Here are the 10-Q quarterly reports from VanEck Bitcoin ETF (HODL) in our archive since June 2025, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-Q covers the quarterly report filed between annual reports, so if you follow HODL and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full HODL filings page.
VanEck Bitcoin ETF (HODL) reports a sharp decline for the six months ended June 30, 2026, driven by a drop in bitcoin prices. Net assets fell from $1,382,273,990 at December 31, 2025 to $958,827,545, a 30.63% decrease, while bitcoin fell 32.48% from $87,432.00 to $59,037.45.
The Trust held 16,241.00 bitcoin worth $958,827,545 at June 30, 2026, up from 15,809.70 bitcoin at year-end, and Shares outstanding rose to 57,425,000. NAV per Share declined from $24.73 to $16.70, a 32.47% drop, closely tracking bitcoin’s move.
Net decrease in net assets from operations was $(458,070,903), reflecting $(438,684,196) of unrealized depreciation and $(19,386,707) of realized losses on bitcoin sold for redemptions. Operating expenses were fully offset by a Sponsor Fee waiver through July 31, 2026, resulting in a reported 0.00% net expense ratio.
VanEck Bitcoin ETF (HODL) reported a larger asset base and higher per‑share value, reflecting bitcoin’s price gains and net share creations. Net assets were $2,039,322,369 as of September 30, 2025, with 63,125,000 shares outstanding and NAV per share of $32.31. The Trust held 17,853.09 bitcoin at fair value of $2,039,322,369.
For the quarter, operations added $103,792,268 to net assets, driven by $84,089,218 in unrealized appreciation and $19,703,050 in realized gains tied to redemptions. Year‑to‑date, operations contributed $297,152,438. Capital activity in Q3 included 9,750,000 shares issued and 2,000,000 redeemed.
The Sponsor waived the entire Sponsor Fee on the first $2.5 billion of assets from November 25, 2024 through January 10, 2026, resulting in zero net expenses for the periods shown. Shares outstanding were 65,100,000 as of October 31, 2025. The risk discussion underscores bitcoin’s volatility, market infrastructure dependencies, and regulatory developments that could impact bitcoin pricing and operations.