The VanEck Bitcoin ETF reported its financial results for the quarter ending March 31, 2025, revealing a net asset value (NAV) of $1.184 billion, a decrease of 7.51% from $1.280 billion at the end of the previous fiscal period. The decline in NAV was primarily attributed to an 11.13% drop in the price of bitcoin, which fell from $93,349 to $82,957 during the quarter. Despite this decrease, the number of outstanding shares increased from 48.5 million to 50.5 million, reflecting the issuance of 5.175 million shares and the redemption of 3.2 million shares.
In terms of operational performance, the Trust reported a net decrease in net assets resulting from operations of $154.98 million, driven by a net unrealized depreciation on investments in bitcoin of $176.12 million. However, the Trust also realized gains of $21.14 million from bitcoin sold for share redemptions. The net investment loss for the quarter was reported as zero, as all expenses were waived by the Sponsor, which has been a consistent practice to support the Trust's operations.
The Trust's investment in bitcoin at fair value was recorded at $1.184 billion, with a cost basis of approximately $975.75 million. This represents a significant increase in the quantity of bitcoin held, rising from 13,716.83 to 14,275.40 bitcoins over the quarter. The Trust's NAV per share decreased from $26.40 to $23.46, reflecting the overall decline in bitcoin prices and the impact of capital share transactions.
Strategically, the Trust continues to operate under a unified fee structure, with the Sponsor fee reduced from 0.25% to 0.20% of net assets. The Sponsor has also committed to waiving fees for the first $2.5 billion of the Trust's assets until January 10, 2026. This fee structure aims to enhance the Trust's competitiveness in the market and encourage further investment. The Trust's shares are actively traded on the Cboe BZX Exchange under the ticker symbol "HODL."
Looking ahead, the Trust's management remains cautious about market conditions, particularly the volatility associated with bitcoin prices. The Trust's future performance will depend on various factors, including regulatory developments and market acceptance of bitcoin. The management has indicated that they will continue to monitor these conditions closely and adjust their strategies as necessary to align with the Trust's investment objectives.
About VanEck Bitcoin ETF
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