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 ~~December~~March 31, ~~2024~~2025

☐

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~~333-~~38195~~285296

GRANITESHARES GOLD TRUST

(Exact name of registrant as specified in its charter)

New York		82-6393903
(State or other jurisdiction of		(I.R.S. Employer
incorporation or organization)		Identification No.)

c/o GraniteShares Inc

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

New York, New York ~~10038~~10013

(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 ☒

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		BAR		NYSE Arca, Inc.

As of ~~February~~May 0308, 2025, the Registrant had 3234,~~850~~800,000 Shares outstanding.

GRANITESHARES GOLD TRUST

FORM 10-Q

FOR THE QUARTER ENDED ~~DECEMBER~~March 31, ~~2024~~2025

INDEX

PART I. FINANCIAL INFORMATION

Item 1.	Financial Statements	3

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	12

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	14

Item 4.	Controls and Procedures	14

PART II. OTHER INFORMATION

Item 1.	Legal Proceedings	14

Item 1A.	Risk Factors	14

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	15

Item 3.	Defaults Upon Senior Securities	15

Item 4.	Mine Safety Disclosures	15

Item 5.	Other Information	15

Item 6.	Exhibits	15

SIGNATURES		16

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements

Statements of Assets and Liabilities

At ~~December~~March 31, ~~2024~~2025 (unaudited) and June 30, 2024

Amounts in 000’s of US$, except share and per share data	~~December~~March 31, ~~2024~~2025		June 30, 2024
	(unaudited)
Assets
Investment in gold bullion, at fair value(1)	$	~~846~~1,~~691~~042,070	$	791,131
Total Assets	$	~~846~~1,~~691~~042,070	$	791,131
Liabilities
Fees payable to Sponsor		~~128~~147		137
Total Liabilities		~~128~~147		137
Net Assets	$	~~846~~1,~~563~~041,923	$	790,994
Shares issued and outstanding(2)		3233,~~850~~900,000		34,350,000
Net asset value per Share	$	2530.7774	$	23.03

(1)	Cost of investment in gold bullion: $~~531~~571,~~880~~936 and $554,189, respectively.
(2)	No par value, unlimited amount authorized.

See Notes to the Financial Statements

Schedules of Investments

At ~~December~~March 31, ~~2024~~2025 (unaudited) and June 30, 2024

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

December 31, 2024 (unaudited)	Ounces of gold		Cost		Value			% of Net Assets
March 31, 2025 (unaudited)	Ounces of gold		Cost		Value			% of Net Assets
Gold bullion		~~324~~334,~~296~~522.~~844~~411	$	~~531~~571,~~880~~936	$	~~846~~1,~~691~~042,070			100.0201	%
Total investment			$	~~531~~571,~~880~~936	$	~~846~~1,~~691~~042,070			100.0201	%
Liabilities in excess of other assets					$	(~~128~~147	)		(0.0201	)%
Net Assets					$	846,563			100.00	%
Net assets					$	1,041,923			100.00	%

June 30, 2024	Ounces of gold		Cost		Value			% of Net Assets
Gold bullion		339,410.178	$	554,189	$	791,131			100.02	%
Total investment			$	554,189	$	791,131			100.02	%
Liabilities in excess of other assets					$	(137	)		(0.02	)%
Net Assets					$	790,994			100.00	%
Net assets					$	790,994			100.00	%

See Notes to the Financial Statements

Statements of Operations (~~Unaudited~~unaudited)

For the three and ~~six~~nine months ended ~~December~~March 31, ~~2024~~2025 and ~~2023~~2024

Amounts in 000’s of US$, except per share data	Three Months Ended ~~December~~March 31, ~~2024~~2025			Three ~~Month~~Months Ended ~~December~~March 31, ~~2023~~2024			~~Six~~Nine Months Ended ~~December~~March 31, ~~2024~~2025			~~Six~~Nine Months Ended ~~December~~March 31, ~~2023~~2024
Expenses
Sponsor fees	$	~~386~~403		$	~~406~~413		$	~~753~~1,156		$	~~815~~1,228
Total expenses	$	~~386~~403		$	~~406~~413		$	~~753~~1,156		$	~~815~~1,228
Net investment loss	$	(~~386~~403	)	$	(~~406~~413	)	$	(~~753~~1,156	)	$	(~~815~~1,228	)
Net realized and unrealized gain (loss)
Net realized gain (loss) from:
Gold bullion sold to pay expenses		~~144~~159			6690			~~268~~427			~~135~~225
Gold bullion distributed for the redemption of Shares		109,~~034~~991			5,~~865~~009			1626,~~308~~299			1015,~~102~~111
Net realized gain (loss)	$	10,~~178~~150		$	5,~~931~~099		$	1626,~~576~~726		$	1015,~~237~~336
Net change in unrealized appreciation (depreciation)	$	~~(16~~155,~~110~~323	)	$	8463,~~042~~245		$	77233,~~869~~192		$	59123,~~757~~002
Net realized and unrealized gain (loss)	$	(5165,~~932~~473	)	$	8968,~~973~~344		$	94259,~~445~~918		$	69138,~~994~~338
Net increase (decrease) in net assets resulting from operations	$	(6165,~~318~~070	)	$	8967,~~567~~931		$	93258,~~692~~762		$	69137,~~179~~110
Net increase (decrease) in net assets per share	$	(04.1997	)	$	1.9047		$	27.7872		$	12.4489
Weighted average number of shares (in 000’s)		33,~~302~~220			4746,~~260~~361			33,~~658~~514			4847,~~000~~457

See Notes to the Financial Statements

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

For the three and ~~six~~nine months ended ~~December~~March 31, ~~2024,~~2025 and ~~2023~~2024

Amounts in 000’s of US$	Three Months Ended ~~December~~March 31, ~~2024~~2025			Three Months Ended ~~December~~March 31, ~~2023~~2024			~~Six~~Nine Months Ended ~~December~~March 31, ~~2024~~2025			~~Six~~Nine Months Ended ~~December~~March 31, ~~2023~~2024
Net Assets – beginning of the period	$	~~879~~846,~~108~~563		$	~~883~~960,~~520~~483		$	790,994		$	935,811
Creations of 0, 550,000, 300,000 and 800,000 shares respectively		-			10,948			7,280			15,733
Creations of 1,850,000, 0, 2,150,000, and 800,000 shares respectively		53,709			-			60,989			15,733
Redemptions of 1,000,000, 1,200,000, 1,800,000 and 3,150,000 shares respectively		(26,227	)		(23,552	)		(45,403	)		(60,240	)
Redemptions of 800,000, 1,250,000, 2,600,000 and 4,400,000 shares respectively		(23,419	)		(24,961	)		(68,822	)		(85,201	)
Net investment income / (loss)		(386	)		(406	)		(753	)		(815	)
Net investment loss		(403	)		(413	)		(1,156	)		(1,228	)
Net realized gain (loss) from gold bullion sold to pay expenses		~~144~~159			6690			~~268~~427			~~135~~225
Net realized gain (loss) from gold bullion distributed for redemptions		109,~~034~~991			5,~~865~~009			1626,~~308~~299			1015,~~102~~111
Net change in unrealized appreciation (depreciation) on investment in gold bullion		~~(16~~155,~~110~~323	)		8463,~~042~~245			77233,~~869~~192			59123,~~757~~002
Net Assets – end of period	$	~~846~~1,~~563~~041,923		$	~~960~~1,~~483~~003,453		$	~~846~~1,~~563~~041,923		$	~~960~~1,~~483~~003,453

See Notes to the Financial Statements

Financial Highlights (~~Unaudited~~unaudited)

For the three and ~~six~~nine months ended ~~December~~March 31, ~~2024,~~2025 and ~~2023~~2024

Per Share Performance (for a Share outstanding throughout each period)	Three Months Ended ~~December~~March 31, ~~2024~~2025			Three Months Ended ~~December~~March 31, ~~2023~~2024			~~Six~~Nine Months Ended ~~December~~March 31, ~~2024~~2025			~~Six~~Nine Months Ended ~~December~~March 31, ~~2023~~2024
Net asset value per Share at beginning of period	$	25.9777		$	1820.5039		$	23.03		$	18.92
Net investment income (loss)(1)		(0.01	)		(0.01	)		(0.02	)		(0.02	)
Net investment loss (1)		(0.01	)		(0.01	)		(0.03	)		(0.03	)
Net realized and unrealized gain (loss) on investment in gold bullion		(04.1998	)		1.9051			27.7674			13.4900
Net change in net assets from operations		(04.2097	)		1.8950			27.7471			12.4797
Net asset value per Share at end of period	$	2530.7774		$	2021.3989		$	2530.7774		$	2021.3989
Market value per Share at end of period	$	25.89		$	20.39		$	25.89		$	20.39
Marlet Value per Share at end of period	$	30.84		$	21.96		$	30.84		$	21.96
Total return ratio, at net asset value(2)		(019.7729	)%		107.2236	%		1133.9048	%		715.7770	%
Total return ratio, at market price		(019.3112	)%		117.5470	%		1234.7632	%		715.2652	%
Net assets ($000’s)	$	~~846~~1,~~563~~041,923		$	~~960~~1,~~483~~003,453		$	~~846~~1,~~563~~041,923		$	~~960~~1,~~483~~003,453
Ratio to average net assets
Net investment loss (3)		(0.17	)%		(0.17	)%		(0.17	)%		(0.17	)%
Expenses (3)		0.17	%		0.17	%		0.17	%		0.17	%

⁽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~~unaudited)

1. Organization

GraniteShares Gold Trust (the “Trust”) is an investment trust formed on August 24, 2017 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 gold.

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 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 Gold

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.

Gold is held by ICBC Standard Bank Plc (the “Custodian”), on behalf of the Trust, at the Custodian’s London, United Kingdom vaulting premises. 99.9592% and ~~100~~97.0029% of gold is allocated gold in the form of good delivery gold bars as of ~~December~~March 31, ~~2024~~2025 and ~~2023~~2024, respectively. A current list of all gold held by the Custodian is available on the sponsor’s website. The cost of gold is determined ~~according~~ according to the average cost method and the fair value is based on the London Bullion Market Association (“LBMA”) PM Gold Price. If there is no LBMA Gold Price PM on any day, the Trustee is authorized to use the most recently announced LBMA Gold Price AM unless the Trustee, in consultation with the Sponsor, determines that such price is inappropriate as a basis for evaluation.

The LBMA PM Gold Price is set using the afternoon session of the ICE Benchmark Administration equilibrium auction, an electronic, tradable and auditable over-the-counter auction market with the ability to participate in US Dollars, Euros or British Pounds for LBMA authorized participating gold bullion banks or market makers that establishes a reference gold price for that day’s trading.

The per Share amount of gold exchanged for a purchase or redemption is calculated daily by the Trustee, using the LBMA PM Gold Price to calculate the gold amount in respect of any liabilities for which covering gold sales have not yet been made, and represents the per Share amount of gold 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:

December 31, 2024

Level 1

Level 2

Level 3

(Amounts in 000’s of US$)

December 31, 2024

Level 1

Level 2

Level 3

March 31, 2025

Level 1

Level 2

Level 3

Investment in Gold

~~846~~1,~~691~~042,070

–

Total

~~846~~1,~~691~~042,070

–

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

June 30, 2024

Level 1

Level 2

Level 3

(Amounts in 000’s of US$)

June 30, 2024

Level 1

Level 2

Level 3

Investment in Gold

791,131

–

Total

791,131

–

There were no transfers between Level 1 and other Levels for the period ended ~~December~~March 31, ~~2024~~2025, 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 0.1749% 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 ~~December~~March 31, ~~2024~~2025, the fees payable to the Sponsor was $~~127~~147,~~772~~293. As of the fiscal year, ended June 30, 2024, the fees payable to the Sponsor were $137,175.

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 gold as necessary to pay these expenses. When selling gold to pay expenses, the Trustee will endeavor to sell the smallest amounts of gold needed to pay these expenses in order to minimize the Trust’s holdings of assets other than gold. Other than the Sponsor’s Fee, the Trust had no expenses during the three ~~months~~ and 6nine months ended ~~December~~March 31, ~~2024~~2025 and ~~2023~~2024.

Unless otherwise directed by the Sponsor, when selling gold, the Trustee will endeavor to sell at the price established by the LBMA PM Gold 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 gold only if the sale transaction is made at the next LBMA PM Gold 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 gold 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 gold 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 gold transferred. Gain or loss on sales of gold bullion is calculated on a trade date basis using the average cost method.

2.3. Gold Receivable and Payable

Gold receivable or payable represents the quantity of gold covered by contractually binding orders for the creation or redemption of Shares respectively, where the gold has not yet been transferred to or from the Trust’s account. Generally, ownership of the gold 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. 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 gold represented by the Baskets being created or redeemed, the amount of which will be based on the combined Fine 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 gold 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 gold to the Trust Allocated Account such that the Trust Unallocated Account holds no more than 430 Fine Ounces of gold at the close of a business day.

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 gold 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 gold to the Trust Allocated Account such that the Trust Unallocated Account holds no more than 430 Fine Ounces of gold 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.

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 ~~December~~March 31, ~~2024~~2025 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 ~~December~~March 31, ~~2024~~2025, the 2024, 2023, 2022 and ~~2022~~2021 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 Gold

Changes in ounces of gold and their respective values for the period ended ~~December~~March 31, ~~2024~~2025:

Schedule of Investment in Gold

Amounts in 000’s of US$, except for ounces data	Ounces			Fair Value
Opening balance as of June 30, 2024		339,410.178			791,131
Gold bullion contributed		221,~~963~~218.~~142~~357			760,~~280~~989
Gold bullion distributed		(1826,~~076~~106.~~476~~124	)		(2943,~~589~~242	)
Change in unrealized appreciation (depreciation)		-			77233,~~869~~192
Ending balance as of December 31, 2024		324,296.844			846,691
Ending balance as of March 31, 2025		334,522.411			1,042,070

Changes in ounces of gold 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		489,449.928			935,950
Gold bullion contributed		18,782.084			41,587
Gold bullion distributed		(168,821.834	)		(274,487	)
Change in unrealized appreciation (depreciation)		–			88,081
Ending balance as of June 30, 2024		339,410.178			791,131

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 $100,000 per annum in legal fees and expenses. The Sponsor’s fee is payable at an annualized rate of 0.1749% 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 gold or Shares for their own account, as agent for their customers and for accounts over which they exercise investment discretion.

5. Concentration of risk

In accordance with Statement of Position No. 94-6, Disclosure of Certain Significant Risks and Uncertainties, the Trust’s sole business activity is the investment in gold bullion. Several factors could affect the price of gold: (i) global gold supply and demand, which is influenced by such factors as forward selling by gold producers, purchases made by gold producers to unwind gold hedge positions, central bank purchases and sales, and production and cost levels in major gold-producing countries; (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 gold will maintain its long-term value in terms of purchasing power in the future. In the event that the price of gold 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 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.

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 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 August 24, 2017. 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 gold and is expected to issue Baskets in exchange for deposits of gold, and to distribute gold 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 gold, 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 gold.

The Trust issues and redeems Shares only with Authorized Participants in exchange for gold 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 “BAR”.

Valuation of Gold; Computation of Net Asset Value

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

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.

12The Trustee will, at the direction of the Sponsor or in its own discretion, sell the Trust’s gold as necessary to pay the Trust’s expenses not otherwise assumed by the Sponsor. The Trustee will not sell gold to pay the Sponsor’s Fee but will pay the Sponsor’s Fee through in-kind transfers of gold to the Sponsor. At March 31, 2024 the Trust did not have any cash balances.

The Trustee will, at the direction of the Sponsor or in its own discretion, sell the Trust’s gold as necessary to pay the Trust’s expenses not otherwise assumed by the Sponsor. The Trustee will not sell gold to pay the Sponsor’s Fee but will pay the Sponsor’s Fee through in-kind transfers of gold to the Sponsor. On December 31, 2024 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 gold 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 ~~December~~March 31, ~~2024~~2025

The Trust’s net asset value ~~decreased~~increased from $~~879~~846,~~107~~562,~~605~~642 on ~~September~~December 3031, 2024 to $~~846~~1,~~562~~041,~~642~~923,470 on ~~December~~March 31, ~~2024~~2025, a 323.708% ~~decrease~~increase. The ~~decrease~~increase in the Trust’s net asset value was due to a ~~0.73%~~change ~~decrease~~in the price of gold, ~~price~~which increased 19.31% from $2,~~629~~610.9585 on December ~~September 30~~31, 2024, to $23,~~610~~115.8510 on ~~December~~March 31, ~~2024,~~2025. asThe ~~well~~increase asin athe ~~decrease~~Trust’s net asset value was also due to an increase in the Trust’s number of shares outstanding which changed from 3332,850,000 in December 31, 2024 to 3233,~~850~~900,000 ~~over~~in ~~this~~March ~~period. The~~31, 12025,~~000,000~~ ~~shares~~or ~~decrease~~+3.2%, as ~~was~~ a net result of 2037 creation orders and 16 redemption orders (50,000 shares ~~per creation and redemption~~orders). ~~There were no creation orders over the period considered.~~

The 019.7729% ~~decrease~~increase in the Trust’s net asset value per share, from $25.9777 on ~~September~~December 3031, 2024, to $2530.7774 on ~~December~~March 31, ~~2024~~2025, is ~~directly~~ related to the ~~0.73%~~increase ~~decrease~~ in the price of gold.

The Trust’s net asset value per share ~~decreased~~increased slightly ~~more~~less than the price of gold on a percentage basis due to the Sponsor’s fees, which were $~~385~~403,~~908~~252 for the quarter, or 0.~~044~~043% of the Trust’s average weighted net assets of $~~875~~935,~~387~~047,~~291~~174 during the quarter. The net asset value per share of $2730.4374 on ~~October~~March 3031, ~~2024,~~2025 was the highest during the quarter, compared with a low during the quarter of $25.3599 on ~~November~~January 1406, ~~2024~~2025.

~~The~~Net ~~net~~increase ~~decrease~~ in net assets resulting from operations for the quarter ~~ended~~ending ~~December~~March 31, ~~2024~~2025, was $6165,~~318~~069,~~476~~804, resulting ~~primarily~~ from an unrealized gain ~~loss~~ on investment in gold bullion of $16155,~~110~~323,~~243,~~596 ~~compensated~~increased by a gain of $10,~~177~~149,~~675~~460 on metal sold to cover the redemption orders and the Sponsor’s fees but ~~increased~~reduced by the Sponsor’s fees of $~~385~~403,~~908~~252. Other than the Sponsor’s fees the Trust had no expenses during the quarter.

~~Six~~Nine Months Ended ~~December~~March 31, ~~2024~~2025

The Trust’s net asset value increased from $790,994,009 on June 30, 2024, to $~~846~~1,~~562~~041,~~642~~923,470 on ~~December~~March 31, ~~2024~~2025, a 731.072% increase. The increase in the Trust’s net asset value was ~~the~~mainly ~~result~~caused ofby ~~the~~a ~~positive~~33.64% ~~change~~increase in gold price, ~~which increased by 12.0%~~ from $2,330.90 on June 30, 2024, to $23,~~610~~115.8510 on ~~December~~March 31, ~~2024~~2025. ~~However,~~The ~~the~~positive ~~Trusts’~~impact ~~net~~of ~~asset~~the gold price was negatively impacted bythe a reduction in ~~the~~ number of shares outstanding from 34,350,000 on June 30, 2024, to 3233,~~850~~900,000 on March 31, a2025, 4or -1.43% ~~decrease~~. The 1450,~~500,~~000 shares decrease was the net result of 643 ~~creation~~creations orders and 3652 redemption orders (50,000 shares per creation and redemption order).

The 11.9% increase in the Trust’s net asset value per share, from $23.03 on June 30, 2024, to $25.77 on December 31, 2024, is directly related to the 12.0% increase in the price of gold.

The ~~Trust’s net asset value per share increased slightly less than the price of gold on a percentage basis due to the Sponsor’s fees, which were $752,513 for the period, or 0~~33.~~088~~48% ofincrease in the Trust’s ~~average weighted~~ net ~~assets of $853,489,237 during the six-month period. The net~~ asset value per share, offrom $2723.4203 on ~~October~~June 30, 2024, ~~was~~to ~~the~~$30.74 ~~highest~~on ~~during~~March ~~the period~~31, ~~compared~~2025 ~~with~~is adirectly related ~~low~~to ~~during~~ the ~~quarter~~ ~~of $25~~33.3564% onincrease ~~November~~in ~~14,~~the ~~2024~~price of gold.

The Trust’s net ~~increase~~asset invalue ~~net~~per ~~assets~~share ~~resulting~~increased ~~from~~slightly ~~operations~~less ~~for~~than the 6price ~~months~~of ~~period~~gold ~~ending~~on ~~December~~a ~~31,~~percentage ~~2024,~~basis ~~was~~due ~~$93,692,045,~~to ~~resulting~~the ~~from~~Sponsor’s anfees, ~~unrealized~~which ~~gain~~were on$1,155,765 ~~investment~~for inthe ~~gold~~period, ~~bullion~~or 0.131% of ~~$77,868,452,~~the ~~increased~~Trust’s byaverage aweighted ~~gain~~net assets of $16880,~~576~~278,~~106~~341 onduring ~~metal~~the ~~sold~~nine-month period. toThe ~~cover~~net ~~the~~asset ~~redemption orders~~value ~~and~~per ~~the~~share ~~Sponsor’s~~of ~~fees~~$30.74 ~~but~~on ~~reduced~~March by31, 2025 was the ~~Sponsor’s~~highest ~~fees~~during ofthe ~~$752~~period,~~513.~~ ~~Other~~compared ~~than~~with ~~the~~a ~~Sponsor’s~~low ~~fees~~during the ~~Trust~~period ~~had~~of no$23.01 ~~expenses~~on ~~during~~July ~~the~~01, ~~quarter~~2024.

The net increase in net assets resulting from operations for the 9 months period ending March 31, 2025 was $258,761,849, resulting from an unrealized gain on investment in gold bullion of $233,192,048, increased by a gain of $26,725,566 on metal sold to cover the redemption orders and the Sponsor’s fees but reduced by the Sponsor’s fees of $1,155,765. 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, and to Audit Committee of the Sponsor, as appropriate, 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.

PART II – OTHER INFORMATION

Item 1. Legal Proceedings

None.

Item 1A. Risk Factors

You should carefully consider the factors discussed infrom ~~Part I,~~ Page 8 “Risk Factors” in our prospectus dated ~~April~~March 2514, ~~2022~~2025, ~~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-~~263774~~285296, 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 ~~December~~March 31, ~~2024~~2025: 2016 baskets were redeemed.

Period	Total Baskets Redeemed		Total Shares Redeemed		Average ounces of gold per Share
October 2024		6		300,000		0.00987448
January 2025		-		-		-
November 2024		8		400,000		0.00987316
February 2025		-		-		-
December 2024		6		300,000		0.00987124
March 2025		16		800,000		0.0098672
Total		2016		1800,000~~,000~~		0.~~00987298~~0098672

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 and Chief Financial 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.
32.1		Chief Executive Officer and Chief Financial 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
101.INS		Inline XBRL Instance Document
101.SCH		Inline XBRL Taxonomy Extension Schema Document
101.CAL		Inline XBRL Taxonomy Extension Calculations Document
101.DEF		Inline XBRL Taxonomy Extension Definition Document
101.LAB		Inline XBRL Taxonomy Extension Labels Document
101.PRE		Inline XBRL Taxonomy Presentation Document
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

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 Gold Trust
	(Registrant)
Date: January 30, 2025	/s/ William Rhind
Date: May 08, 2025	/s/ William Rhind
	William Rhind*
	CEO and CFO
Date: January 30, 2025	/s/ Benoit Autier
Date: May 08, 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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