Arkham labels VanEck Bitcoin ETN wallets holding $507 million in BTC

Arkham Intelligence tagged 40 addresses tied to VanEck's European VBTC product as part of a broader push to map institutional crypto holdings

VanEck’s European Bitcoin ETN just lost a bit of its privacy. Arkham Intelligence has labeled 40 on-chain addresses tied to the product, which together hold 6,864.99 BTC.

That stash is worth around $507.2 million. Nothing was bought or sold to produce the number. Somebody simply turned the lights on.

What Arkham actually tagged

The blockchain analytics firm announced the labels on November 9, 2026. VanEck’s VBTC Bitcoin ETN was one piece of a larger batch covering addresses linked to approximately $3 billion in institutional fund holdings.

Arkham’s research puts VBTC’s holdings at between 6,864.99 and 6,868 BTC. The small spread reflects slightly different snapshots of the same wallets, not a mystery stash hiding in the couch cushions.

The coins are split across 40 distinct addresses. Spreading holdings like that is standard practice for custody, much like a bank doesn’t keep every gold bar in a single vault.

The labeling 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.