VanEck Bitcoin ETF
For the period ended Mar 31, 2025. Filed May 14, 2025.
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.
Mar 31, 2025 · Filed May 14, 2025
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 2024-09-30; filed 2024-11-12.
0000930413-24-003119
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-03-31; filed 2025-05-14.
0000930413-25-001795
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 25 current paragraphs.
15 unchanged; 7 reworded; 3 added; 1 removed; 1 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.
Added paragraphs (3)
Current report
The Quarter Ended March 31, 2024 (a)
Current report
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 $20.68 on March 13, 2024, was the highest during the quarter, compared with a low during the quarter of $11.10 on January 23, 2024.
Current report
(a) Shares outstanding, baskets and Net Asset Value per share have been adjusted to reflect the 4 for 1 share split that took place on February 14, 2025.
Removed paragraphs (1)
Previous report
The Nine-Month Period Ended September 30, 2024
Reworded paragraphs (7)
Previous 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.
Current 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 8,000 Shares at December 31, 2023 to 30,800,000 Shares at March 31, 2024, a consequence of 31,900,000 Shares (964 Baskets) being created and 1,108,000 Shares (36 Baskets) being redeemed during the period and an increase in the price of bitcoin, which grew 60.17 % from $44,182 at January 4, 2024 to $70,766 at March 31, 2024.
Previous 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.
Current wording
The 60.80% increase in the NAV from $12.50 at December 31, 2023 to $20.10 at March 31, 2024 is directly related to the 66.17 % increase in the price of bitcoin during this period.
Previous 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.
Current wording
Net increase in net assets resulting from operations for the quarter ended March 31, 2024, was $109,304,792 resulting from a net unrealized appreciation 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.
Previous 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.
Current wording
The Trust’s NAV decreased from $1,280,450,332 at December 31, 2024 to $1,184,241,939 at March 31, 2025, a 7.51% decrease. The decrease in the Trust’s net asset value resulted primarily from a decrease in the price of bitcoin, which contracted 11.13% from $93,349 at December 31, 2024 to $82,957 at March 31, 2025, offset by the impact of capital share transactions, as the number of outstanding shares increased from 48,500,000 Shares at December 31, 2024 to 50,475,000 Shares at March 31, 2025. This is the net result of 5,175,000 Shares (207 Baskets) being created and 3,200,000 Shares (128 Baskets) being redeemed during the period.
Previous 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.
Current wording
The 11.14 % decrease in the NAV per Share from $26.40 at December 31, 2024 to $23.46 at March 31, 2025 is directly related to the 11.13% decrease in the price of bitcoin during this period.
Previous 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.
Current wording
The NAV per Share of $30.16 on January 21, 2025, was the highest during the quarter, compared with a low during the quarter of $22.21 on March 10, 2025.
Previous 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.
Current wording
Net decrease in net assets resulting from operations for the quarter ended March 31, 2025, was $154,976,912 resulting from a net unrealized depreciation on investment in bitcoin of $176,115,332, and a net realized gain of $21,138,420 on bitcoin sold for the redemption of Shares and a net investment loss of $0. The Trust had no expenses during the quarter as they were all waived by the Sponsor.
Rearranged previous paragraphs (1)
Previous report — wording carried 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.