The Sprott Physical Silver Trust (NYSE: PSLV) has increased its at‑the‑market (ATM) equity program by issuing an additional $1 billion of units. The new issuance will be executed through a sales agreement with Cantor Fitzgerald, Virtu, BMO Capital Markets and Canaccord, and the units will trade on NYSE Arca and the Toronto Stock Exchange at prevailing market prices.
Proceeds from the ATM program will be used to purchase additional physical silver bullion, expanding the trust’s inventory. As of November 30, 2025, PSLV held 207,008,027 ounces of silver, up from 204,003,914 ounces on October 31, 2025. The trust’s net asset value (NAV) per unit was $21.23 on November 30, 2025, and the units were trading at a 3.31% discount to NAV on December 10, 2025. The expansion therefore strengthens the trust’s balance sheet and provides a larger buffer to absorb future inflows.
The decision to raise $1 billion comes amid a sharp rally in silver prices and heightened demand for tangible assets as investors seek inflation hedges and safe‑haven exposure. PSLV’s NAV has surged 112.75% year‑to‑date, reflecting the 91.87% increase over the past year and the trust’s ability to capture the upside in silver prices. By expanding its ATM program, the trust can acquire silver more efficiently, avoiding the need to raise capital in a single, potentially market‑distorting transaction.
Strategically, the expansion signals Sprott’s confidence that demand for physical silver will continue to outpace supply. The trust’s direct ownership of London Good Delivery bars and the ability to redeem units for physical silver differentiate it from other silver ETFs that rely on derivatives. Management has emphasized that the additional capital will allow the trust to meet growing investor inflows and maintain a competitive edge in a market where institutional capital is increasingly allocating to physical metals.
The move positions PSLV to capture further inflows as the precious‑metal market attracts institutional capital. With a larger ATM program, the trust can respond quickly to market opportunities, maintain a favorable premium/discount profile, and reinforce its status as one of the largest physical silver holders globally.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.