsor, the Trustee will, at the direction of the Sponsor or in its own discretion, sell the Trust’s platinum as necessary to pay these expenses. When selling platinum to pay expenses, the Trustee will endeavor to sell the smallest amounts of platinum needed to pay these expenses in order to minimize the Trust’s holdings of assets other than platinum. Other than the Sponsor’s Fee, the Trust had no expenses during the ~~three~~six months and 3 months ended ~~September~~December 3031, 2024 and 2023.

Unless otherwise directed by the Sponsor, when selling platinum the Trustee will endeavor to sell at the price established by the LBMA PM Platinum Price. The Trustee will place orders with dealers (which may include the Custodian) through which the Trustee expects to receive the most favorable price and execution of orders. The Custodian may be the purchaser of such platinum only if the sale transaction is made at the next LBMA PM Platinum Price or such other publicly available price that the Sponsor deems fair, in each case as set following the sale order. A gain or loss is recognized based on the difference between the selling price and the cost of the platinum sold. Neither the Trustee nor the Sponsor is liable for depreciation or loss incurred by reason of any sale.

Realized gains and losses result from the transfer of platinum for Share redemptions and / or to pay expenses and are recognized on a trade date basis as the difference between the fair value and cost of platinum transferred. Gain or loss on sales of platinum bullion is calculated on a trade date basis using the average cost method.

2.3. Platinum. Receivable and Payable

Platinum receivable or payable represents the quantity of platinum covered by contractually binding orders for the creation or redemption of Shares respectively, where the platinum has not yet been transferred to or from the Trust’s account. Generally, ownership of the platinum is transferred within two business days of the trade date.

2.4. Creations and Redemptions of Shares

The Trust issues and redeems in one or more blocks of 50,000 Shares (a block of 50,000 Shares is called a “Basket”) only to Authorized Participants on an ongoing basis. The creation and redemption of Baskets will only be made in exchange for the delivery to the Trust or the distribution by the Trust of the amount of platinum represented by the Baskets being created or redeemed, the amount of which will be based on the combined ounces represented by the number of shares included in the Baskets being created or redeemed determined on the day the order to create or redeem Baskets is properly received.

Orders to create and redeem Baskets may be placed only by Authorized Participants. An Authorized Participant must: (1) be a registered broker-dealer or other securities market participant, such as a bank or other financial institution, which, but for an exclusion from registration, would be required to register as a broker-dealer to engage in securities transactions, (2) be a participant in DTC, and (3) must have an agreement with the Custodian establishing an unallocated account in London or have an existing unallocated account meeting the standards described herein. To become an Authorized Participant, a person must enter into an Authorized Participant Agreement with the Sponsor and the Trustee. The Authorized Participant Agreement provides the procedures for the creation and redemption of Baskets and for the delivery of the platinum required for such creations and redemptions. The Authorized Participant Agreement and the related procedures attached thereto may be amended by the Trustee and the Sponsor, without the consent of any investor or Authorized Participant. A transaction fee of $500 will be assessed on all creation and redemption transactions. Multiple Baskets may be created on the same day, provided each Basket meets the requirements described below and that the Custodian is able to allocate platinum to the Trust Allocated Account such that the Trust Unallocated Account holds no more than 192 ounces of platinum at the close of a business day.

Authorized Participants who make deposits with the Trust in exchange for Baskets will receive no fees, commissions or other form of compensation or inducement of any kind from either the Sponsor or the Trust, and no such person has any obligation or responsibility to the Sponsor or the Trust to effect any sale or resale of shares.

92.5 Income Taxes

2.5. Income Taxes

The Trust is classified as a “grantor trust” for United States federal income tax purposes. As a result, the Trust itself will not be subject to United States federal income tax. Instead, the Trust’s income and expenses will “flow through” to the Shareholders, and the Trustee will report the Trust’s proceeds, income, gains, losses and deductions to the Internal Revenue Service on that basis.

The Sponsor has evaluated whether or not there are uncertain tax positions that require financial statement recognition and has determined that no reserves for uncertain tax positions are required as of ~~September~~December 3031, 2024, and June 30, 2024.

The Sponsor evaluates tax positions taken or expected to be taken in the course of preparing the Trust’s tax returns to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax positions not deemed to meet that threshold would be recorded as an expense in the current year. The Trust is required to analyze all open tax years. Open tax years are those years that are open for examination by the relevant income taxing authority. As of ~~September~~December 3031, 2024, the 2024, 2023, ~~2022~~ and ~~2021~~2022 tax years remain open for examination.

2.6 Recently Issued Accounting Pronouncement

The Trust adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures (“ASU 2023-07”). The Trust operates in one segment. The segment derives its revenues from Trust investments made in accordance with the defined investment strategy of the Trust, as prescribed in the Trust’s prospectus. The Chief Operating Decision Maker (“CODM”) is the Sponsor. The CODM monitors the operating results of the Trust. The financial information the CODM leverages to assess the segment’s performance and to make decisions for the Trust’s single segment, is consistent with that presented within the Trust’s financial statements.

3. Investment in Platinum

Changes in ounces of platinum and their respective values for the period ended ~~September~~December 3031, 2024.:

Schedule of Investment in Platinum

Amounts in 000’s of US$, except for ounces data	Ounces			Fair Value
Opening balance as of June 30, 2024		42,625.054			43,136
Platinum contributed		–9,662.799			–9,163
Platinum distributed		(542,042.~~731~~981	)		(552,053	)
Change in unrealized appreciation (depreciation)		–-			(14,~~149~~322	)
Ending balance as of September 30, 2024		42,570.323			41,932
Ending balance as of December 31, 2024		50,244.872			45,924

Changes in ounces of platinum and their respective values for the fiscal year ended June 30, 2024.:

Amounts in 000’s of US$, except for ounces data	Ounces			Fair Value
Opening balance as of June 30, 2023		38,945.929			34,934
Platinum contributed		8,255.423			7,695
Platinum distributed		(4,576.298	)		(4,680	)
Change in unrealized appreciation (depreciation)		–			5,187
Ending balance as of June 30, 2024		42,625.054			43,136

4. Related parties – Sponsor and Trustee

A fee is paid to the Sponsor as compensation for services performed under the Trust Agreement. In exchange for the Sponsor’s fee, the Sponsor has agreed to assume the following administrative and marketing expenses incurred by the Trust: the Trustee’s fee and out-of-pocket expenses, the custodian’s fee and reimbursement of the custodian expenses, NYSE Arca listing fees, SEC registration fees, printing and mailing costs, audit fees and expenses, and up to $~~500~~100,000 per annum in legal fees and expenses. The Sponsor’s fee is payable at an annualized rate of 0.50% of the Trust’s Net Asset Value, accrued on a daily basis computed on the prior Business Day’s Net Asset Value and paid monthly in arrears.

The Sponsor, from time to time, may temporarily waive all or a portion of the Sponsor’s Fee at its discretion for a stated period of time. Presently, the Sponsor does not intend to waive any part of its fee.

Affiliates of the Trustee may from time -to -time act as Authorized Participants or purchase or sell platinum or Shares for their own account, as agent for their customers and for accounts over which they exercise investment discretion.

5. Concentration of risk

The Trust’s sole business activity is the investment in platinum. Several factors could affect the price of platinum, including: (i) global platinum supply and demand, which is influenced by factors such as production and cost levels in major platinum-producing countries, recycling, autocatalyst demand, industrial demand, jewelry demand and investment demand; (ii) investors’ expectations with respect to the rate of inflation; (iii) currency exchange rates; (iv) interest rates; (v) investment and trading activities of hedge funds and commodity funds; and (vi) global or regional political, economic or financial events and situations. In addition, there is no assurance that platinum will maintain its long-term value in terms of purchasing power in the future. In the event that the price of platinum declines, the Sponsor expects the value of an investment in the Shares to decline proportionately. Each of these events could have a material effect on the Trust’s financial position and results of operations.

6. Indemnification

Under the Trust’s organizational documents, each of the Trustee (and its directors, officers, employees, shareholders, agents and affiliates) and the Sponsor (and its members, managers, directors, officers, employees, agents and affiliates) is indemnified against any liability, loss or expense it incurs without (i) gross negligence, bad faith, willful misconduct or willful misfeasance on its part in connection with the performance of its obligations under the Trust Agreement or any such other agreement or any actions taken in accordance with the provisions of the Trust Agreement or any such other agreement and (ii) reckless disregard on its part of its obligations and duties under the Trust Agreement or any such other agreement. Such indemnity shall also include payment from the Trust of the reasonable costs and expenses incurred by the indemnified party in investigating or defending itself against any such loss, liability or expense or any claim ~~therefor~~therefore. In addition, the Sponsor may, in its sole discretion, undertake any action that it may deem necessary or desirable in respect of the Trust Agreement and in such event, the reasonable legal expenses and costs and other disbursements of any such actions shall be expenses and costs of the Trust and the Sponsor shall be entitled to reimbursement by the Trust. The Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred.

7. Subsequent events

Management has evaluated the events and transactions that have occurred through the date the financial statements were issued and noted no items requiring adjustment of the financial statements or additional disclosures.

1011

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

This information should be read in conjunction with the financial statements and notes to the financial statements included in Item 1 of Part I of this Form 10-Q. The discussion and analysis that follows may contain statements that relate to future events or future performance. In some cases, such forward-looking statements can be identified by terminology such as “may,” “should,” “could,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential” or the negative of these terms or other comparable terminology. Except as required by applicable disclosure laws, neither the Sponsor, nor any other person assumes responsibility for the accuracy or completeness of any forward-looking statements. Neither the Trust nor the Sponsor is under a duty to update any of the forward-looking statements to conform such statements to actual results or to a change in the Sponsor’s expectations or predictions.

Introduction

The Trust is a common law trust, formed under the laws of the state of New York on January 11, 2018. The Trust is not managed like a corporation or an active investment vehicle. It does not have any officers, directors, or employees and is administered by the Trustee pursuant to the Trust Agreement. The Trust is not registered as an investment company under the Investment Company Act of 1940 and is not required to register under such act. It does not hold or trade in commodity futures contracts, nor is it a commodity pool, or subject to regulation as a commodity pool operator or a commodity trading adviser in connection with issuing Shares.

The Trust holds platinum and is expected to issue Baskets in exchange for deposits of platinum, and to distribute platinum in connection with redemptions of Baskets. Shares issued by the Trust represent units of undivided beneficial interest in and ownership of the Trust. The investment objective of the Trust is for the Shares to reflect the performance of the price of platinum, less the Trust’s expenses. The Sponsor believes that, for many investors, the Shares will represent a cost-effective investment relative to traditional means of investing in platinum.

The Trust issues and redeems Shares only with Authorized Participants in exchange for platinum and only in aggregations of 50,000 Shares or integral multiples thereof. A list of current Authorized Participants is available from the Sponsor or the Trustee.

Shares of the Trust trade on the New York Stock Exchange (the “NYSE”) Arca under the symbol “PLTM”.

Valuation of Platinum; Computation of Net Asset Value

On each business day, as soon as practicable after 4:00 p.m. (New York time), the Trustee ~~values~~evaluates the platinum held by the Trust and determines the net asset value of the Trust and the NAV. The Trustee values the platinum held by the Trust using that day’s LBMA Platinum Price PM. If there is no announced LBMA Platinum PM on a business day, the Trustee is authorized to use that day’s LBMA Platinum Price AM. Having valued the platinum held by the Trust, the Trustee then subtracts all accrued fees, expenses and other liabilities of the Trust from the value of the platinum and other assets of the Trust. The result is the net asset value of the Trust. The Trustee computes the NAV by dividing the net asset value of the Trust by the number of Shares outstanding on the date the computation is made.

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Liquidity and Capital Resources

The Trust is not aware of any trends, demands, commitments, events or uncertainties that are reasonably likely to result in material changes to its liquidity needs. In exchange for the Sponsor’s Fee, the Sponsor has agreed to assume most of the expenses incurred by the Trust. As a result, the only ordinary expense of the Trust during the period covered by this report was the Sponsor’s Fee.

The Trustee will, at the direction of the Sponsor or in its own discretion, sell the Trust’s platinum as necessary to pay the Trust’s expenses not otherwise assumed by the Sponsor. The Trustee will not sell platinum to pay the Sponsor’s Fee but will pay the Sponsor’s Fee through in-kind transfers of platinum to the Sponsor. At ~~March~~September 3130, ~~2022~~2023 the Trust did not have any cash balances.

Off-Balance Sheet Arrangements

The Trust has no off-balance sheet arrangements.

Critical Accounting Policies

The financial statements and accompanying notes are prepared in accordance with accounting principles generally accepted in the United States of America. The preparation of these financial statements relies on estimates and assumptions that impact the Trust’s financial position and results of operations. These estimates and assumptions affect the Trust’s application of accounting policies. Below, the Trust describes the valuation of platinum bullion, a critical accounting policy that the Trust believes is important to understanding its results of operations and financial position. In addition, please refer to Note 2 to the financial statements included in this report for further discussion of the Trust’s accounting policies.

Results of Operations

The Quarter Ended ~~September~~December 3031, 2024

~~The~~During the quarter the Trust’s net asset value ~~decreased~~increased by 9.5% from $4341,~~119~~914,~~274~~842 on ~~June~~September 30, 2024, to $4145,~~914~~904,~~842~~688 on ~~September~~December 3031, 2024,. aThe ~~2.79%~~increase ~~decrease.~~in ~~The~~ the Trust’s net asset value ~~decreased~~was due to the ~~negative~~increase ~~change~~ in the ~~price~~number of ~~platinum,~~Shares ~~which~~outstanding ~~moved~~ from $14,~~012.00~~400,000 on September ~~June~~ 30, 2024 , to ~~$985.00~~5,200,000 on ~~September~~December 3031, 2024, oran -218.672% increase. ~~There~~The ~~were~~net no800,000 ~~changes~~shares inincrease was the ~~number~~result of 20 creation orders and 4 redemption orders (50,000 shares ~~outstanding~~per creation and redemption). The Trust’s net asset value was negatively affected by the price of platinum, which ~~remained~~decreased at7.2% 4from $985.00 on September 30,~~400~~ 2024,~~000~~ to $914.00 on December 31, 2024.

The 27.764% decrease in the Trust’s net asset value per share, from $9.8053 onat ~~June~~September 30, 2024 to $98.5383 onat ~~September~~December 3031, 2024 is directly related to the 27.672% decrease in the price of platinum.

The Trust’s net asset value per share decreased slightly more than the price of platinum on a percentage basis due to the Sponsor’s fees, which were $5155,~~796~~648 for the ~~quarter~~period, or 0.513% of the Trust’s average weighted net assets of $4144,~~072~~156,~~902~~ 625 during the ~~quarter~~period. The net asset value per share of $910.9115 on ~~July~~October 0529, 2024, was the highest during the ~~quarter~~period, compared with a low during the ~~quarter~~ period of $8.80 on September 04, 2024.

The net decrease in net assets resulting from operations for the quarter ended ~~September~~December 3031, 2024, was $13,~~204~~386,~~433~~561, resulting ~~from~~primarily from an unrealized loss on investment in platinum bullion of $13,~~149~~173,~~099~~113, increased by a loss of $3157,~~538~~800 on metal sold to cover redemption orders and Sponsor’s fees, and by the Sponsor’s fees of $5155,~~796~~648. Other than the Sponsor’s fees the Trust had no expenses during the quarter.

Six Months Ended December 31, 2024

The Trust’s net asset value increased by 6.5% from $43,119,274 on June 30, 2024, to $45,904,688 on December 31, 2024. The increase in the Trust’s net asset value was due to the increase in the number of Shares outstanding from 4,400,000 on June 30, 2024, to 5,200,000 on December 31, 2024, an 18.2% increase. The net 800,000 shares increase was the result of 20 creation orders and 4 redemption orders (50,000 shares per creation and redemption). The Trust’s net asset value was negatively affected by the price of platinum, which decreased 9.7% from $$1,012.00 on June 30, 2024, to $914.00 on December 31, 2024.

The 9.9% decrease in the Trust’s net asset value per share from $9.80 on June 30, 2024, to $8.83 on December 31, 2024, is directly related to the 9.7% decrease in the price of platinum.

The Trust’s net asset value per share decreased slightly more than the price of platinum on a percentage basis due to the Sponsor’s fees, which were $107,444 for the period, or 0.25% of the Trust’s average weighted net assets of $42,627,725 during the period. The net asset value per share of $10.15 on October 29, 2024, was the highest during the period, compared with a low during the period of $8.80 on September 04, 2024.

Net decrease in net assets resulting from operations for the six-month period ended December 31, 2024, was $4,590,994, resulting primarily from an unrealized gain on investment in platinum bullion of $4,322,212, increased by a loss of $161,338 on metal sold to cover redemption orders and Sponsor’s fees and by the Sponsor’s fees of $107,444. Other than the Sponsor’s fees the Trust had no expenses during the quarter.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

Not applicable.

Item 4. Controls and Procedures

Disclosure Controls and Procedures

The duly authorized officers of the Sponsor, performing functions equivalent to those a principal executive officer and principal financial officer of the Trust would perform if the Trust had any officers, have evaluated the effectiveness of the Trust’s disclosure controls and procedures, and have concluded that the disclosure controls and procedures of the Trust were effective as of the end of the period covered by this report. Such disclosure controls and procedures are designed to provide reasonable assurance that information required to be disclosed in the reports that the Trust files or submits under the Securities Exchange Act of 1934, as amended, are recorded, processed, summarized and reported, within the time period specified in the applicable rules and forms, and that such information is accumulated and communicated to the duly authorized officers of the Sponsor performing functions equivalent to those a principal executive officer and principal financial officer of the Trust would perform if the Trust had any officers to allow timely decisions regarding required disclosure.

Internal Control over Financial Reporting

There has been no change in the internal control over financial reporting that occurred during the fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Trust’s internal control over financial reporting.

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PART II – OTHER INFORMATION

Item 1. Legal Proceedings

None.

Item 1A. Risk Factors

You should carefully consider the factors discussed ~~from~~in ~~page~~Part 8I, Page 13 “Risk Factors” in our prospectus dated ~~January~~February 2523, ~~2021~~2023, ~~filed~~ filed pursuant to Rule 424(b)(3) under the Securities Act of 1933, as amended, with the U.S. Securities and Exchange Commission, file ~~number~~ number 333-~~252016~~276531, which could materially affect our business, financial condition or future results. The risks described in the prospectus are not the only risks facing the Trust. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition and/or operating results.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

a) None.

b) Not applicable.

c) For the three months ended ~~September~~December 3031, 2024: 5 basket was redeemed

Period	Total Baskets Redeemed		Total Shares Redeemed		Average ounces of platinum per Share
July 2024		-		-		-
August 2024		-		-		-
October 2024		-		-		-
Total		-		-		-
November 2024		-		-		-
December 2024		5		200,000		0.00965904
Total		5		200,000		0.00965904

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

None.

Item 6. Exhibits

(a)

Exhibits

31.1	Chief Executive Officer’s Certificate, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.	~~Chief Executive Officer’s Certificate, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.~~
31.2	Chief Accounting Officer’s Certificate, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.	~~Chief Accounting Officer’s Certificate, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.~~
32.1	Chief Executive Officer’s Certificate, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.	~~Chief Executive Officer’s Certificate, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.~~
32.2	Chief Accounting Officer’s Certificate, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.	~~Chief Accounting Officer’s Certificate, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.~~
101.INS	Inline XBRL Instance Document	~~XBRL Instance Document~~
101.SCH	Inline XBRL Taxonomy Extension Schema Document	~~XBRL Taxonomy Extension Schema Document~~
101.CAL	Inline XBRL Taxonomy Extension Calculation Document	~~XBRL Taxonomy Extension Calculation Document~~
101.DEF	Inline XBRL Taxonomy Extension Definitions Document	~~XBRL Taxonomy Extension Definitions Document~~
101.LAB	Inline XBRL Taxonomy Extension Labels Document	~~XBRL Taxonomy Extension Labels Document~~
101.PRE	Inline XBRL Taxonomy Extension Presentation Document	~~XBRL Taxonomy Extension Presentation Document~~

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned in the capacities thereunto duly authorized.

	GraniteShares LLC
	Sponsor of the GraniteShares Platinum Trust
	(Registrant)
Date: November 08, 2024	/s/ William Rhind
Date: January 30, 2025	/s/ William Rhind
	William Rhind*
	CEO and CFO
Date: November 08, 2024	/s/ Benoit Autier
Date: January 30, 2025	/s/ Benoit Autier
	Benoit Autier*
	Chief Accounting Officer

* The Registrant is a trust and the persons are signing in their capacities as officers of GraniteShares LLC, the Sponsor of the Registrant.

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