Financialized uranium
Pounds of U₃O₈ held off-market by financial vehicles — physical trusts (SPUT, Yellow Cake, ANU Energy), producer strategic inventories and tokenized uranium — in one number, with the full SPUT premium/discount history and alerts. Each component is badged with its provenance and linked to the originating disclosure.
SPUT premium / discount to NAV — full banked history
-6.84% (2026-07-11)Get alerted when SPUT swings to a premium or discount
Set a threshold (e.g. ±3%) and we email you a digest when it triggers — evaluated every weekday after the close, deduped, one email per day. Daily spot-move and watched-ticker filing alerts live in the same digest.
Financialized pounds — daily series
The per-vehicle series is banked append-only by the daily cron into our metrics store; the stacked history chart appears here once a few sessions have accrued. Today's composition is in the table below.
Holdings by vehicle
| Vehicle | Category | U₃O₈ (Mlb) | % of total | As of | Provenance | Source |
|---|---|---|---|---|---|---|
| Sprott Physical Uranium TrustU.UN Refreshed live from Sprott's fund-data API each day; this figure is the fallback snapshot. | Physical trust / fund | 81.45 | 74.1% | 2026-07-12 | Real | source |
| Yellow Cake plcYCA.LSE 23,114,230 lb at 31 Mar 2026; reconfirmed at 23.11 Mlb on 15 Jun 2026. A further 1,160,766 lb Kazatomprom delivery is committed for H2 2026 (US$100m option exercise). Headline figure refreshed live from the company's site. | Physical trust / fund | 23.11 | 21.0% | 2026-07-12 | Real | source |
| ANU Energy OEIC ANU Energy (AIFC physical fund seeded by Kazatomprom/NIC NBK/Genchi, uranium held at Cameco) has never disclosed holdings in lb and its own site is defunct. Derived from Kazatomprom's FY2025 accounts: its 32.7% stake carried at fair value KZT 30,071m, valued as its share of the fund's uranium — implying ≈US$182m ≈ ~2.2 Mlb at year-end 2025 spot. Cross-checks to ~2.3 Mlb on 2024 figures (stable, no evident new purchases). | Physical trust / fund | 2.20 | 2.0% | 2025-12-31 | Estimated | source |
| Boss Energy strategic inventoryBOE.ASX Drummed U3O8 on hand ("accumulation of uranium inventory, which is now at 1.62 Mlbs") — a mix of the residual 2021 purchased pounds and Honeymoon/Alta Mesa production. Reclassified from strategic 'Investment in Uranium' to ordinary inventory in Jan 2025; management holds it as strategic accumulation while deliberately under-contracted. The March-2026 quarterly (30 Apr 2026) reported 1.53 Mlb at 31 Mar 2026 — row updates when a durable link to that PDF is available. | Producer strategic inventory | 1.62 | 1.5% | 2025-12-31 | Real | source |
| UEC Physical Uranium ProgramUEC Purchased strategic inventory only ('As of April 30, 2026, we held 1,456,000 pounds of purchased uranium'); excludes produced/drummed material at the Irigaray CPP. All purchase commitments fulfilled — no outstanding purchase agreements. | Producer strategic inventory | 1.46 | 1.3% | 2026-04-30 | Real | source |
| xU3O8 tokenized uranium (uranium.io)xU3O8 1,600,000 tokens on Etherlink against 38,464.626 KgU as U3O8 (≈100,000 lb) per the May 2026 monthly custody statement — i.e. ~16 tokens/lb (1 token ≈ 1 oz). The oz/lb ratio is derived (uranium.io states no per-token weight), so pounds stay 'estimated' even though on-chain supply is read live. | Tokenized uranium | 0.10 | 0.1% | 2026-07-12 | Estimated | source |
| enCore EnergyEU Holds NO uranium as a strategic/investment asset — its ~154k lb (31 Mar 2026) is working inventory supporting contract deliveries, so it is honestly excluded from the financialized total. | Producer strategic inventory | —not counted | — | 2026-03-31 | Real | source |
| Zuri-Invest Uranium AMC Swiss AMC (qualified investors) holding physical U3O8 directly at a Cameco facility — a genuine direct holder, but AUM/pounds are not publicly disclosed, so it cannot be counted without guessing. | Physical trust / fund | —not counted | — | 2026-07-10 | Estimated | source |
| Sprott Uranium Miners ETFURNM Holds 13.9M SPUT units (13.9% weight) and 10.2M Yellow Cake shares (3.8%) — no direct physical pounds; exposure is already counted inside SPUT and Yellow Cake. | Equity ETF (indirect) | —not counted | — | 2026-07-09 | Real | source |
| Global X Uranium ETFURA Holds 15.9M SPUT units (5.1% weight) and 15.5M Yellow Cake shares (1.9%) — no direct physical pounds; exposure is already counted inside SPUT and Yellow Cake. | Equity ETF (indirect) | —not counted | — | 2026-07-09 | Real | source |
| HANetf Sprott Physical Uranium ETCU3O8 European ETC (LSE/Xetra, launched Feb 2025, ~€49M) collateralized by SPUT units — indirect by construction, already counted inside SPUT. | Equity ETF (indirect) | —not counted | — | 2026-07-10 | Real | source |
| Financialized pounds (counted vehicles) | 109.93 | 100% | includes estimated components — see badges | |||
Methodology
What counts: physical U₃O₈ attributable to a financial vehicle and held off the spot market — physical trusts/funds (SPUT, Yellow Cake plc, ANU Energy), producer inventories held as a strategic asset rather than for delivery, and tokenized uranium (xU3O8, backed by U₃O₈ held with a licensed custodian at a Cameco facility; ~16 tokens ≈ 1 lb, a ratio derived from the monthly proof-of-reserves — hence its estimated badge). SPUT is live from Sprott's daily fund data; Yellow Cake's headline figure is read from the company's own site; xU3O8 supply is read from the public token ledger; the slower-moving vehicles are curated from their own disclosures with a link — nothing here is guessed.
What deliberately does not count: equity uranium ETFs (URNM, URA…). Their physical exposure comes from holding SPUT units and Yellow Cake shares, which are already counted — adding ETF units would double-count the same pounds. They are listed above as indirect context only.
Honesty notes: vehicles that disclose infrequently (ANU Energy in particular) are badged estimated — the figure is the last verified disclosure, not a live reading. Producer inventories are as of their most recent filing and can change with sales into contracts. The daily series is banked append-only; disclosure revisions never overwrite banked history. The SPUT premium/discount history comes from Sprott's own daily NAV/market-price disclosure, banked every trading day. Curated rows last verified 2026-07-10. See full methodology.
Cite this page
Using our data in an article or report? Please credit Yellowcake Analytics with a link.
Yellowcake Analytics. "Financialized Uranium — Physical Holdings Hub." Yellowcake Analytics, 2026, https://www.yellowcakeanalytics.com/physical.
<a href="https://www.yellowcakeanalytics.com/physical">Financialized Uranium — Physical Holdings Hub</a> — Yellowcake Analytics (www.yellowcakeanalytics.com)
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