# EDGAR Filing Document

**Accession Number:** 0001877493
**File Stem:** 0001145549-25-054321
**Filing Date:** 2025-8
**Character Count:** 16287
**Document Hash:** fd5984693dc1adcc2d29d7994e8f3dbf
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-25-054321.hdr.sgml**: 20250827

**ACCESSION NUMBER**: 0001145549-25-054321

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250827

**DATE AS OF CHANGE**: 20250827

**PERIOD START**: 20250930

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Valkyrie ETF Trust II
- **CENTRAL INDEX KEY:** 0001877493

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23725
- **FILM NUMBER:** 251261223

**BUSINESS ADDRESS:**
- **STREET 1:** 320 SEVEN SPRINGS WAY
- **STREET 2:** SUITE 250
- **CITY:** NASHVILLE
- **STATE:** TN
- **ZIP:** 37027
- **BUSINESS PHONE:** 800-617-0004

**MAIL ADDRESS:**
- **STREET 1:** 320 SEVEN SPRINGS WAY
- **STREET 2:** SUITE 250
- **CITY:** NASHVILLE
- **STATE:** TN
- **ZIP:** 37027

## Series and Classes Contracts Data

### CoinShares Bitcoin Mining ETF (Series ID: S000075052)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000233855 | CoinShares Bitcoin Mining ETF | WGMI            |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **CoinShares Bitcoin Mining ETF** | **CoinShares Bitcoin Mining ETF** | **CoinShares Bitcoin Mining ETF** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **June 30, 2025 (Unaudited)** | **June 30, 2025 (Unaudited)** | **June 30, 2025 (Unaudited)** |
| **COMMON STOCKS - 99.3%** | **Shares** | **Value**  |
| **Capital Markets - 1.5%** | **Capital Markets - 1.5%** | |
| Galaxy Digital, Inc. - Class A <sup>(a)</sup> | 121692 | $2665055 |
| **Financial Services - 1.4%** | **Financial Services - 1.4%** |  |
| Block, Inc. <sup>(a)</sup> | 39127 | 2657897 |
| **IT Services – 4.5%** | **IT Services – 4.5%** |  |
| Applied Digital Corp. <sup>(a)</sup> | 807835 | 8134898 |
| **Semiconductors & Semiconductor Equipment - 5.2%** | **Semiconductors & Semiconductor Equipment - 5.2%** |  |
| NVIDIA Corp. | 50123 | 7918933 |
| Taiwan Semiconductor Manufacturing Co., Ltd. - ADR | 6732 | 1524730 |
|  |  | 9443663 |
| **Software – 86.0%<sup>(b)</sup>** | **Software – 86.0%<sup>(b)</sup>** |  |
| Bit Digital, Inc. <sup>(a)</sup> | 3309150 | 7247038 |
| Bitdeer Technologies Group – Class A<sup>(a)</sup> | 634669 | 7286000 |
| Bitfarms, Ltd. <sup>(a)</sup> | 10505402 | 8826639 |
| BitFuFu, Inc. - Class A <sup>(a)</sup> | 235704 | 761324 |
| Cipher Mining, Inc. <sup>(a)</sup> | 4176455 | 19963455 |
| Cleanspark, Inc. <sup>(a)</sup> | 780024 | 8603665 |
| Core Scientific, Inc. <sup>(a)</sup> | 1578735 | 26949007 |
| Digi Power X, Inc. <sup>(a)</sup> | 1258532 | 3536475 |
| Gryphon Digital Mining, Inc. <sup>(a)</sup> | 1072163 | 944897 |
| Hive Digital Technologies, Ltd. <sup>(a)</sup> | 3408946 | 6136103 |
| Hut 8 Corp. <sup>(a)</sup> | 431000 | 8016600 |
| IREN, Ltd. <sup>(a)</sup> | 1831900 | 26690783 |
| MARA Holdings, Inc. <sup>(a)</sup> | 553159 | 8673533 |
| Riot Platforms, Inc. <sup>(a)</sup> | 1296947 | 14655501 |
| Terawulf, Inc. <sup>(a)</sup> | 1950515 | 8543256 |
|  |  | 156834276 |
| **Technology Hardware, Storage & Peripherals - 0.7%** | **Technology Hardware, Storage & Peripherals - 0.7%** |  |
| Canaan, Inc. - ADR <sup>(a)</sup> | 2230359 | 1379031 |
| **TOTAL COMMON STOCKS** (Cost $167,476,599) | **TOTAL COMMON STOCKS** (Cost $167,476,599) | 181114820 |
| **TOTAL INVESTMENTS - 99.3% (**Cost $167,476,599**)** | **TOTAL INVESTMENTS - 99.3% (**Cost $167,476,599**)** | 181114820 |
| Other Assets in Excess of Liabilities - 0.7% | Other Assets in Excess of Liabilities - 0.7% | 1339908 |
| **TOTAL NET ASSETS - 100.0%** |  | $182454728 |
| two | two | –% |
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. | –% |
| The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. | The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. | The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. |

---

ADR - American Depositary Receipt<br>

(a) Non-income producing security.

(b) To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be
 especially sensitive to developments that significantly affect those industries or sectors.

------

#### Summary of Fair Value Disclosure as of June 30, 2025 (Unaudited)
CoinShares Bitcoin Mining ETF (the "Fund") has adopted fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.

Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and based on the best information available.

The following is a summary of the fair valuation hierarchy of the Fund's securities as of June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| **Assets:** | | | | |
| <u>Investments:</u> |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $181114820 | $– | $– | $181114820 |
| Total Investments | $181114820 | $– | $– | $181114820 |
| Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. |

---

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Valkyrie ETF Trust II

- **b. Investment Company Act file number:** 811-23725

- **c. CIK number of Registrant:** 0001877493

- **d. LEI of Registrant:** 549300MWH27O1ZGIJ534

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 437 Madison Avenue, 28th Floor

  - **City:** New York

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10022

  - **Telephone number:** 800-617-0004

**Item A.2. Information about the Series.**

- **a. Name of Series:** Valkyrie Bitcoin Miners ETF

- **b. EDGAR series identifier (if any):** S000075052

- **c. LEI of Series:** 549300F3TDGZL6ZW5O47

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-09-30

- **b. Date as of which information is reported:** 2025-06-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $200641797.27

**Total Liabilities:** $8513313.31

**Net Assets:** $192128483.96

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000233855 | 7.15%                | 20.22%               | 37.91%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-780019.08              | $8928205.99                                |
| Month 2  | $5089329.94              | $21039012.20                               |
| Month 3  | $2035997.41              | $49015623.19                               |

**Designated Index Information**

- **Index Name:** N/A

- **Index Identifier:** N/A

### Schedule of Portfolio Investments

| Name                          | Title                                     | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| BitFuFu Inc                   | BitFuFu Inc                               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | SG        |    193931 | NS      | $626397.13    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA Corp                   | NVIDIA Corp                               | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |     47675 | NS      | $7532173.25   | 3.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Riot Platforms Inc            | Riot Platforms Inc                        | CUSIP: 767292105<br>LEI: 5299005LKZAJQDQZDF73 | Long             | EC               | CORP              | US        |   1339901 | NS      | $15140881.30  | 7.88%             |  |  |  | No            |                  1 | On Loan: No      |
| MARA Holdings Inc             | MARA Holdings Inc                         | CUSIP: 565788106<br>LEI: 549300M8ISKPTX2W7F94 | Long             | EC               | CORP              | US        |    447355 | NS      | $7014526.40   | 3.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Cipher Mining Inc             | Cipher Mining Inc                         | CUSIP: 17253J106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   4477070 | NS      | $21400394.60  | 11.14%            |  |  |  | No            |                  1 | On Loan: No      |
| Hut 8 Corp                    | Hut 8 Corp                                | CUSIP: 44812J104<br>LEI: 98450066FEF9C1D3FC20 | Long             | EC               | CORP              | US        |    430479 | NS      | $8006909.40   | 4.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Bit Digital Inc               | Bit Digital Inc                           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |   2537564 | NS      | $5557265.16   | 2.89%             |  |  |  | No            |                  1 | On Loan: No      |
| IREN Ltd                      | IREN Ltd                                  | CUSIP: N/A<br>LEI: 254900FZF02RB3NNGB71       | Long             | EC               | CORP              | AU        |   2736519 | NS      | $39871081.83  | 20.75%            |  |  |  | No            |                  1 | On Loan: No      |
| Bitdeer Technologies Group    | Bitdeer Technologies Group                | CUSIP: N/A<br>LEI: 2549007M2KGWVJ9XFP20       | Long             | EC               | CORP              | SG        |    569971 | NS      | $6543267.08   | 3.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Applied Digital Corp          | Applied Digital Corp                      | CUSIP: 038169207<br>LEI: 2549004NE2B6RYXINZ02 | Long             | EC               | CORP              | US        |    857323 | NS      | $8633242.61   | 4.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Cleanspark Inc                | Cleanspark Inc                            | CUSIP: 18452B209<br>LEI: 254900VO7KBRJQDGY810 | Long             | EC               | CORP              | US        |    736219 | NS      | $8120495.57   | 4.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Terawulf Inc                  | Terawulf Inc                              | CUSIP: 88080T104<br>LEI: 254900CVMW1SX2T78A64 | Long             | EC               | CORP              | US        |   1878796 | NS      | $8229126.48   | 4.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Argo Blockchain PLC           | Argo Blockchain PLC                       | CUSIP: 040126104<br>LEI: 213800WPCCYSDYY26J54 | Long             | EC               | CORP              | GB        |    450318 | NS      | $84209.47     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Bitfarms Ltd/Canada           | Bitfarms Ltd/Canada                       | CUSIP: 09173B107<br>LEI: 254900YWMA64Y1RPNJ12 | Long             | EC               | CORP              | CA        |   6020096 | NS      | $5058084.66   | 2.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Canaan Inc                    | Canaan Inc                                | CUSIP: 134748102<br>LEI: 254900OEOGK9ALNMUN24 | Long             | EC               | CORP              | SG        |   1902827 | NS      | $1176517.93   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Core Scientific Inc           | Core Scientific Inc                       | CUSIP: 21874A106<br>LEI: 5299003RGB2LAZ65RK73 | Long             | EC               | CORP              | US        |   2261013 | NS      | $38595491.91  | 20.09%            |  |  |  | No            |                  1 | On Loan: No      |
| Digi Power X Inc              | Digi Power X Inc                          | CUSIP: 25380B102<br>LEI: 5299001U7RVW74W46M33 | Long             | EC               | CORP              | US        |   1266876 | NS      | $3559921.56   | 1.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Hive Digital Technologies Ltd | Hive Digital Technologies Ltd             | CUSIP: 433921103<br>LEI: 5493004QCZ1QBI9FS784 | Long             | EC               | CORP              | CA        |   2376596 | NS      | $4277872.80   | 2.23%             |  |  |  | No            |                  1 | On Loan: No      |
| TSMC                          | Taiwan Semiconductor Manufacturing Co Ltd | CUSIP: 874039100<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |      6290 | NS      | $1424622.10   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-07-30

**Name of Applicant:** Valkyrie ETF Trust II

**Signature:** /s/ Benjamin Gaffey

**Name of Signer:** Benjamin Gaffey

**Title:** Treasurer