Cover
Cover - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Mar. 18, 2024 | Jun. 30, 2023 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Document Financial Statement Error Correction [Flag] | false | ||
Entity Interactive Data Current | Yes | ||
ICFR Auditor Attestation Flag | false | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2023 | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Documents Incorporated by Reference [Text Block] | None | ||
Entity Information [Line Items] | |||
Entity Registrant Name | VanEck Bitcoin Trust | ||
Entity Central Index Key | 0001838028 | ||
Entity File Number | 001-41908 | ||
Entity Tax Identification Number | 85-6811021 | ||
Entity Incorporation, State or Country Code | DE | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | No | ||
Entity Shell Company | false | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | true | ||
Entity Ex Transition Period | true | ||
Entity Public Float | $ 0 | ||
Entity Contact Personnel [Line Items] | |||
Entity Address, Address Line One | 666 Third Avenue | ||
Entity Address, Address Line Two | 9th Floor | ||
Entity Address, City or Town | New York | ||
Entity Address, State or Province | NY | ||
Entity Address, Postal Zip Code | 10017 | ||
Entity Phone Fax Numbers [Line Items] | |||
City Area Code | 212 | ||
Local Phone Number | 293-2000 | ||
Entity Listings [Line Items] | |||
Title of 12(b) Security | Shares | ||
Trading Symbol | HODL | ||
Security Exchange Name | CboeBZX | ||
Entity Common Stock, Shares Outstanding | 6,950,000 |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2023 | |
Auditor [Table] | |
Auditor Name | COHEN & COMPANY, LTD. |
Auditor Firm ID | 925 |
Auditor Location | Hunt Valley, Maryland |
Statement of Assets and Liabili
Statement of Assets and Liabilities | Dec. 31, 2023 USD ($) $ / shares shares |
Assets | |
Cash | $ 100,000 |
Total assets | 100,000 |
Liabilities | |
Total liabilities | |
Commitments and Contingencies (Note 6) | |
Net Assets | $ 100,000 |
Shares issued and outstanding (no par value, unlimited amount authorized) (in Shares) | shares | 2,000 |
Net Asset Value per Share (Note 2) (in Dollars per share) | $ / shares | $ 50 |
Statement of Assets and Liabi_2
Statement of Assets and Liabilities (Parentheticals) | Dec. 31, 2023 $ / shares |
Statement of Financial Position [Abstract] | |
Shares issued and outstanding, par value | $ 0 |
Statement of Operations
Statement of Operations | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Income Statement [Abstract] | |
Total investment income | |
Expenses | |
Total expenses | |
Net investment income (loss) | |
Net realized gain (loss) on: | |
Investments | |
Total realized gain (loss) | |
Net change in unrealized appreciation (depreciation) on: | |
Investments | |
Total net change in unrealized appreciation (depreciation) | |
Net realized gain (loss) and unrealized appreciation (depreciation) | |
Net increase (decrease) in net assets resulting from operations |
Statement of Changes in Net Ass
Statement of Changes in Net Assets | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Net Increase (Decrease) in net assets from operations | |
Net investment income (loss) | |
Net realized gain (loss) | |
Change in net unrealized appreciation (depreciation) | |
Net increase (decrease) in net assets resulting from operations | |
Capital Share Transactions | |
Capital contributions | 100,000 |
Capital withdrawals | |
Total capital share transactions | 100,000 |
Net increase (decrease) in net assets | 100,000 |
Net Assets | |
Beginning of period | |
End of period | $ 100,000 |
Organization_
Organization: | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | Note 1. Organization: The VanEck Bitcoin Trust (the “Trust”), a Delaware statutory trust, is an exchange-traded fund that issues common shares of beneficial interest in an ownership of the Trust. The shares are traded on the Cboe BZX Exchange, Inc. (the “Exchange”). The Trust’s investment objective is to reflect the performance of bitcoin less the operating expenses of the Trust. The Trust is managed and controlled by VanEck Digital Assets, LLC (the “Sponsor”), a wholly-owned subsidiary of Van Eck Associates Corporation (“VanEck”). The Delaware Trust Company, is the “Trustee” of the Trust. The Trust had no operations other than the initial seed transaction. |
Significant Accounting Policies
Significant Accounting Policies: | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | Note 2. Significant Accounting Policies: A. Basis of Preparation and Use Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. The Trust qualifies as an investment company solely for accounting purposes and not for any other purpose and follows accounting and reporting requirements of Accounting Standards Codification (“ASC”) 946 Financial Services—Investment Companies, B. Cash Cash represents cash deposits held at a major financial institution and is subject to credit risk to the extent its balance exceeds the federally insured limits. As of December 31, 2023, the Trust’s cash balance did not exceed the federal insured limits. C. Investment Valuation The Trust values its investments in bitcoin and other assets and liabilities at fair value, daily. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. The Trust identifies and determines the bitcoin principal market (or in the absence of a principal market, the most advantageous market) for GAAP purposes consistent with the application of fair value measurement framework in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 820-10 as of 4:00 p.m. Eastern time. Under ASC 820-10, a principal market is the market with the greatest volume and activity level for the asset or liability. The determination of the principal market will be based on the market with the greatest volume and level of activity that can be accessed. The Sponsor on behalf of the Trust will determine in its sole discretion the valuation sources and policies used to prepare the Trust’s financial statements in accordance with GAAP. Various inputs are used in determining the fair value of assets and liabilities. Inputs may be based on independent market data (observable inputs) or they may be internally developed (unobservable inputs). These inputs are categorized into a disclosure hierarchy consisting of three broad levels for financial reporting purposes. The three levels of the fair value hierarchy are as follows: Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities; Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability, and inputs that are derived principally from or corroborated by observable market data by correlation or other means; and Level 3 – Unobservable inputs where there are little or no market activity for the asset or liability, including the Trust’s assumptions used in determining the fair value of investments. D. Bitcoin Bitcoin transactions are accounted for on trade date. Realized gains and losses on sale of bitcoin are determined based on the average cost method. Proceeds received by the Trust from the issuance of creation baskets consist of bitcoin. Such deposits are held by the custodian on behalf of the Trust until (i) delivered out in connection with redemptions of creation baskets or (ii) sold by the Sponsor, which may be facilitated by the custodian, to pay fees due to the Sponsor and Trust expenses and liabilities not assumed by the Sponsor. For accounting purposes only, the Trust is an investment company and, therefore, will apply the specialized accounting and reporting guidance ASC Topic 946. Under ASC Topic 946, the average cost method is an accepted method to determine realized gains and losses on the sale of bitcoin. At December 31, 2023, all Trust assets were held in U.S. Cash, there was no Bitcoin held. E. Calculation of Net Asset Value On each business day, at 4:00 p.m. EST, the net asset value of the Trust is obtained by subtracting all accrued fees, expenses and other liabilities of the Trust from the fair value of total assets held by the Trust. The administrator computes the net asset value per Share by dividing the net asset value of the Trust by the number of Shares outstanding on the date the computation is made. F. Federal Income Taxes The Trust is treated as a grantor trust for federal income tax purposes and, therefore, no provision for federal income taxes is required. Any interest, expenses, gains and losses are passed through to the holders of Shares of the Trust. The Sponsor has reviewed the tax positions as of December 31, 2023, and has determined that no provision for income tax is required in the Trust’s financial statements. |
Trust Expenses and Other Agreem
Trust Expenses and Other Agreements | 12 Months Ended |
Dec. 31, 2023 | |
Trust Expenses And Other Agreements Abstract | |
Trust Expenses and Other Agreements [Text Block] | Note 3. Trust Expenses and Other Agreements The Trust will pay to the Sponsor a unified fee (the “Sponsor Fee”) of 0.25% that will accrue daily. The Sponsor has agreed to pay all operating expenses (except for litigation expenses and other extraordinary expenses) out of the Sponsor Fee. The Sponsor from time to time will sell bitcoin, which may be facilitated by the custodian, in such quantity as is necessary to permit payment of the Sponsor Fee and Trust expenses and liabilities not assumed by the Sponsor. The Trustee’s fee is paid by the Sponsor and is not a separate expense of the Trust. The Trust will custody its bitcoin at Gemini Trust Company, LLC (the “Bitcoin Custodian”), a regulated third-party custodian that carries insurance and is chartered as a trust company under the New York Banking Law and is responsible for safekeeping of bitcoin owned by the Trust. State Street Bank and Trust Company serves as the Trust’s administrator, transfer agent and cash custodian. |
Related Parties
Related Parties | 12 Months Ended |
Dec. 31, 2023 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | Note 4. Related Parties The Sponsor is considered to be a related party to the Trust. MarketVector Indexes GmbH is the index sponsor and index administrator for the MarketVector Bitcoin Benchmark Rate, which is used by the Trust to determine its net asset value. MarketVector Indexes GmbH is an indirectly wholly-owned subsidiary of Van Eck Associates Corporation. Van Eck Securities Corporation, a marketing agent to the Trust, is a wholly owned-subsidiary of VanEck. Van Eck Associates Corporation is the initial seed investor (“Seed Capital Investor”) on December 21, 2023. The Sponsor’s parent, an affiliate of the Trust, holds a minority interest in Gemini Trust Company, LLC, the parent company of the Custodian, that represents less than 1.0% of Gemini Trust Company, LLC’s ownership. |
Capital Share Transactions
Capital Share Transactions | 12 Months Ended |
Dec. 31, 2023 | |
Stockholders' Equity Note [Abstract] | |
Equity [Text Block] | Note 5. Capital Share Transactions Investors can buy and sell Shares of the Trust in secondary market transactions through brokers. Shares trade on the Exchange under the ticker symbol HODL. Shares are bought and sold throughout the trading day like other publicly traded securities. The Trust continuously offers the Trust Shares in creation baskets consisting of 50,000 Shares to authorized participants. Authorized participants pay a transaction fee for each order they place to create or redeem one or more creation baskets. The Administrator calculates the cost to purchase (or sell in the case of a redemption order) the amount of bitcoin represented by the baskets being created (or redeemed); the amount of bitcoin represented is equal to the combined NAV of the number of Shares included in the baskets being created (or redeemed). The Trust creates and redeems Shares, but only in one or more creation baskets. Creation baskets are only made in exchange for delivery to the Trust or the distribution by the Trust of the amount of bitcoin represented by the baskets being created or redeemed, the amount of which is equal to the combined NAV of the number of Shares included in the baskets being created or redeemed determined as of 4:00 p.m. EST on the day the order to create or redeem baskets is properly received. Only authorized participants may place orders to create and redeem baskets through the transfer agent. The transfer agent will coordinate with the Trust’s custodian in order to facilitate settlement of the Shares and bitcoin. Share activity is as follows: Shares Amount Shares issued 2,000 (a) $ 100,000 Shares redeemed — — Net increase 2,000 $ 100,000 (a) Van Eck Associates Corporation is the sole shareholder as of December 31, 2023. |
Commitments and Contingent Liab
Commitments and Contingent Liabilities | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | Note 6. Commitments and Contingent Liabilities In the normal course of business, the Trust enters into contracts that contain a variety of general indemnifications. The Trust’s maximum exposure under these agreements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred. However, the Sponsor believes the risk of loss under these arrangements to be remote. |
Concentration Risk
Concentration Risk | 12 Months Ended |
Dec. 31, 2023 | |
Risks and Uncertainties [Abstract] | |
Concentration Risk Disclosure [Text Block] | Note 7. Concentration Risk Substantially all of the Trust’s assets are holdings of bitcoin, which creates a concentration risk associated with fluctuations in the value of bitcoin due to number of factors. Accordingly, a decline in the value of bitcoin will have an adverse effect on the value of the Shares of the Trust. Factors that may have the effect of causing a decline in the value of bitcoin include high volatility, which could have a negative impact on the performance of the Trust. Bitcoin exchanges are relatively new and, in some cases, unregulated, and, therefore, may be more exposed to fraud and security breaches than established, regulated exchanges for other financial assets or instruments, which could have a negative impact on the performance of the Trust. The value of the Shares depends on the development and acceptance of the Bitcoin network. The slowing or stopping of the development or acceptance of the Bitcoin network may adversely affect an investment in the Trust. The price of bitcoin on the bitcoin market has exhibited periods of extreme volatility. Digital assets such as bitcoin were only introduced within the past decade, and the medium-to-long term value of the Shares is subject to a number of factors relating to the capabilities and development of block-chain technologies and to the fundamental investment characteristics of digital assets that are uncertain and difficult to evaluate. The Trust is subject to risks due to its concentration of investments in a single asset class. Possible illiquid markets may exacerbate losses or increase the variability between the Trust’s NAV and its market price. The amount of bitcoin represented by the Shares may decline over time. Future and current regulations by a United States or foreign government or quasi-governmental agency could have an adverse effect on an investment in the Trust. Shareholders do not have the protections associated with ownership of Shares in an investment company registered under the 1940 Act or the protections afforded by the Commodity Exchange Act. Future legal or regulatory developments may negatively affect the value of bitcoin or require the Trust or the Sponsor to become registered with the SEC or CFTC, which may cause the Trust to liquidate. The Exchange on which the Shares are listed may halt trading in the Trust’s Shares, which would adversely impact a Shareholder’s ability to sell Shares. The market infrastructure of the bitcoin spot market could result in the absence of active authorized participants able to support the trading activity of the Trust. Shareholders that are not authorized participants may only purchase or sell their Shares in secondary trading markets, and the conditions associated with trading in secondary markets may adversely affect Shareholders’ investment in the Shares. |
Subsequent Event Review
Subsequent Event Review | 12 Months Ended |
Dec. 31, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | Note 8. Subsequent Event Review The Trust has evaluated subsequent events and transactions for potential recognition or disclosure through the date the financial statements were issued and has determined that there are no material events that would require disclosure in the financial statements, other than those noted below. On January 4, 2024, the Seed Shares were redeemed for cash and the Seed Capital Investor purchased the “Seed Creation Baskets,” comprising of 1,450,000 Shares at a per-Share price of $50.00. Total proceeds to the Trust from the sale of the Seed Creation Baskets were $72,500,000, which resulted in the Trust receiving 1,640.92489329 bitcoin. On January 11, 2024, the Trust commenced operations. Effective February 21, 2024, the Trust changed its Sponsor fee from 0.25% to 0.20%. Effective March 4, 2024 the Trust changed its Creation Unit size from 50,000 units to 25,000 units. During the period commencing on March 12, 2024 and ending on March 31, 2025, the Sponsor will waive the entire Sponsor Fee for the first $1.5 billion of the Trust’s assets. If the Trust’s assets exceed $1.5 billion prior to March 31, 2025, the Sponsor Fee charged on assets over $1.5 billion will be 0.20%. All investors will incur the same Sponsor Fee which is the weighted average of those fee rates. After March 31, 2025, the Sponsor Fee will be 0.20%. |
Insider Trading Arrangements
Insider Trading Arrangements | 12 Months Ended |
Dec. 31, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Preparation and Use Estimates Financial Services—Investment Companies, |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash |
Investment, Policy [Policy Text Block] | Investment Valuation Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities; Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability, and inputs that are derived principally from or corroborated by observable market data by correlation or other means; and Level 3 – Unobservable inputs where there are little or no market activity for the asset or liability, including the Trust’s assumptions used in determining the fair value of investments. |
Bitcoin, Policy [Policy Text Block] | Bitcoin Bitcoin transactions are accounted for on trade date. Realized gains and losses on sale of bitcoin are determined based on the average cost method. Proceeds received by the Trust from the issuance of creation baskets consist of bitcoin. Such deposits are held by the custodian on behalf of the Trust until (i) delivered out in connection with redemptions of creation baskets or (ii) sold by the Sponsor, which may be facilitated by the custodian, to pay fees due to the Sponsor and Trust expenses and liabilities not assumed by the Sponsor. For accounting purposes only, the Trust is an investment company and, therefore, will apply the specialized accounting and reporting guidance ASC Topic 946. Under ASC Topic 946, the average cost method is an accepted method to determine realized gains and losses on the sale of bitcoin. At December 31, 2023, all Trust assets were held in U.S. Cash, there was no Bitcoin held. |
Calculation Of Net Asset Value, Policy [Policy Text Block] | Calculation of Net Asset Value On each business day, at 4:00 p.m. EST, the net asset value of the Trust is obtained by subtracting all accrued fees, expenses and other liabilities of the Trust from the fair value of total assets held by the Trust. The administrator computes the net asset value per Share by dividing the net asset value of the Trust by the number of Shares outstanding on the date the computation is made. |
Income Tax, Policy [Policy Text Block] | Federal Income Taxes The Trust is treated as a grantor trust for federal income tax purposes and, therefore, no provision for federal income taxes is required. Any interest, expenses, gains and losses are passed through to the holders of Shares of the Trust. The Sponsor has reviewed the tax positions as of December 31, 2023, and has determined that no provision for income tax is required in the Trust’s financial statements. |
Capital Share Transactions (Tab
Capital Share Transactions (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Stockholders Equity [Table Text Block] | Share activity is as follows: Shares Amount Shares issued 2,000 (a) $ 100,000 Shares redeemed — — Net increase 2,000 $ 100,000 (a) Van Eck Associates Corporation is the sole shareholder as of December 31, 2023. |
Trust Expenses and Other Agre_2
Trust Expenses and Other Agreements (Details) | Dec. 31, 2023 |
Trust Expenses And Other Agreements Abstract | |
Sponsor Fee Percentage | 0.25% |
Related Parties (Details)
Related Parties (Details) | Dec. 31, 2023 |
Gemini Trust Company L L C [Member] | |
Related Parties (Details) [Line Items] | |
Subsidiary, Ownership Percentage, Parent | 1% |
Capital Share Transactions (Det
Capital Share Transactions (Details) | Dec. 31, 2023 shares |
Stockholders' Equity Note [Abstract] | |
Common Stock, Shares Authorized | 50,000 |
Capital Share Transactions (D_2
Capital Share Transactions (Details) - Schedule of Share Activity | 12 Months Ended | |
Dec. 31, 2023 USD ($) shares | ||
Schedule Of Share Activity Abstract | ||
Shares issued | shares | 2,000 | [1] |
Shares issued (in Dollars) | $ | $ 100,000 | |
Shares redeemed | shares | ||
Shares redeemed (in Dollars) | $ | ||
Net increase | shares | 2,000 | |
Net increase (in Dollars) | $ | $ 100,000 | |
[1] Van Eck Associates Corporation is the sole shareholder as of December 31, 2023. |
Subsequent Event Review (Detail
Subsequent Event Review (Details) | 12 Months Ended | |||||||
Mar. 12, 2024 | Mar. 04, 2024 | Feb. 21, 2024 | Jan. 11, 2024 | Jan. 04, 2024 USD ($) $ / shares shares | Dec. 31, 2023 USD ($) shares | Apr. 01, 2025 | Mar. 31, 2025 USD ($) | |
Subsequent Event Review (Details) [Line Items] | ||||||||
Subsequent Event, Description | During the period commencing on March 12, 2024 and ending on March 31, 2025, the Sponsor will waive the entire Sponsor Fee for the first $1.5 billion of the Trust’s assets. If the Trust’s assets exceed $1.5 billion prior to March 31, 2025, the Sponsor Fee charged on assets over $1.5 billion will be 0.20%. All investors will incur the same Sponsor Fee which is the weighted average of those fee rates. After March 31, 2025, the Sponsor Fee will be 0.20%. | Effective March 4, 2024 the Trust changed its Creation Unit size from 50,000 units to 25,000 units. | Effective February 21, 2024, the Trust changed its Sponsor fee from 0.25% to 0.20%. | On January 11, 2024, the Trust commenced operations. | On January 4, 2024, the Seed Shares were redeemed for cash and the Seed Capital Investor purchased the “Seed Creation Baskets,” comprising of 1,450,000 Shares at a per-Share price of $50.00. Total proceeds to the Trust from the sale of the Seed Creation Baskets were $72,500,000, which resulted in the Trust receiving 1,640.92489329 bitcoin. | |||
Subsequent Event, Date | Mar. 12, 2024 | Mar. 04, 2024 | Feb. 21, 2024 | Jan. 11, 2024 | Jan. 04, 2024 | |||
Stock Redeemed or Called During Period, Shares | shares | ||||||||
Sponsor Fee Percentage | 0.25% | |||||||
Assets | $ 100,000 | |||||||
Subsequent Event [Member] | ||||||||
Subsequent Event Review (Details) [Line Items] | ||||||||
Stock Redeemed or Called During Period, Shares | shares | 1,450,000 | |||||||
Preferred Stock, Redemption Price Per Share | $ / shares | $ 50 | |||||||
Proceeds from Issuance of Common Stock | $ 72,500,000 | |||||||
Number of Bitcoins | 1,640.92489329 | |||||||
Sponsor Fee Percentage | 0.20% | 0.20% | ||||||
Assets | $ 1,500,000,000 | |||||||
Maximum [Member] | Subsequent Event [Member] | ||||||||
Subsequent Event Review (Details) [Line Items] | ||||||||
Sponsor Fee Percentage | 0.25% | |||||||
CreationUnit | 50,000 | |||||||
Minimum [Member] | Subsequent Event [Member] | ||||||||
Subsequent Event Review (Details) [Line Items] | ||||||||
Sponsor Fee Percentage | 0.20% | |||||||
CreationUnit | 25,000 |