VanEck Bitcoin ETF
HODLdata completeness 25%2 fiscal years on fileData notes: no data for concept 'revenue'; no data for concept 'operatingCashFlow'; no data for concept 'capex'; no data for concept 'totalDebt'; no data for concept 'epsDiluted'; no data for concept 'interestExpense'; no data for concept 'incomeTaxExpense'; no data for concept 'pretaxIncome'
VanEck Bitcoin ETF earns about 16% on equity, with a roughly flat share count. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2024 | FY 2025 |
|---|---|---|
| Revenue | — | — |
| Net income | $419M1 | −$194M1 |
| Operating cash flow | — | — |
| Capital expenditure | — | — |
| Free cash flow (derived) | — | — |
| Total debt | — | — |
| Cash & equivalents | — | — |
| Diluted shares | 48.5M | — |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
It earned an average 16% on equity over 2 years. Compare that to what it costs to fund the business.
seeing a moat in the numbers →Share count is roughly flat over 2 years — little dilution, little buyback.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
Different models answer different questions — which to trust when →