VanEck Bitcoin ETF
For the period ended Jun 30, 2026. Filed Aug 13, 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.
Jun 30, 2026 · Filed Aug 13, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious 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 OperationsCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-08-13.
0000930413-26-002505
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.
14 unchanged; 4 reworded; 2 added; 1 removed; 0 previous and 4 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 (2)
Current report
The Three Months Ended June 30, 2026
Current report
The Six Months Ended June 30, 2026
Removed paragraphs (1)
Previous report
The Quarter Ended March 31,2026
Reworded paragraphs (4)
Previous wording
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 wording
The Trust’s NAV decreased from $1,158,283,647 at March 31, 2026 to $ 958,827,545 at June 30, 2026, a 17.22% decrease. The decrease in the Trust’s NAV resulted primarily from a decrease in the price of bitcoin, which decreased 13.33% from $68,115.81 at March 31, 2026 to $59,037.45 at June 30, 2026. In addition, the number of outstanding Shares decreased from 60,125,000 Shares at March 31, 2026 to 57,425,000 Shares at June 30, 2026. This is the net result of 3,200,000 Shares (128 Baskets) being created and 5,900,000 Shares (236 Baskets) being redeemed during the three months ended June 30, 2026.
Previous 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.
Current wording
The 13.29% decrease in the NAV per Share from $19.26 at March 31, 2026 to $16.70 at June 30, 2026 is primarily related to the 13.33% decrease in the price of bitcoin during these the months ended June 30, 2026.
Previous 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.
Current wording
The NAV per Share of $27.59 on January 14, 2026, was the highest during the six months, compared with a low during the six months of $16.70 on June 30, 2026.
Previous wording
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.
Current wording
Net decrease in net assets resulting from operations for the six months ended June 30, 2026, was $(458,070,903) resulting from a net unrealized appreciation (depreciation) on investment in bitcoin of $(438,684,196), and a net realized loss of $(19,386,707) on bitcoin sold for the redemption of Shares. The Trust had no expenses during the six months ended June 30, 2026 as they were all waived by the Sponsor.
Rearranged current paragraphs (4)
Current report — wording carried from elsewhere
The NAV per Share of $23.17 on May 11, 2026, was the highest during the three months, compared with a low during the three months of $16.70 on June 30, 2026.
Current report — wording carried from elsewhere
Net decrease in net assets resulting from operations for the three months ended June 30, 2026, was $(148,158,446) resulting from the net change in unrealized appreciation (depreciation) from investment in bitcoin of $(131,568,140), and a net realized loss of $(16,590,306) on bitcoin sold for the redemption of Shares. The Trust had no expenses during the three months ended June 30, 2026 as they were all waived by the Sponsor.
Current report — wording carried from elsewhere
The Trust’s NAV decreased from $1,382,273,990 at December 31, 2025 to $958,827,545 at June 30, 2026, a 30.63% decrease. The decrease in the Trust’s NAV resulted primarily from a decrease in the price of bitcoin, which decreased 32.48% from $87,432.00 at December 31, 2025 to $59,037.45 at June 30, 2026. This decrease was partially offset as the number of outstanding Shares increased from 55,900,000 Shares at December 31, 2025 to 57,425,000 Shares at June 30, 2026. This is the net result of 12,125,000 Shares (485 Baskets) being created and 10,600,000 Shares (424 Baskets) being redeemed during the six months ended June 30, 2026.
Current report — wording carried from elsewhere
The 32.47% decrease in the NAV per Share from $24.73 at December 31, 2025 to $16.70 at June 30, 2026 is primarily related to the 32.48% decrease in the price of bitcoin during these six months ended June 30, 2026.