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The VanEck Bitcoin ETF (HODL) reported a net decrease in net assets from operations of $194.0M for FY 2025 ending December 31, 2025, driven by a $278.8M net change in unrealized depreciation on bitcoin investments, partially offset by an $84.8M net realized gain from bitcoin sold for share redemptions. Total assets stood at $1.39B, with bitcoin holdings at fair value of $1.38B (cost basis $1.276B), receivables of $6.8M, offset by $6.8M liabilities from shares redeemed, yielding net assets of $1.38B across 55.9M shares outstanding at $25 NAV per share. Sponsor fees of $3.3M were fully waived, resulting in net expenses of $0. Compared to FY 2024's $419M net increase, FY 2025 reflects bitcoin price depreciation amid 7.95% NAV growth to $1.38B from share creations (1,025 baskets) net of redemptions (729 baskets). The Trust's passive strategy tracks bitcoin performance less minimal expenses, with liquidity from bitcoin sales supporting operations. Forward-looking, performance hinges on bitcoin volatility, regulatory developments, and creation/redemption activity.
Net Income
-$194.0M