Income statement, balance sheet and cash flow statement for the last 2 fiscal years, taken from the XBRL data Ark 21Shares Bitcoin ETF files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2024
FY2025
Operating expenses
5.93
9.77
Operating income
-5.83
-9.77
Net income
1,892
-222
Balance sheet
FY2024
FY2025
Total assets
4,364
3,382
Total liabilities
11.6
76.6
Paid-in capital
2,461
1,636
Retained earnings
1,892
1,669
Shareholders' equity
4,352
3,305
Total equity
4,352
3,305
Total liabilities and equity
4,364
3,382
Cash flow statement
FY2024
FY2025
Net income
1,892
-222
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $27.63 on September 28, 2026.
Profitability
Metric
Value
How it is calculated
Return on equity (ROE)
-96.5%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
-96.5%
Net income / average total assets.
Return on invested capital (ROIC)
-0.3%
Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Growth
Metric
Value
How it is calculated
Net income growth, 1y
-111.8%
Net income vs the same period a year earlier. Only from a positive base.
Book value growth, 1y
-24.1%
Book value vs the same period a year earlier. Only from a positive base.
Total assets growth, 1y
-22.5%
Total assets vs the same period a year earlier. Only from a positive base.
Market cap + total debt - cash - short-term investments.
P/B
1.48x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
1.48x
Market cap / tangible book value, when positive.
Earnings yield
-65.2%
Net income / market cap (the inverse of P/E).
Was Ark 21Shares Bitcoin ETF profitable in fiscal 2025?
No. It reported a net loss of $222.3M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.