Arkham Labels VanEck Bitcoin ETN Wallets Holding 6,865 BTC

Arkham Intelligence has labeled 40 on-chain addresses tied to VanEck's European Bitcoin exchange-traded note, exposing a combined holding of roughly 6,865 BTC, or about $507.2 million at current prices. No coins moved. The disclosure simply attached a name to wallets that were already public but not legible.

Arkham announced the labels on November 9, 2026. They cover VanEck's VBTC product, a physically backed Bitcoin ETN launched in Europe on November 19, 2020, which trades on European exchanges and tracks the MarketVector Bitcoin VWAP Close Index. Arkham's research puts the holdings at between 6,864.99 and 6,868 BTC — the small spread reflects different snapshots of the same wallets, not hidden balances.

The coins sit across 40 distinct addresses. Splitting holdings that way is standard custody practice, comparable to a bank spreading gold bars across vaults rather than stacking them in one.

What else did Arkham tag?

The VanEck labels were one piece of a larger batch covering addresses linked to approximately $3 billion in institutional fund holdings. The same release named:

• CoinShares BITC: $1.52 billion
• Invesco BTIC: $266.6 million
• Grayscale Solana Trust: $125.9 million

CoinShares' figure dwarfs VanEck's tally, making it the heavyweight among the products named. Grayscale's entry stands out for a different reason: it is the only product in the list built around Solana rather than Bitcoin.

The VBTC labels, by contrast, cover Bitcoin exclusively. No other crypto assets appear in the VanEck addresses Arkham identified.

The labeling effort traces back to Arkham's top-100 holders report, dated November 3-4, 2026. That report fed a broader initiative to map wallets belonging to regulated digital asset products.

Why do wallet labels matter?

Blockchains are public, but public is not the same as legible. Anyone could already watch these 40 addresses and their balances. What they couldn't easily do was attribute them to an owner.

Arkham's labels close that gap. Once a wallet carries a name, its inflows and outflows stop being anonymous noise and start describing a specific fund's operations.

For an ETN, those flows carry operational meaning. When investors buy into the product, the issuer typically needs more Bitcoin to back the new notes. When investors redeem, coins can leave custody. Creation and redemption activity now shows up on-chain under VanEck's name, giving analysts a live window into demand for the product.

The labels change nothing about how VBTC works. The structure, the custody arrangement and the underlying holdings stay the same. What changes is who can watch the wallets move — and in near real time.

VanEck also runs a US spot Bitcoin ETF under the ticker HODL, and Arkham's tracking already covers that fund. The new labels give observers visibility into both the European and American sides of VanEck's Bitcoin business for the first time.

Arkham has said it plans to extend this coverage to more traditional finance participants as they push deeper into digital asset markets. Expect the map of named institutional wallets — and the on-chain transparency that comes with it — to keep growing.