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iShares Silver Trust owns bitcoin purchased by the Trust in exchange for Shares issued by the Trust (Shares). The activities of the Trust are limited to issuing Baskets in exchange for the cash deposited with the Cash Custodian as consideration, selling or delivering bitcoin as necessary to cover the Sponsor's Fee, Trust expenses not assumed by the Sponsor and other liabilities and buying and selling bitcoin through the Bitcoin Trading Counterparties or Prime Execution Agent, as applicable, in exchange for