VanEck Bitcoin Trust
For the period ended Jun 30, 2024. Filed Aug 13, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2024 · Filed Aug 13, 2024
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2024-03-31; filed 2024-05-13.
0000930413-24-001788
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2024-06-30; filed 2024-08-13.
0000930413-24-002308
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 19 previous paragraphs and 24 current paragraphs.
15 unchanged; 4 reworded; 3 added; 0 removed; 0 previous and 2 current paragraphs rearranged.
Tables are not compared: 0 previous and 0 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (3)
Current report
The Trust’s net asset value decreased from $619,050,028 at March 31, 2024 to $614,747,718 at June 30, 2024, a 1% decrease. The decrease in the Trust’s net asset value resulted primarily from a decrease in the price of bitcoin, which contracted 12.86% from $71,066 at March 31, 2024 to $61,926 at June 30, 2024. In addition, the number of outstanding shares increased from 7,700,000 Shares at March 31, 2024 to 8,775,000 Shares at June 30, 2024. This is the result of 1,775,000 Shares (71 Baskets) being created and 700,000 Shares (28 Baskets) being redeemed during the period.
Current report
The 12.86% decrease in the NAV per Share from $80.40 at March 31, 2024 to $70.06 at June 30, 2024 is directly related to the 12.86% decrease in the price of bitcoin during this period.
Current report
The Six-Month Period Ended June 30, 2024
Reworded paragraphs (4)
Previous wording
The NAV increased less than the price of bitcoin on a percentage basis due to the Sponsor Fee, which, net of Sponsor Fee waiver, was $63,571 for the quarter, or 0.11% of the Trust’s average weighted assets of $239,311,214 during the quarter, and the seed capital period. The NAV of $82.73 on March 13, 2024, was the highest during the quarter, compared with a low during the quarter of $44.40 on January 23, 2024.
Current wording
The NAV per Share of $81.25 on April 8, 2024, was the highest during the quarter, compared with a low during the quarter of $65.49 on May 1, 2024.
Previous wording
The Trust’s net asset value increased from $100,000 at December 31, 2023 to $619,050,028 at March 31, 2024, a 618,950% increase. The increase in the Trust’s net asset value resulted primarily from an increase in the number of outstanding shares, which increased from 2,000 Shares at December 31, 2023 to 7,700,000 Shares at March 31, 2024, a consequence of 7,975,000 Shares (241 Baskets) being created and 277,000 Shares (9 Baskets) being redeemed during the period and an increase in the price of bitcoin, which grew 60.17% from $44,182.40 at January 4, 2024 to $70,766.04 at March 31, 2024.
Current wording
The Trust’s net asset value increased from $100,000 at December 31, 2023 to $614,747,718 at June 30, 2024, a 614,648% increase. The increase in the Trust’s net asset value resulted primarily from an increase in the number of outstanding shares, which increased from 2,000 Shares at December 31, 2023 to 8,775,000 Shares at June 30, 2024. This is the result of 9,750,000 Shares (312 Baskets) being created and 977,000 Shares (37 Baskets) being redeemed during the period, and an increase in the price of bitcoin, which grew 40.16% from $44,182 at January 4, 2024 to $61,926 at June 30, 2024.
Previous wording
The 60.80% increase in the NAV from $50.00 at December 31, 2023 to $80.40 at March 31, 2024 is directly related to the 66.74% increase in the price of bitcoin and impact from seed capital during this period.
Current wording
The 40.12% increase in the NAV per Share from $50.00 at December 31, 2023 to $70.06 at June 30, 2024 is directly related to the 40.16% increase in the price of bitcoin during this period.
Previous wording
Net increase in net assets resulting from operations for the quarter ended March 31, 2024, was $109,304,792 resulting from an unrealized gain on investment in bitcoin of $103,409,916, a net realized gain of $5,947,470 on bitcoin sold for the redemption of Shares, a net realized gain of $10,977 from bitcoin sold to pay expenses during the quarter, and a net investment loss of $63,571. Other than the Sponsor Fee of $63,571, the Trust had no other expenses during the quarter.
Current wording
Net increase in net assets resulting from operations for the six-month period ended June 30, 2024, was $22,514,437, resulting from an unrealized gain on investment in bitcoin of $13,542,579, a net realized gain of $9,024,452 on bitcoin sold for the redemption of Shares, a net realized gain of $10,977 from bitcoin sold to pay expenses during the six-month period, and a net investment loss of $63,571. Other than the Sponsor Fee of $63,571, the Trust had no other expenses during the six-month period.
Rearranged current paragraphs (2)
Current report — wording carried from elsewhere
Net decrease in net assets resulting from operations for the quarter ended June 30, 2024, was $86,790,355 resulting from a net change in unrealized depreciation on investment in bitcoin of $89,867,337, a net realized gain of $3,076,982 on bitcoin sold for the redemption of Shares and a net investment income of $0. The Trust had no expenses during the quarter as they were all waived by the Sponsor.
Current report — wording carried from elsewhere
The NAV per Share of $82.73 on March 13, 2024, was the highest during the period, compared with a low during the period of $44.40 on January 23, 2024.