VanEck Bitcoin ETF
For the period ended Sep 30, 2025. Filed Nov 13, 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.
Sep 30, 2025 · Filed Nov 13, 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 2025-06-30; filed 2025-08-13.
0000930413-25-002440
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-13.
0000930413-25-003438
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 35 previous paragraphs and 36 current paragraphs.
14 unchanged; 9 reworded; 13 added; 12 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.
Added paragraphs (13)
Current report
Results of Operations*(a)*
Current report
The Quarter Ended September 30, 2024
Current report
The Trust’s NAV increased from $614,747,718 at June 30, 2024 to $759,376,653 at September 30, 2024, a 23.53% increase. The increase in the Trust’s NAV resulted primarily from the number of outstanding Shares increasing from 35,100,000 Shares at June 30, 2024 to 42,400,000 Shares at September 30, 2024. This is the net result of 12,600,000 Shares (504 Baskets) being created and 5,300,000 Shares (212 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 report
The 2.26% increase in the NAV per Share from $17.52 at June 30, 2024 to $17.91 at September 30, 2024 is directly related to the 2.26% increase in the price of bitcoin during this period.
Current report
Net increase in net assets resulting from operations for the quarter ended September 30, 2024, was $15,911,468 resulting from a net change in 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 loss of $0. The Trust had no expenses during the quarter as they were all waived by the Sponsor.
Current report
The Nine-Month Period Ended September 30, 2024
Current report
The Quarter Ended September 30, 2025
Current report
The Trust’s NAV increased from $1,679,361,166 at June 30, 2025 to $2,039,322,369 at September 30, 2025, a 21.43% increase. The increase in the Trust’s NAV resulted primarily from an increase in the number of outstanding Shares, which increased from 55,375,000 Shares at June 30, 2025 to 63,125,000 Shares at September 30, 2025. This is the net result of 9,750,000 Shares (390
Current report
Baskets) being created and 2,000,000 Shares (80 Baskets) being redeemed during the period. In addition, the price of bitcoin increased 6.53% from $107,231 at June 30, 2025 to $114,228 at September 30, 2025.
Current report
The 6.53% increase in the NAV per Share from $30.33 at June 30, 2025 to $32.31 at September 30, 2025 is primarily related to the 6.53% increase in the price of bitcoin during this period.
Current report
Net increase in net assets resulting from operations for the quarter ended September 30, 2025, was $103,792,268 resulting from a net change in unrealized appreciation on investment in bitcoin of $84,089,218 and a net realized gain of $19,703,050 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.
Current report
The Nine-Month Period Ended September 30, 2025
Current report
Net increase in net assets resulting from operations for the nine months ended September 30, 2025, was $297,152,438 resulting from a net change in unrealized appreciation on investment in bitcoin of $243,902,664 and a net realized gain of $53,249,774 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.
Removed paragraphs (12)
Previous report
Results of Operations
Previous report
The Quarter Ended June 30, 2024 (a)
Previous report
The Trust’s NAV 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 NAV 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, offset by an increase in the number of outstanding Shares from 30,800,000 Shares at March 31, 2024 to 35,100,000 Shares at June 30, 2024, a net result of 7,100,000 Shares (284 Baskets) being created and 2,800,000 Shares (112 Baskets) being redeemed during the period.
Previous report
The 12.49% decrease in the NAV per Share from $20.10 at March 31, 2024 to $17.52 at June 30, 2024 is primarily related to the 12.86% decrease in the price of bitcoin during this period.
Previous report
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 and a net realized gain of $3,076,982 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.
Previous report
The Six-Month Period Ended June 30, 2024 (a)
Previous report
The Quarter Ended June 30,2025
Previous report
The Trust’s NAV increased from $1,184,241,939 at March 31, 2025 to $1,679,361,166 at June 30, 2025, a 41.81% increase. The increase in the Trust’s NAV resulted primarily from an increase in the price of bitcoin, which increased 29.26% from $82,957 at March 31, 2025 to $107,231 at June 30, 2025. In addition, the number of outstanding shares increased from 50,475,000 Shares at March 31, 2025 to 55,375,000 Shares at June 30, 2025. This is the net result of 6,925,000 Shares (277 Baskets) being created and 2,025,000 Shares (81 Baskets) being redeemed during the period.
Previous report
The 29.28 % increase in the NAV per Share from $23.46 at March 31, 2025 to $30.33 at June 30, 2025 is primarily related to the 29.26% increase in the price of bitcoin during this period.
Previous report
Net increase in net assets resulting from operations for the quarter ended June 30, 2025, was $348,337,082 resulting from a net unrealized appreciation on investment in bitcoin of $335,928,778, and a net realized gain of $12,408,304 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.
Previous report
The Six Months Ended June 30,2025 (a)
Previous report
Net increase in net assets resulting from operations for the six months ended June 30, 2025, was $193,360,170 resulting from a net unrealized appreciation on investment in bitcoin of $159,813,446, and a net realized gain of $33,546,724 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.
Reworded paragraphs (9)
Previous wording
The NAV per Share of $20.31 on April 8, 2024, was the highest during the quarter, compared with a low during the quarter of $16.37 on May 1, 2024.
Current wording
The NAV per Share of $19.19 on July 22, 2024, was the highest during the quarter, compared with a low during the quarter of $15.02 on August 5, 2024.
Previous wording
The Trust’s NAV 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 NAV resulted primarily from an increase in the number of outstanding Shares, which increased from 8,000 Shares at December 31, 2023 to 35,100,000 Shares at June 30, 2024. This is the result of 39,000,000 Shares (1,248 Baskets) being created and 3,908,000 Shares (94 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 NAV 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 NAV resulted primarily from an increase in the number of outstanding Shares, which increased from 8,000 Shares at December 31, 2023 to 42,400,000 Shares at September 30, 2024. This is the net result of 51,600,000 Shares (1,752 Baskets) being created and 9,208,000 Shares (360 Baskets) being redeemed during the period. In addition, the price of bitcoin increased 43.33% from $44,182 at January 4, 2024 to $63,326 at September 30, 2024.
Previous wording
The 40.11% increase in the NAV per Share from $12.50 at December 31, 2023 to $17.52 at June 30, 2024 is primarily related to the 40.16% increase in the price of bitcoin during this period.
Current wording
The 43.28% increase in the NAV per Share from $12.50 at December 31, 2023 to $17.91 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 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 the Sponsor Fee during the 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 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 a net change in 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.
Previous wording
The NAV per Share of $31.56 on May 22, 2025, was the highest during the quarter, compared with a low during the quarter of $21.70 on April 8, 2025.
Current wording
The NAV per Share of $34.59 on August 13, 2025, was the highest during the quarter, compared with a low during the quarter of $29.87 on July 1, 2025.
Previous wording
The Trust’s NAV increased from $1,280,450,332 at December 31, 2024 to $1,679,361,166 at June 30, 2025, a 31.15% increase. The increase in the Trust’s NAV resulted primarily from an increase in the price of bitcoin, which increased 14.87% from $93,349 at December 31, 2024 to $107,231 at June 30, 2025. In addition, the number of outstanding shares increased from 48,500,000 Shares at December 31, 2024 to 55,375,000 Shares at June 30, 2025. This is the net result of 12,100,000 Shares (484 Baskets) being created and 5,225,000 Shares (209 Baskets) being redeemed during the period.
Current wording
The Trust’s NAV increased from $1,280,450,332 at December 31, 2024, to $2,039,322,369 at September 30, 2025, a 59.27% increase. The increase in the Trust’s NAV resulted primarily from an increase in the number of outstanding Shares, which increased from 48,500,000 Shares at December 31, 2024 to 63,125,000 at September 30, 2025. This is the net result of 21,850,000 Shares (874 Baskets) being created and 7,225,000 Shares (289 Baskets) being redeemed during the period. In addition, the price of bitcoin increased 22.37% from $93,349 at December 31, 2024 to $114,228 at September 30, 2025.
Previous wording
The 14.89 % increase in the NAV per Share from $26.40 at December 31, 2024 to $30.33 at June 30, 2025 is directly related to the 14.87% increase in the price of bitcoin during this period.
Current wording
The 22.39% increase in the NAV per Share from $26.40 at December 31, 2024 to $32.31 at September 30, 2025 is directly related to the 22.37% increase in the price of bitcoin during this period.
Previous wording
The NAV per Share of $31.56 on May 22, 2025, was the highest during the period, compared with a low during the quarter of $21.70 on April 8, 2025.
Current wording
The NAV per Share of $34.59 on August 13, 2025, was the highest during the period, compared with a low during the period of $21.70 on April 8, 2025.
Previous wording
(a) Shares outstanding, Baskets and NAV per Share have been adjusted to reflect the 4 for 1 share split that took place on February 14, 2025.
Current wording
(a) Shares outstanding, Baskets and NAV per Share, where applicable have been adjusted to reflect the 4 for 1 share split that took place on February 14, 2025.