VanEck Bitcoin ETF
For the period ended Mar 31, 2026. Filed May 14, 2026.
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, 2026 · Filed May 14, 2026
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 2025-09-30; filed 2025-11-13.
0000930413-25-003438
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-03-31; filed 2026-05-14.
0000930413-26-001608
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 36 previous paragraphs and 19 current paragraphs.
13 unchanged; 2 reworded; 4 added; 21 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 (4)
Current report
Results of Operations
Current report
The Quarter Ended March 31,2026
Current report
The Trust’s NAV decreased from $1,382,273,990 at December 31, 2025 to $1,158,283,647 at March 31, 2026, a 16.20% decrease. The decrease in the Trust’s NAV resulted primarily from a decrease in the price of bitcoin, which decreased 22.10% from $87,432.00 at December 31, 2025 to $68,115.81 at March 31, 2026. In addition, the number of outstanding Shares increased from 55,900,000 Shares at December 31, 2025 to 60,125,000 Shares at March 31, 2026. This is the net result of 8,925,000 Shares (357 Baskets) being created and 4,700,000 Shares (188 Baskets) being redeemed during the period.
Current report
Net decrease in net assets resulting from operations for the quarter ended March 31, 2026, was $309,912,457 resulting from a net unrealized depreciation on investment in bitcoin of $307,116,056, and a net realized loss of $2,796,401 on bitcoin sold for the redemption of Shares. The Trust had no expenses during the quarter as they were all waived by the Sponsor.
Removed paragraphs (21)
Previous report
Results of Operations*(a)*
Previous report
The Quarter Ended September 30, 2024
Previous 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.
Previous 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.
Previous 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.
Previous report
The Nine-Month Period Ended September 30, 2024
Previous report
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 report
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 report
The NAV per Share of $20.68 on March 13, 2024, was the highest during the period, compared with a low during the period of $11.10 on January 23, 2024.
Previous report
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 report
The Quarter Ended September 30, 2025
Previous 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
Previous 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.
Previous report
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 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.
Previous report
The Nine-Month Period Ended September 30, 2025
Previous report
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 report
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 report
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 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.
Previous report
(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.
Reworded paragraphs (2)
Previous wording
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 wording
The 22.12 % decrease in the NAV per Share from $24.73 at December 31, 2025 to $19.26 at March 31, 2026 is primarily related to the 22.10% decrease in the price of bitcoin during this period.
Previous 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.
Current wording
The NAV per Share of $27.59 on January 14, 2026, was the highest during the quarter, compared with a low during the quarter of $18.08 on February 5, 2026.