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The VanEck Bitcoin ETF (HODL) reported a Net Asset Value (NAV) of $1,382,273,990 for the fiscal year ended December 31, 2025, representing a 7.95% increase from $1,280,450,332 at the end of 2024. This growth was driven by net share creations, as outstanding shares rose from 48.5 million to 55.9 million. However, the NAV per Share decreased 6.33% to $24.73, directly correlating with a 6.34% decline in the price of bitcoin from $93,349 to $87,432. The Trust experienced a net decrease in net assets from operations of $194,003,212, primarily due to $278,761,960 in net unrealized depreciation on bitcoin holdings, partially offset by $84,758,748 in net realized gains from bitcoin sold for redemptions. Due to fee waivers, the Trust incurred no expenses for the year.
net assets
$1,382,273,990
nav per share
$24.73
net realized gain
$84,758,748
operating expenses
$0
net unrealized depreciation
$278,761,960