VanEck Bitcoin ETF

What they do

The Trust owns bitcoin transferred to it in exchange for shares, with all bitcoin held by Gemini Trust Company, LLC and Coinbase Custody Trust Company, LLC. VanEck Digital Assets, LLC, a wholly-owned subsidiary of Van Eck Associates Corporation, is the Sponsor and controls the Trust. State Street serves as administrator, transfer agent and cash custodian. Shares are created and redeemed only in 25,000-share Baskets with Authorized Participants, in cash or in-kind, based on the MarketVector Bitcoin Benchmark Rate.

Revenue drivers

• Bitcoin price appreciation — The Trust's NAV and returns track the price of bitcoin less operating expenses; the Trust reported NAV of $1,382,273,990 at December 31, 2025.
• Sponsor's Fee — The Sponsor assumes most Trust expenses in exchange for a fee; the Sponsor's Fee was the only ordinary expense of the Trust during the latest reporting period.
• Share creation and redemption activity — Net income fluctuates with bitcoin prices and changes in outstanding Shares; annual net income was $419.0M in 2024 and $-194.0M in 2025.

Recent performance

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, primarily due to a decrease in the price of bitcoin. Annual net income was $419.0M in 2024 and $-194.0M in 2025. Total assets were $958.8M at June 30, 2026, with total liabilities of $0.00 and shareholder equity of $1.19B at that date. The Trust's fiscal-year-end NAV was $1,382,273,990 at December 31, 2025, with 55,900,000 outstanding Shares.

Strategy

The Trust is a passive investment vehicle that does not seek any investment strategy beyond tracking the price of bitcoin and does not engage in activities to profit from or ameliorate losses from bitcoin price changes. It is not actively managed and will not take actions to take advantage of, or mitigate, bitcoin volatility. The Sponsor has agreed to assume most of the Trust's expenses in exchange for the Sponsor's Fee. The Trust issues and redeems Shares only in 25,000-share Baskets with Authorized Participants, conducting subscriptions and redemptions in cash or in-kind.

Risks

• Bitcoin price volatility — Bitcoin has experienced extreme volatility, including a 77% drawdown in the 2021-2022 cycle (peak $67,734 to bottom $15,632), and the Shares could lose substantially all of their value.
• Market dislocation and flash crash — The October 2025 Flash Crash saw bitcoin lose approximately 14% of its value amid liquidations of up to $20 billion in digital-asset collateral and reported service interruptions and halted orders across exchanges.
• Sponsor and custodian dependence — The Trust relies on the Sponsor, VanEck Digital Assets, LLC, and on Gemini Trust Company, LLC and Coinbase Custody Trust Company, LLC to hold all of its bitcoin.
• Passive, unmanaged structure — The Trust is not actively managed and will not take actions to take advantage of or mitigate the impacts of volatility in the price of bitcoin.

Outlook

The filing does not provide forward guidance on bitcoin prices or expected NAV. The Sponsor states the Trust is a passive vehicle that does not pursue any investment strategy beyond tracking the price of bitcoin less operating expenses. The Trust states it is not aware of any trends, demands, conditions or events reasonably likely to result in material changes to its liquidity needs. The only ordinary expense of the Trust during the latest period was the Sponsor's Fee, and its only source of liquidity is sales of bitcoin.