Overview
- TickerHODL on CBOE2
- IndustryCommodity Contracts Brokers & Dealers2
- HeadquartersNew York, United States2
- Incorporated inDE3
- Business addressC/O Vaneck Digital Assets, Llc, 666 Third Avenue, 9Th Floor, New York, Ny 100173
- Filer categoryNon-accelerated filer, Emerging growth company3
- Legal formFUND2
- Kind of organizationFund2
- LEI549300TNL4G0U45180672
- StatusActive2
- LEI statusIssued and current2
- Registered addressC/O CSC DELAWARE TRUST COMPANY, 19808 Wilmington, United States2
- Registered withSecurities and Exchange Commission, 00018380282
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1 have been adjusted to reflect the 4 for 1 share split that occurred on February 14, 2025.4 From its latest annual report
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Financial statements
Every line of the income statement as filed: the last 2 fiscal years, latest first.5
| Period ending | 2025-12-31 | 2024-12-31 |
|---|---|---|
| Sponsor fee, related party | $3.3M | $1.3M |
| Total expenses | $3.3M | $1.3M |
| Sponsor fee waiver, related party | -$3.3M | -$1.3M |
| Net expenses | $0 | $63.6K |
| Net investment loss | $0 | -$63.6K |
| Bitcoin sold for redemption of shares | $84.8M | $34.4M |
| Bitcoin distributed for Sponsor fee, related party | $0 | $11.0K |
| Net realized gain on investment in bitcoin | $84.8M | $34.4M |
| Net change in unrealized appreciation (depreciation) from investment in bitcoin | -$278.8M | $384.6M |
| Net realized gain and net change in unrealized appreciation (depreciation) | -$194.0M | $419.0M |
| Net increase (decrease) in net assets resulting from operations | -$194.0M | $419.0M |
No quarter-by-quarter statement was filed.
Every line of the balance sheet as filed: the last 3 fiscal years (annual) or 3 quarters (quarterly), latest first.5
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Investment in bitcoin, at fair value (cost $1,276,429,195 and $895,843,577, respectively) | $1.4B | $1.3B | $0 |
| Receivable for investment in bitcoin sold | $6.8M | $0 | |
| Total assets | $1.4B | $1.3B | |
| Payable for shares redeemed | $6.8M | $0 | |
| Total liabilities | $6.8M | $0 | |
| Net assets | $1.4B | $1.3B | $100.0K |
| Shares issued (in Shares) | 55.9M shares | 48.5M shares | |
| Shares outstanding (in Shares) | 55.9M shares | 48.5M shares | 8.0K shares |
| Net Asset Value per Share (in Dollars per share) | $24.73 | $26.40 | $12.50 |
| Investment in bitcoin, at cost | $1.3B | $895.8M | |
| Shares par value (in Dollars per share) | $0 | $0 |
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Investment in bitcoin, at fair value (cost $1,276,429,195 and $895,843,577, respectively) | $1.4B | $1.3B | $0 |
| Receivable for investment in bitcoin sold | $6.8M | $0 | |
| Total assets | $1.4B | $1.3B | |
| Payable for shares redeemed | $6.8M | $0 | |
| Total liabilities | $6.8M | $0 | |
| Net assets | $1.4B | $1.3B | $100.0K |
| Shares issued (in Shares) | 55.9M shares | 48.5M shares | |
| Shares outstanding (in Shares) | 55.9M shares | 48.5M shares | 8.0K shares |
| Net Asset Value per Share (in Dollars per share) | $24.73 | $26.40 | $12.50 |
| Investment in bitcoin, at cost | $1.3B | $895.8M | |
| Shares par value (in Dollars per share) | $0 | $0 |
Corporate structure
VanEck Bitcoin ETF sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.
Major holders of VanEck Bitcoin ETF
- NEOS Investment Management LLC Filed SCHEDULE 13G on VanEck Bitcoin ETF, latest Mar 10, 2026
- VanEck Bitcoin ETF New York, New York, United States
Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); major holders from Schedules 13D and 13G. Each entity in the chart links to its source.
Subsidiaries and ownership
Fund manager
Ownership links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); each one cites its LEI record.
Former names
- VanEck Bitcoin TrustDec 30, 2020 to Aug 20, 20243
Timeline
- Dec 3, 20258-K Other events9
- Nov 20, 20258-K Entered a material agreement10
- Mar 7, 20258-K Other events11
- Feb 14, 20258-K Other events12
- Aug 20, 20248-K Entered a material agreement; Bylaws or fiscal year changed13
- Jun 26, 20248-K Entered a material agreement14
- Jun 7, 20248-K Other events15
- Mar 1, 20248-K Entered a material agreement; Change to shareholders' rights16
- Dec 17, 2020Founded VanEck Bitcoin ETF is founded2
Filings
105 filings to the SEC since October 2021: 4 annual reports, 8 quarterly reports, 8 major events, 1 large holders, 84 other. The latest 20:
- Aug 13, 202610-Q EDGAR
- May 14, 202610-Q EDGAR
- Mar 27, 202610-K/A EDGAR
- Mar 18, 2026424I VANECK BITCOIN ETF - 424I EDGAR
- Mar 12, 202610-K EDGAR
- Mar 10, 2026SCHEDULE 13G EDGAR
- Feb 23, 2026424B3 EDGAR
- Dec 3, 20258-K EDGAR
- Dec 3, 2025424B3 EDGAR
- Nov 25, 2025424B3 EDGAR
- Nov 20, 2025424B3 EDGAR
- Nov 20, 20258-K EDGAR
- Nov 13, 202510-Q EDGAR
- Aug 13, 202510-Q EDGAR
- Jun 17, 2025FWP EDGAR
- Jun 11, 2025424B3 EDGAR
- May 14, 202510-Q EDGAR
- May 6, 2025FWP EDGAR
- Mar 26, 2025424B3 EDGAR
- Mar 26, 202510-K EDGAR
The 105 filings since October 2021 can be filtered by form type and year here when JavaScript is on.
Every filing from the last five years, summarized. The full record is on SEC EDGAR.
Major holders
Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.
- NEOS Investment Management LLCSCHEDULE 13G, 1 filing Mar 10, 202617
Held by these funds
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.
13F reports cover disclosed long positions in U.S. stocks only.
SEC filer profile
How VanEck Bitcoin ETF is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.
- Name on EDGARVanEck Bitcoin ETF1
- CIK0001838028
- Employer ID (EIN)85-68110214
- Filer statusNon-accelerated filer an emerging growth company; a smaller reporting company; not a shell company4
- Incorporated inDelaware4
- Fiscal year endsDecember 311
- Industry code (SIC)6221 Commodity Contracts Brokers & Dealers1
- SEC reviewing officeOffice of Crypto Assets, Division of Corporation Finance1
- Business addressC/O Vaneck Digital Assets, Llc, 666 Third Avenue, 9Th Floor, New York, NY 100171
- Phone212-293-20481
- Shares outstanding58,875,000 as of Jul 31, 20267
- Public float$1.6B as of Jun 30, 20254
- AuditorCOHEN & COMPANY, LTD., Towson, Maryland PCAOB ID 15; no auditor attestation of internal control over financial reporting4
- On EDGAR sinceDec 30, 20201
- Filings107 in all: FWP (42), 424B3 (16), 10-Q (8), 8-K (8), S-1/A (8), CORRESP (7), UPLOAD (5), 10-K (3)1
All 15 form types
CERT (3), 424I (2), 10-K/A (1), 8-A12B (1), EFFECT (1), S-1 (1), SCHEDULE 13G (1)
- Latest filingsAnnual report (10-K) Mar 12, 2026
Quarterly report (10-Q) Aug 13, 2026
Latest 8-K (8-K) Dec 3, 2025
Securities registered for trading
| Class | Symbol | Exchange |
|---|---|---|
| Shares | HODL | Cboe BZX Exchange, Inc. |
From the cover page of the 10-K filed Mar 12, 2026 (Section 12(b) of the Exchange Act).4
Risk factors and legal proceedings
The risks VanEck Bitcoin ETF names in Item 1A of its 10-K filed Mar 12, 2026: 74 risks under these headings, as written.4
- Risks Associated with Bitcoin and the Bitcoin Network
- The trading prices of many digital assets, including bitcoin, have experienced extreme volatility in recent periods and may continue to do so. Extreme volatility in the future, including further declines in the trading prices of bitcoin, could have a material adverse effect on the value of the Shares and the Shares could lose all or substantially all of their value.
- Disruptions or other problems in the supply chain for bitcoin mining hardware and difficulties in obtaining new hardware could cause harm to the Bitcoin network.
- The value of the Shares is subject to a number of factors relating to the fundamental investment characteristics of bitcoin as a digital asset, including the fact that digital assets are bearer instruments and loss, theft, destruction, or compromise of the associated private keys could result in permanent loss of the asset, and the capabilities and development of blockchain technologies such as the bitcoin blockchain.
- Due to the nature of private keys, bitcoin transactions are irrevocable and stolen or incorrectly transferred bitcoin may be irretrievable. As a result, any incorrectly executed bitcoin transactions could adversely affect an investment in the Trust.
- A disruption of the internet may affect bitcoin operations, which may adversely affect the bitcoin industry and an investment in the Trust.
- The Bitcoin network’s decentralized governance structure may negatively affect its ability to grow and respond to challenges.
- Potential amendments to the Bitcoin network’s protocols and software could, if accepted and authorized by the Bitcoin network community, adversely affect an investment in the Trust.
- The open-source structure of the Bitcoin network protocol means that the core developers and other contributors are generally not directly compensated for their contributions in maintaining and developing the Bitcoin network protocol. A failure to properly monitor and upgrade the Bitcoin network protocol could damage the Bitcoin network and an investment in the Trust.
- A temporary or permanent “fork” of the bitcoin blockchain could adversely affect an investment in the Trust. Shareholders will not receive the benefits of any forks or airdrops.
- In the event of a hard fork of the Bitcoin network, the Sponsor will, if permitted by the terms of the Trust Agreement, use its discretion to determine which network should be considered the appropriate network for the Trust’s purposes, and in doing so may adversely affect the value of the Shares.
- A hard fork could change the source code to the bitcoin network, including the 21 million bitcoin supply cap.
The other 63 risks
- The Bitcoin Blockchain could be vulnerable to a “51% attack,” which could adversely affect an investment in the Trust or the ability of the Trust to operate.
- If miners expend less processing power on the Bitcoin network, it could increase the likelihood of a malicious actor obtaining control.
- Blockchain technologies are based on theoretical conjectures as to the impossibility of solving certain cryptographical puzzles quickly. These premises may be incorrect or may become incorrect due to technological advances.
- Currently, there is relatively small use of bitcoin in the retail and commercial marketplace in comparison to relatively large use by speculators and those perceiving bitcoin as a store of value, thus contributing to price volatility that could adversely affect an investment in the Trust.
- Sales of new bitcoin may cause the price of bitcoin to decline, which could negatively affect an investment in the Trust.
- Operational cost may exceed the award for solving blocks or transaction fees. Increased transaction fees may adversely affect the usage of the Bitcoin network.
- Miners could act in collusion to raise transaction fees, which may adversely affect the usage of the Bitcoin network.
- As technology advances, miners may be unable to acquire the digital asset mining hardware necessary to develop and launch their operations. A decline in the bitcoin mining population could adversely affect the Bitcoin network and an investment in the Trust.
- If profit margins of Bitcoin Mining Operations are not high, miners may elect to immediately sell bitcoin earned by mining, resulting in a reduction in the price of bitcoin that could adversely affect an investment in the Trust.
- Congestion or delay in the Bitcoin network may delay purchases or sales of bitcoin by the Trust.
- Electricity usage.
- Risks Associated with the Digital Asset Markets
- The value of the Shares relates directly to the value of bitcoins, the value of which may be highly volatile and subject to fluctuations due to a number of factors.
- Digital asset networks face significant scaling challenges and efforts to increase the volume of transactions may not be successful.
- Due to the unregulated nature and lack of transparency surrounding the operations of bitcoin trading platforms, which may be subject to regulation in a relevant jurisdiction, but may not be complying, they may experience fraud, manipulation, security failures or operational problems, which may adversely affect the value of bitcoin and, consequently, the value of the Shares.
- Bitcoin trading platforms may be exposed to fraud and manipulation.
- Bitcoin trading platforms may be exposed to front-running.
- Bitcoin trading platforms may be exposed to wash trading.
- Competition from central bank digital currencies and emerging payments initiatives involving financial institutions could adversely affect the value of bitcoins and other digital assets.
- Prices of bitcoin may be affected due to stablecoins (including Tether and US Dollar Coin (“USDC”)), the activities of stablecoin issuers and their regulatory treatment.
- Digital Asset Treasury Companies Risk
- New competing digital assets may pose a challenge to bitcoin’s current market position, resulting in a reduction in demand for bitcoin, which could have a negative impact on the price of bitcoin and may have a negative impact on the performance of the Trust.
- Failure of funds that hold digital assets to receive SEC approval to list their shares on exchanges could adversely affect the value of the Shares.
- Risks Associated with the MarketVectorTM Bitcoin Benchmark Rate
- The MarketVectorTM Bitcoin Benchmark Rate has a limited history.
- The MarketvectorTM Bitcoin Benchmark Rate could fail to track the global bitcoin price, and a failure of the MarketvectorTM Bitcoin Benchmark Rate could adversely affect the value of the Shares.
- Marketvector has analyzed bitcoin trading platform data and developed insights that have informed Marketvector’s understanding of the bitcoin market and the design of the Trust. If such data or insights are inaccurate or incorrect, the value of an investment in the trust may be adversely affected.
- The MarketvectorTM Bitcoin Benchmark Rate used to calculate the value of the Trust’s bitcoin may be volatile, adversely affecting the value of the Shares.
- The MarketvectorTM Bitcoin Benchmark Rate may be affected by manipulative or fraudulent practices in the global bitcoin market or at constituent trading platforms.
- The MarketvectorTM Bitcoin Benchmark Rate Price being used to determine the net asset value of the trust may not be consistent with GAAP. To the extent that the Trust’s financial statements are determined using a different pricing source that is consistent with GAAP, the net asset value reported in the Trust’s periodic financial statements may differ, in some cases significantly, from the Trust’s net asset value determined using the MarketvectorTM Bitcoin Benchmark Rate Pricing.
- The Sponsor can remove the MarketvectorTM Bitcoin Benchmark Rate and use a different pricing or valuation methodology instead.
- Intellectual property rights claims may adversely affect the Trust and the value of the Shares.
- Risk Associated with Investing in the Trust
- The value of the Shares may be influenced by a variety of factors unrelated to the value of bitcoin.
- The Trust is subject to market risk.
- The NAV may not always correspond to the market price of bitcoin and, as a result, Baskets may be created or redeemed at a value that is different from the market price of the Shares.
- Authorized Participants’ buying and selling activity associated with the creation and redemption of Baskets may adversely affect an investment in the Shares of the Trust.
- The inability of Liquidity Providers to hedge their bitcoin exposure may adversely affect the liquidity of Shares and the value of an investment in the Shares.
- If the process of creation and redemption of Baskets encounters any unanticipated difficulties, the possibility for arbitrage transactions by Authorized Participants intended to keep the price of the Shares closely linked to the price of bitcoin may not exist and, as a result, the price of the Shares may fall or otherwise diverge from NAV.
- The lack of ability to facilitate in-kind creations and redemptions of Shares could have adverse consequences for the Trust.
- The Shares may trade at a price that is at, above or below the Trust’s NAV per Share as a result of the non-current trading hours between the Exchange and the digital asset market.
- The Trust is not obligated to pay periodic distributions or dividends to Shareholders.
- The Trust is subject to risks due to its concentration of investments in a single asset class.
- The lack of active trading markets for the Shares of the Trust may result in losses on Shareholders’ investments at the time of disposition of Shares.
- Possible illiquid markets may exacerbate losses, increase the variability between the Trust’s NAV and its market price or affect the Trust’s ability to meet cash Creation Orders and Redemption Orders.
- The Trust is an “emerging growth company” and it cannot be certain if the reduced disclosure requirements applicable to emerging growth companies will make the Shares less attractive to investors.
- Several factors may affect the Trust’s ability to achieve its investment objective on a consistent basis.
- The amount of bitcoin represented by the Shares will decline over time.
- The development and commercialization of the Trust is subject to competitive pressures.
- Security threats to the Trust’s accounts with the Bitcoin Custodian or the Additional Bitcoin Custodian could result in the halting of Trust operations and a loss of Trust assets or damage to the reputation of the Trust, each of which could result in a reduction in the price of the Shares.
- The Clearing Account permits hot storage which is less secure than cold storage.
- The lack of full insurance and Shareholders’ limited rights of legal recourse against the Trust, Trustee, Sponsor, Administrator, Cash Custodian, Bitcoin Custodian and Additional Bitcoin Custodian expose the Trust and its Shareholders to the risk of loss of the Trust’s bitcoins for which no person or entity is liable.
- Loss of a critical banking relationship for, or the failure of a bank used by, the Trust could adversely impact the Trust’s ability to create or redeem Baskets, or could cause losses to the Trust.
- The Sponsor is solely responsible for determining the value of the bitcoin holdings and bitcoin holdings per Share, and any errors, discontinuance or changes in such valuation calculations may have an adverse effect on the value of the Shares.
- The value of the Shares will be adversely affected if the Trust is required to indemnify the Sponsor, the Trustee, the Transfer Agent, the Bitcoin Custodian, the Additional Bitcoin Custodian or the Cash Custodian under the trust documents.
- Gemini serves as the Bitcoin Custodian for several competing exchange-traded bitcoin products, and the Trust’s Cash Custodian and Liquidity Providers may also transact with competing exchange-traded bitcoin products or with other companies in the digital assets industry, which could heighten interconnectedness and contagion risks and adversely affect creation and redemption processes of the Trust.
- Coinbase serves as the Bitcoin Custodian for several competing exchange-traded bitcoin products, which could adversely affect the Trust’s operations and ultimately the value of the shares.
- The Trust’s Authorized Participants act in similar or identical capacities for several competing exchange-traded bitcoin products, which may impact the ability or willingness of one or more Authorized Participants to participate in the creation and redemption process, adversely affect the Trust’s ability to create or redeem Baskets and adversely affect the Trust’s operations and ultimately the value of the Shares.
- Regulatory Risk
- Digital asset markets in the United States exist in a state of regulatory uncertainty, and adverse legislative or regulatory developments could significantly harm the value of bitcoin or the Shares, such as by banning, restricting or imposing onerous conditions or prohibitions on the use of bitcoins, mining activity, digital wallets, the provision of services related to trading and providing custody services for bitcoin, the operation of the Bitcoin network, or the digital asset markets generally.
- Shareholders do not have the protections associated with ownership of Shares in an investment company registered under the 1940 Act or the protections afforded by the CEA.
- Future legal or regulatory developments may negatively affect the value of bitcoin or require the Trust or the Sponsor to become registered with the SEC or CFTC, which may cause the Trust to liquidate.
- Anonymity, sanctions, and illicit financing risk.
- Trading on bitcoin exchanges outside the United States is not subject to U.S. regulation, and may be less reliable than U.S. exchanges.
- Regulatory changes or actions in foreign jurisdictions may affect the value of the Shares or restrict the use of bitcoin, mining activity or the operation of their networks or the global bitcoin markets in a manner that adversely affects the value of the Shares.
- The treatment of the Trust for U.S. federal income tax purposes is uncertain.
- The treatment of digital assets for U.S. federal income tax purposes is uncertain.
- Future developments regarding the treatment of digital assets for U.S. federal income tax purposes could adversely affect the value of the Shares.
Sources
The numbers on this page point here. Each one links to the record it came from.
- 1
- 2
- 3
- 4
- 5
- 6
- 7
- 8
- 9SEC EDGAROther events
- 10SEC EDGAREntered a material agreement
- 11SEC EDGAROther events
- 12SEC EDGAROther events
- 13
- 14SEC EDGAREntered a material agreement
- 15SEC EDGAROther events
- 16
- 17