VanEck Bitcoin ETF
For the period ended Sep 30, 2024. Filed Nov 12, 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.
Sep 30, 2024 · Filed Nov 12, 2024
HODL$21.41-0.4%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious 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 OperationsCurrent report: 10-Q
Period ended 2024-09-30; filed 2024-11-12.
0000930413-24-003119
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 24 previous paragraphs and 24 current paragraphs.
16 unchanged; 8 reworded; 0 added; 0 removed; 0 previous and 0 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.
Reworded paragraphs (8)
Previous wording
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 wording
The Trust’s NAV increased from $614,747,718 at June 30, 2024 to $759,376,653 at September 30, 2024, a 24% increase. The increase in the Trust’s net asset value resulted primarily from the number of outstanding shares increasing from 8,775,000 Shares at June 30, 2024 to 10,600,000 Shares at September 30, 2024. This is the net result of 3,150,000 Shares (126 Baskets) being created and 1,325,000 Shares (53 Baskets) being redeemed during the period. In addition, the price of bitcoin grew 2.26% from $61,926 at June 30, 2024 to $63,326 at September 30, 2024.
Previous 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.
Current wording
The 2.26% increase in the NAV per Share from $70.06 at June 30, 2024 to $71.64 at September 30, 2024 is directly related to the 2.26% increase in the price of bitcoin during this period.
Previous 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.
Current wording
The NAV per Share of $76.75 on July 22, 2024, was the highest during the quarter, compared with a low during the quarter of $60.09 on August 5, 2024.
Previous wording
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 wording
Net increase in net assets resulting from operations for the quarter ended September 30, 2024, was $15,911,468 resulting from a net unrealized appreciation on investment in bitcoin of $11,414,566, a net realized gain of $4,496,902 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.
Previous wording
The Six-Month Period Ended June 30, 2024
Current wording
The Nine-Month Period Ended September 30, 2024
Previous 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.
Current wording
The Trust’s net asset value increased from $100,000 at December 31, 2023 to $759,376,653 at September 30, 2024, a 759,277% 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 10,600,000 Shares at September 30, 2024. This is the net result of 12,900,000 Shares (438 Baskets) being created and 2,302,000 Shares (90 Baskets) being redeemed during the period, and an increase in the price of bitcoin, which grew 43.33% from $44,182 at January 4, 2024 to $63,326 at September 30, 2024.
Previous wording
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 wording
The 43.28% increase in the NAV per Share from $50.00 at December 31, 2023 to $71.64 at September 30, 2024 is directly related to the 43.33% increase in the price of bitcoin during this period.
Previous 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.
Current wording
Net increase in net assets resulting from operations for the nine-month period ended September 30, 2024, was $38,425,905, resulting from an net unrealized appreciation on investment in bitcoin of $24,957,145, a net realized gain of $13,521,354 on bitcoin sold for the redemption of Shares, a net realized gain of $10,977 from bitcoin sold to pay expenses during the nine-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 nine-month period.