As of September 30, 2024, the VanEck Bitcoin Trust, classified as an emerging growth company, reported significant financial developments and performance metrics. The Trust's net assets increased to $759,376,653, reflecting a 24% rise from $614,747,718 on June 30, 2024. This growth was primarily driven by a net increase in net assets resulting from operations of $15,911,468 for the three months and $38,425,905 for the nine months ended September 30, 2024.
The Trust's investment in Bitcoin, totaling 11,991.62 BTC, had a fair value of $759,376,653, with a cost basis of $734,419,508. The net realized gain on Bitcoin sold for share redemptions was $4,496,902 for the three months and $13,532,331 for the nine months. Additionally, the net change in unrealized appreciation for the same periods was $11,414,566 and $24,957,145, respectively. The total net realized gain and change in unrealized appreciation amounted to $15,911,468 for the quarter and $38,489,476 for the nine months.
The Trust's outstanding shares increased from 8,775,000 at June 30, 2024, to 10,600,000 by September 30, 2024, due to the issuance of 3,150,000 shares during the quarter and 12,900,000 shares over the nine-month period. The net asset value (NAV) per share rose from $70.06 to $71.64 during the quarter, correlating with a 2.26% increase in Bitcoin price, which rose from $61,926 to $63,326. Over the nine-month period, the NAV per share increased from $50.00, reflecting a substantial 43.28% total return.
The Trust's Sponsor Fee was reduced from 0.25% to 0.20% as of February 21, 2024, and the Sponsor waived the fee for the first $1.5 billion of net assets from March 12, 2024, through March 31, 2025. The Trust's shares trade under the ticker symbol "HODL" and are issued in baskets of 25,000 shares, down from 50,000 shares prior to March 4, 2024.
The Trust's management, a wholly-owned subsidiary of VanEck, continues to focus on reflecting the performance of Bitcoin while minimizing operating expenses. As of September 30, 2024, the Trust had no expenses incurred during the quarter, as all were waived by the Sponsor.
About VanEck Bitcoin Trust
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