# EDGAR Filing Document

**Accession Number:** 0001690842
**File Stem:** 0001493152-25-020663
**Filing Date:** 2025-11
**Character Count:** 49485
**Document Hash:** 8e5b07d1768962ba1ee8896fe98b97d5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001493152-25-020663.hdr.sgml**: 20251104

**ACCESSION NUMBER**: 0001493152-25-020663

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 39

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251104

**DATE AS OF CHANGE**: 20251103

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** GraniteShares Platinum Trust
- **CENTRAL INDEX KEY:** 0001690842
- **STANDARD INDUSTRIAL CLASSIFICATION:** [6221]
- **ORGANIZATION NAME:** 09 Crypto Assets
- **EIN:** 000000000
- **STATE OF INCORPORATION:** NY
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-38349
- **FILM NUMBER:** 251446202

**BUSINESS ADDRESS:**
- **STREET 1:** 222 BROADWAY
- **STREET 2:** 21ST FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10038
- **BUSINESS PHONE:** 9173380565

**MAIL ADDRESS:**
- **STREET 1:** 222 BROADWAY
- **STREET 2:** 21ST FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10038

?xml version='1.0' encoding='ASCII'?

**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 30, 2025**

**Or**

☐ **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 <br> of incorporation or organization)* | *(I.R.S. Employer <br> Identification No.)* |

---

**c/o GraniteShares Inc**

**205 Hudson Street, 7<sup>th</sup> Floor**

**New York, New York 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 ☐ <br> Non accelerated filer ☐ Smaller reporting company ☒ <br> 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 03, 2025, the Registrant had 9,300,000 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 30, 2025**

**INDEX**

---

| | | |
|:---|:---|:---|
| [PART I. FINANCIAL INFORMATION](#a_001) | [PART I. FINANCIAL INFORMATION](#a_001) | [PART I. FINANCIAL INFORMATION](#a_001) |
| Item 1. | [Financial Statements](#a_002) | 3 |
| Item 2. | [Management's Discussion and Analysis of Financial Condition and Results of Operations](#a_003) | 12 |
| Item 3. | [Quantitative and Qualitative Disclosures About Market Risk](#a_004) | 13 |
| Item 4. | [Controls and Procedures](#a_005) | 13 |
| [PART II. OTHER INFORMATION](#a_006) | [PART II. OTHER INFORMATION](#a_006) | [PART II. OTHER INFORMATION](#a_006) |
| Item 1. | [Legal Proceedings](#a_007) | 14 |
| Item 1A. | [Risk Factors](#a_008) | 14 |
| Item 2. | [Unregistered Sales of Equity Securities and Use of Proceeds](#a_009) | 14 |
| Item 3. | [Defaults Upon Senior Securities](#a_010) | 14 |
| Item 4. | [Mine Safety Disclosures](#a_011) | 14 |
| Item 5. | [Other Information](#a_012) | 14 |
| Item 6. | [Exhibits](#a_013) | 14 |
| [SIGNATURES](#a_014) | [SIGNATURES](#a_014) | 15 |

---

**PART I - FINANCIAL INFORMATION:**

**Item 1. Financial Statements**

**Statements of Assets and Liabilities**

At September 30, 2025 (unaudited) and June 30, 2025

---

| | | |
|:---|:---|:---|
| *Amounts in 000's of US$ except share and per share data* | **September 30, 2025** | **June 30, 2025** |
|  | **(Unaudited)** |  |
| **Assets** |  |  |
| Investment in platinum, at fair value <sup>(1)</sup> | $129315 | $85235 |
| Platinum receivable for fund shares sold | $3780 | $3252 |
| Total Assets | $133095 | $88487 |
| **Liabilities** |  |  |
| Payable for platinum purchased | $3780 | $3252 |
| Fees payable to Sponsor | $41 | $29 |
| Total Liabilities | 3821 | 3281 |
| **Net Assets** | $129274 | $85206 |
| Shares issued and outstanding <sup>(2)</sup> | 8550000 | 6550000 |
| Net asset value per Share | $15.12 | $13.01 |

---

---

| | |
|:---|:---|
| <sup>(1)</sup> | Cost of investment in platinum: $94,108 and $65,762, respectively. |
| <sup>(2)</sup> | No par value, unlimited amount authorized. |

---

***See Notes to the Financial Statements***

**Schedules of Investments**

At September 30, 2025 (unaudited) and June 30, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **September 30, 2025 (unaudited)** | **Ounces of <br> platinum** | **Cost** | **Value** | **% of Net <br> Assets** |
| Platinum | 82314.102 | $94108 | $129315 | 100.03% |
| Total investment |  | $94108 | $129315 | 100.03% |
| Liabilities in excess of other assets |  |  | $(41) | (0.03)% |
| **Net assets** |  |  | $129274 | 100.00% |

---

 ****

---

| | | | | |
|:---|:---|:---|:---|:---|
| **June 30, 2025** | **Ounces of platinum** | **Cost** | **Value** | **% of**<br> **Net Assets** |
| Platinum | 63137.357 | $65762 | $85235 | 100.03% |
| Total investment |  | $65762 | $85235 | 100.03% |
| Liabilities in excess of other assets |  |  | $(29) | (0.03)% |
| **Net assets** |  |  | $85206 | 100.00% |

---

***See Notes to the Financial Statements***

**Statements of Operations (unaudited)**

For the three months ended September 30, 2025 and 2024

---

| | | |
|:---|:---|:---|
| *Amounts in 000's of US$, except per share data* | **Three<br> Months<br> Ended<br> September 30, 2025** | **Three<br> Months<br> Ended<br> September 30, 2024** |
| **Expenses** |  |  |
| &nbsp;&nbsp;&nbsp;Sponsor fees | $117 | $52 |
| Total expenses | 117 | 52 |
| Net investment loss | (117) | (52) |
| **Net realized and unrealized gains (losses)** |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Platinum bullion sold to pay expenses | 23 | (3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Platinum bullion distributed for the redemption of Shares | 137 | - |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | 160 | (3) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 15734 | (1149) |
| **Net realized and unrealized gain (loss)** | 15894 | (1152) |
| Net increase (decrease) in net assets resulting from operations | $15777 | $(1204) |
| Net increase (decrease) in net assets per share | $2.26 | $(0.27) |
| Weighted average number of shares (in 000's) | 6981 | 4400 |

---

***See Notes to the Financial Statements***

**Statements of Changes in Net Assets (unaudited)**

For the three months ended September 30, 2025 and 2024

---

| | | |
|:---|:---|:---|
| *Amounts in 000's of US$* | **Three<br> Months<br> Ended<br> September 30, 2025** | **Three<br> Months<br> Ended<br> September 30, 2024** |
| Net Assets – beginning of the period | $85206 | $43119 |
| Creations of 2,050,000 and 0 shares respectively | 28940 |  |
| Redemptions of 50,000 and 0 shares respectively | (649) |  |
| Net investment income (loss) | (117) | (52) |
| Net realized gain (loss) from platinum bullion sold to pay expenses | 23 | (3) |
| Net realized gain (loss) from platinum bullion distributed for redemptions | 137 |  |
| Net change in unrealized appreciation (depreciation) on investment in platinum bullion | 15734 | (1149) |
| Net Assets – end of period | $129274 | $41915 |

---

***See Notes to the Financial Statements***

**Financial Highlights (unaudited)**

For the three months ended September 30, 2025 and 2024

---

| | | |
|:---|:---|:---|
| **Per Share Performance**<br> **(for a Share outstanding throughout each period)** | **Three<br> Months<br> Ended<br> September 30, 2025** | **Three<br> Months<br> Ended<br> September 30, 2024** |
| **Net asset value per Share at beginning of period** | $13.01 | $9.80 |
| &nbsp;&nbsp;&nbsp;Net investment loss <sup>(1)</sup> | (0.02) | (0.01) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment in platinum bullion | 2.13 | (0.26) |
| &nbsp;&nbsp;&nbsp;Net change in net assets from operations | 2.11 | (0.27) |
| **Net asset value per Share at end of period** | $15.12 | $9.53 |
| Market value per Share at end of period | $15.11 | $9.51 |
| **Total return ratio, at net asset value<sup>(2)</sup>** | 16.22% | (2.76)% |
| **Total return ratio, at market price<sup>(2)</sup>** | 16.23% | (1.69)% |
| **Net assets ($000's)** | $129274 | $41915 |
| **Ratio to average net assets** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss <sup>(3)</sup> | (0.50)% | (0.50)% |
| &nbsp;&nbsp;&nbsp;Expenses <sup>(3)</sup> | 0.50% | 0.50% |

---

<sup>(1)</sup> Calculated using the average shares outstanding method.

<sup>(2)</sup> Percentage not annualized.

<sup>(3)</sup> 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.

*<u>2.1. Custody and Fair Valuation of Platinum</u>*

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. 99.99% and 99.97% of platinum is in the form of good delivery platinum bars as of September 30, 2025 and 2024, 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$)** | **(Amounts in 000's of US$)** | **(Amounts in 000's of US$)** | **(Amounts in 000's of US$)** |
| **September 30, 2025** | **Level 1** | **Level 2** | **Level 3** |
| Investment in Platinum | $129315 | $– | $– |
| **Total** | $129315 | $– | $– |

---

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

---

| | | | |
|:---|:---|:---|:---|
| **(Amounts in 000's of US$)** | **(Amounts in 000's of US$)** | **(Amounts in 000's of US$)** | **(Amounts in 000's of US$)** |
| **June 30, 2025** | **Level 1** | **Level 2** | **Level 3** |
| Investment in Platinum | $85235 | $– | $– |
| **Total** | $85235 | $– | $– |

---

There were no transfers between Level 1 and other Levels for the period ended September 30, 2025 and the year ended June 30, 2025.

 

*<u>2.2. Expenses, realized gains and losses</u>*

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 the period ended September 30, 2025, the fees payable to the Sponsor were $41,355 As of the year ended June 30, 2025, the fees payable to the Sponsor were $29,422.

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 months ended September 30, 2025 and 2024.

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.

 

*<u>2.3. Platinum Receivable and Payable</u>*

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.

 

*<u>2.4. Creations and Redemptions of Shares</u>*

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.

 

*<u>2.5. Income Taxes</u>*

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 30, 2025 and June 30, 2025.

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 30, 2025, the 2025, 2024, 2023 and 2022 tax years remain open for examination.

 

*<u>2.6. Recently Issued Accounting Pronouncement</u>*

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 30, 2025:

---

| | | |
|:---|:---|:---|
| *Amounts in 000's of US$, except for ounces data* | **Ounces** | **Fair Value** |
| Opening balance as of June 30, 2025 | 63137.357 | 85235 |
| Platinum contributed | 19734.898 | 28940 |
| Platinum distributed | (558.153) | (594) |
| Change in unrealized appreciation (depreciation) | – | 15734 |
| Ending balance as of September 30, 2025 | 82314.102 | 129315 |

---

Changes in ounces of platinum and their respective values for the year ended June 30, 2025: 

---

| | | |
|:---|:---|:---|
| *Amounts in 000's of US$, except for ounces data* | **Ounces** | **Fair Value** |
| Opening balance as of June 30, 2024 | 42625.054 | 43136 |
| Platinum contributed | 30391.246 | 32318 |
| Platinum distributed | (9878.943) | (9925) |
| Change in unrealized appreciation (depreciation) | – | 19706 |
| Ending balance as of June 30, 2025 | 63137.357 | 85235 |

---

**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 $500,000 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 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 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 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.

**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 31, 2022 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 30, 2025*

The Trust's net asset value increased from $85,206,010 on June 30, 2025 to $129,274,099 on September 30, 2025, a 51.7% increase. The Trust's net asset value increased due to the positive change in the price of platinum, which moved from $1,350.00 on June 30, 2025 to $1,571.00 on September 30, 2025, or 16.37%, as well as an increase of 2,000,000 shares outstanding, resulting from 41 baskets created and 1 basket redeem (each basket is equal to 50,000 shares) or 30.53%.

The 16.22% increase in the Trust's net asset value per share, from $13.01 on June 30, 2025 to $15.12 on September 30, 2025 is directly related to the 2.67% price went up need updated language 16.37% increase in price of platinum decrease in the price of platinum.

The Trust's net asset value per share increased slightly less than the price of platinum on a percentage basis due to the Sponsor's fees, which were $116,861 for the quarter, or 0.5% of the Trust's average weighted net assets of $93,201,357 during the quarter. The net asset value per share of $15.29 on September 29, 2025 was the highest during the quarter, compared with a low during the quarter of $12.54 on August 01, 2025.

The net increase in net assets resulting from operations for the quarter ended September 30, 2025 was $15,776,940, resulting from an unrealized gain on investment in platinum bullion of $15,733,856, a gain of $159,945 on metal sold to cover redemption orders and Sponsor's fees, and the Sponsor's fees of $116,861. 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.

**PART II – OTHER INFORMATION**

**Item 1. Legal Proceedings**

None.

**Item 1A. Risk Factors**

You should carefully consider the factors discussed from page 8 "Risk Factors" in our prospectus dated January 25, 2021, 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 333-252016, 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 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
| Period | Total Baskets <br> Redeemed | Total Shares <br> Redeemed | Average <br> ounces of <br> platinum per <br> Share |
| July 2025 |  |  |  |
| August 2025 | 1 | 50000 | 0.0096293 |
| September 2025 | - | - | - |
| Total | 1 | 50000 | 0.0096293 |

---

**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.](ex31-1.htm) |
| 31.2 | [Chief Accounting Officer's Certificate, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.](ex31-2.htm) |
| 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.](ex32-1.htm) |
| 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.](ex32-2.htm) |
| 101.INS | XBRL Instance Document |
| 101.SCH | XBRL Taxonomy Extension Schema Document |
| 101.CAL | XBRL Taxonomy Extension Calculation Document |
| 101.DEF | XBRL Taxonomy Extension Definitions Document |
| 101.LAB | XBRL Taxonomy Extension Labels Document |
| 101.PRE | XBRL Taxonomy Extension Presentation 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 Platinum Trust |
|  | (Registrant) |
| Date: November 03, 2025 | */s/ William Rhind* |
|  | William Rhind\* |
|  | CEO and CFO |
| Date: November 03, 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.

## Exhibit 31.1

**Exhibit 31.1**

**CERTIFICATION OF THE CHIEF EXECUTIVE OFFICER**

**AND CHIEF FINANCIAL OFFICER PURSUANT<br> TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, William Rhind, certify that:

1. I have reviewed this Report on Form 10-Q of GraniteShares Platinum Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: November 03, 2025 | */s/ William Rhind* |
|  | William Rhind\* |
|  | Chief Executive Officer and Chief Financial Officer |

---

\* The Registrant is a trust and Mr. Rhind is signing in his capacity as an officer of GraniteShares LLC, the Sponsor of the Registrant

## Exhibit 31.2

**Exhibit 31.2**

**CERTIFICATION OF THE CHIEF ACCOUNTING OFFICER PURSUANT<br> TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, Benoit Autier, certify that:

1. I have reviewed this Report on Form 10-Q of GraniteShares Platinum Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: November 03, 2025 | */s/ Benoit Autier* |
|  | Benoit Autier\* |
|  | Chief Accounting Officer |

---

\* The Registrant is a trust and Mr. Autier is signing in his capacity as an officer of GraniteShares LLC, the Sponsor of the Registrant

## Exhibit 32.1

**Exhibit 32.1**

**CERTIFICATION PURSUANT TO<br> 18 U.S.C. SECTION 1350<br> AS ADOPTED PURSUANT TO<br> SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the Quarterly Report of GraniteShares Platinum Trust (the "Company") on Form 10-Q for the quarter ended September 30, 2025 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), the undersigned, in the capacity and on the date indicated below, hereby certifies pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

1. The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | |
|:---|:---|
| Date November 03, 2025 | */s/ William Rhind* |
|  | William Rhind\* |
|  | Chief Executive Officer and Chief Financial Officer |

---

\*The Registrant is a trust and Mr. Rhind is signing in his capacity as an officer of GraniteShares LLC, the Sponsor of the Registrant.

## Exhibit 32.2

**Exhibit 32.2**

**CERTIFICATION PURSUANT TO**

**18 U.S.C. SECTION 1350**

**AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the Quarterly Report of GraniteShares Platinum Trust (the "Company") on Form 10-Q for the quarter ended September 30, 2025 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), the undersigned, in the capacity and on the date indicated below, hereby certifies pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

1. The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | |
|:---|:---|
| Date: November 03, 2025 | */s/ Benoit Autier* |
|  | Benoit Autier\* |
|  | Chief Accounting Officer |

---

\*The Registrant is a trust and Mr. Autier is signing in his capacity as an officer of GraniteShares LLC, the Sponsor of the Registrant