Arkham Intelligence has labeled 40 on-chain addresses tied to VanEck's European VBTC Bitcoin ETN product, which together hold 6,864.99 BTC valued at approximately $507.2 million. The labeling was announced on November 9, 2026, as part of a broader initiative to map wallets belonging to regulated digital asset products.
The addresses represent holdings across VanEck's physically backed exchange-traded note, which launched in Europe on November 19, 2020. A physically backed structure means the product holds actual Bitcoin in cold storage rather than tracking price through derivatives.
Arkham's Broader Institutional Mapping
VanEck's VBTC was one of several investment products labeled in the same batch covering approximately $3 billion in institutional fund holdings. Other products included in the announcement were:
- CoinShares BITC, at $1.52 billion
- Invesco BTIC, at $266.6 million
- Grayscale Solana Trust, at $125.9 million
The labeling traces back to Arkham's top-100 holders report from November 3-4, 2026, which informed the broader effort to identify and track regulated digital asset product wallets.
Why Wallet Identification Matters
While blockchain addresses and their balances are publicly visible, identifying the owners behind those addresses has historically been difficult. Arkham's labels make these wallets legible by associating them with specific funds.
For an ETN, tracking these movements is significant. When investors purchase the product, the issuer typically requires additional Bitcoin to back new notes. When investors redeem their holdings, coins leave the addresses. These creation and redemption flows now appear on-chain under VanEck's name, providing transparency into fund operations.
VanEck also operates a US spot Bitcoin ETF under the HODL ticker, which Arkham has already tracked separately. The new labels on the European VBTC wallets provide observers with visibility into both the European and American sides of VanEck's Bitcoin business.
