Income statement, balance sheet and cash flow statement for the last 2 fiscal years, taken from the XBRL data VanEck Bitcoin ETF files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2025
FY2025
Operating expenses
1.32
3.25
Net income
419
-194
Balance sheet
FY2025
FY2025
Cash and equivalents
0
0
Total assets
1,280
1,389
Total liabilities
0
6.79
Shareholders' equity
861
1,157
Total equity
861
1,157
Total liabilities and equity
861
1,164
Shares outstanding
48.5
Cash flow statement
FY2025
FY2025
Net income
419
-194
Key metrics
Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $23.58 on September 28, 2026.
Profitability
Metric
Value
How it is calculated
Return on equity (ROE)
-19.2%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
-14.5%
Net income / average total assets.
Growth
Metric
Value
How it is calculated
Net income growth, 1y
-146.3%
Net income vs the same period a year earlier. Only from a positive base.
Book value growth, 1y
34.3%
Book value vs the same period a year earlier. Only from a positive base.
Total assets growth, 1y
8.5%
Total assets vs the same period a year earlier. Only from a positive base.
Market cap + total debt - cash - short-term investments.
P/B
1.20x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
1.20x
Market cap / tangible book value, when positive.
Earnings yield
-14.0%
Net income / market cap (the inverse of P/E).
Was VanEck Bitcoin ETF profitable in fiscal 2025?
No. It reported a net loss of $194.0M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.