VanEck Bitcoin ETF has reported a net asset value (NAV) of approximately $1.38 billion as of December 31, 2025, reflecting a 7.95% increase from the previous year’s NAV of $1.28 billion. The increase in NAV was primarily driven by a rise in the number of outstanding shares, which grew from 48.5 million to 55.9 million during the fiscal year. This growth was a result of the issuance of 25.6 million shares while 18.2 million shares were redeemed. However, the price of bitcoin decreased by 6.34% during the same period, from $93,349 to $87,432, which directly impacted the NAV per share, reducing it from $26.40 to $24.73.
The Trust's financial performance showed a net decrease in net assets resulting from operations of $194 million for the year ended December 31, 2025. This decline was attributed to a net unrealized depreciation on investments in bitcoin amounting to $278.8 million, despite a net realized gain of $84.8 million from bitcoin sold for the redemption of shares. The Trust's expenses for the year were waived by the Sponsor, resulting in no net expenses reported for the period.
Strategically, the Trust continues to operate under a passive investment model, solely reflecting the performance of bitcoin while incurring minimal operational expenses. The Sponsor, VanEck Digital Assets, LLC, has committed to waiving the Sponsor Fee of 0.20% for the first $2.5 billion of the Trust’s assets until July 31, 2026. This fee waiver is intended to enhance the Trust's attractiveness to investors and facilitate growth in assets under management.
Operationally, the Trust's bitcoin holdings are managed by Gemini Trust Company, LLC, and Coinbase Custody Trust Company, LLC, which serve as custodians. The Trust has not reported any significant changes in its operational structure or service providers during the fiscal year. However, it remains exposed to various risks, including market volatility, regulatory changes, and potential cybersecurity threats, which could adversely affect its operations and the value of the Shares. The Trust's outlook remains cautious, with the Sponsor emphasizing the unpredictable nature of the digital asset market and the potential for significant fluctuations in bitcoin prices.
About VanEck Bitcoin ETF
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