# EDGAR Filing Document

**Accession Number:** 0001877493
**File Stem:** 0000894189-26-007094
**Filing Date:** 2026-2
**Character Count:** 14719
**Document Hash:** 723696be1a801120c0293bc1d467ef6b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-26-007094.hdr.sgml**: 20260227

**ACCESSION NUMBER**: 0000894189-26-007094

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260227

**DATE AS OF CHANGE**: 20260227

**PERIOD START**: 20260930

**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:** 26699368

**BUSINESS ADDRESS:**
- **STREET 1:** 437 MADISON AVENUE
- **STREET 2:** 28TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022
- **BUSINESS PHONE:** 800-617-0004

**MAIL ADDRESS:**
- **STREET 1:** 437 MADISON AVENUE
- **STREET 2:** 28TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022

## Series and Classes Contracts Data

### CoinShares Bitcoin and Ether ETF (Series ID: S000074058)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000231452 | CoinShares Bitcoin and Ether ETF | BTF             |

## Nport-Ex

---

| | | | |
|:---|:---|:---|:---|
| **CoinShares Bitcoin and Ether ETF** | **CoinShares Bitcoin and Ether ETF** | **CoinShares Bitcoin and Ether ETF** | **CoinShares Bitcoin and Ether ETF** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **December 31, 2025 (Unaudited)** | **December 31, 2025 (Unaudited)** | **December 31, 2025 (Unaudited)** | **December 31, 2025 (Unaudited)** |
| **U.S. TREASURY BILLS - 60.9%** | **Par/Shares** | **Par/Shares** | **Value** |
| 3.62%, 01/29/2026 <sup>(a)(c)</sup> | $| 15000000 | $14960332 |
| **TOTAL U.S. TREASURY BILLS** (Cost $14,957,736) | **TOTAL U.S. TREASURY BILLS** (Cost $14,957,736) | **TOTAL U.S. TREASURY BILLS** (Cost $14,957,736) | 14960332 |
| **MONEY MARKET FUNDS - 56.1%** |  |  |  |
| First American Treasury Obligations Fund - Class X, 4.18% <sup>(b)(e)</sup> |  | 13771934 | 13771934 |
| **TOTAL MONEY MARKET FUNDS** (Cost $13,771,934) | **TOTAL MONEY MARKET FUNDS** (Cost $13,771,934) | **TOTAL MONEY MARKET FUNDS** (Cost $13,771,934) | 13771934 |
| **TOTAL INVESTMENTS - 117.0% (**Cost $28,729,670**)** | **TOTAL INVESTMENTS - 117.0% (**Cost $28,729,670**)** | **TOTAL INVESTMENTS - 117.0% (**Cost $28,729,670**)** | 28732266 |
| Other Assets and Liabilities, net - (17.0)% <sup>(d)</sup> | Other Assets and Liabilities, net - (17.0)% <sup>(d)</sup> | Other Assets and Liabilities, net - (17.0)% <sup>(d)</sup> | (4182262) |
| **TOTAL NET ASSETS - 100.0%** |  |  | $24550004 |
| Par amount is in USD unless otherwise indicated. | Par amount is in USD unless otherwise indicated. | Par amount is in USD unless otherwise indicated. |  |
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. |  |

---

(a) The rate shown is the annualized yield as of December 31, 2025.

(b) The rate shown represents the 7-day annualized yield as of December 31, 2025.

(c) All or a portion of security has been pledged as collateral for reverse repurchase agreements. The fair value of assets committed as collateral as of December 31, 2025 is $11,968,272.

(d) Includes assets and deposits with broker pledged as collateral for derivative contracts. At December 31, 2025, the value of these assets totals $7,580,720.

(e) Fair value of this security exceeds 25% of the Fund's net assets. Additional information for this security, including the financial statements, is available from the SEC's EDGAR database at www.sec.gov.

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **CoinShares Bitcoin and Ether ETF** | **CoinShares Bitcoin and Ether ETF** | **CoinShares Bitcoin and Ether ETF** | **CoinShares Bitcoin and Ether ETF** | **CoinShares Bitcoin and Ether ETF** | **CoinShares Bitcoin and Ether ETF** |
| **Schedule of Futures Contracts** | **Schedule of Futures Contracts** | **Schedule of Futures Contracts** | **Schedule of Futures Contracts** | **Schedule of Futures Contracts** | **Schedule of Futures Contracts** |
| **December 31, 2025 (Unaudited)** | **December 31, 2025 (Unaudited)** | **December 31, 2025 (Unaudited)** | **December 31, 2025 (Unaudited)** | **December 31, 2025 (Unaudited)** | **December 31, 2025 (Unaudited)** |
|  |  |  | | **Value** | **Value** |
| **Description** | **Number of**<br> **Contracts Purchased** | **Settlement**<br> **Month-Year** | **Current Notional**<br> **Amount** | **Unrealized**<br> **Appreciation** | **Unrealized**<br> (Depreciation) |
| **Purchase Contracts:** |  |  | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CME Bitcoin Futures | 28 | Jan-26 | $12303900 | $9177 | $(43673) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CME Ether Futures | 82 | Jan-26 | 12246700 | 72293 | (8357) |
|  |  |  | $24550600 | $81470 | $(52030) |

---

------

---

| |
|:---|
| **CoinShares Bitcoin and Ether ETF** |
| **Schedule of Reverse Repurchase Agreements** |
| **December 31, 2025 (Unaudited)** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Interest Rate** | **Trade Date** | **Maturity Date** | **Net Closing Amount** | **Face Value** |
| StoneX Financial, Inc. | 5.50% | 12/30/2025 | 01/02/2026 | $11735977 | $11730600 |
|  |  |  |  | $11735977 | $11730600 |

---

A reverse repurchase agreement, although structured as a sale and repurchase obligation, acts as a financing transaction under which the Fund will effectively pledge certain assets as collateral to secure a short-term loan. Generally, the other party to the agreement makes the loan in an amount less than the fair value of the pledged collateral. At the maturity of the reverse repurchase agreement, the Fund will be required to repay the loan and interest and correspondingly receive back its collateral. While used as collateral, the pledged assets continue to pay principal and interest which are for the benefit of the Fund.<br>

------

#### Summary of Fair Value Disclosure as of December 31, 2025 (Unaudited)
CoinShares Bitcoin and Ether 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 December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| **Assets:** | | | | |
| <u>Investments:</u> |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bills | $– | $14960332 | $– | $14960332 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 13771934 | – | – | 13771934 |
| Total Investments | $13771934 | $14960332 | $– | $28732266 |
| <u>Other Financial Instruments:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts\* | $81470 | $– | $– | $81470 |
| Total Other Financial Instruments | $81470 | $– | $– | $81470 |
| **Liabilities:** |  |  |  |  |
| <u>Other Financial Instruments:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts\* | $(52030) | $– | $– | $(52030) |
| &nbsp;&nbsp;&nbsp;&nbsp;Reverse Repurchase Agreements | (11730600) |  |  | (11730600) |
| Total Other Financial Instruments | $(11782630) | $– | $– | $(11782630) |
| \* The fair value of the Fund's investment represents the unrealized appreciation (depreciation) as of December 31, 2025. | \* The fair value of the Fund's investment represents the unrealized appreciation (depreciation) as of December 31, 2025. | \* The fair value of the Fund's investment represents the unrealized appreciation (depreciation) as of December 31, 2025. | \* The fair value of the Fund's investment represents the unrealized appreciation (depreciation) as of December 31, 2025. | \* The fair value of the Fund's investment represents the unrealized appreciation (depreciation) as of December 31, 2025. |
| 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:** 549300G8WBPLW7ZDCK64

- **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 and Ether Strategy ETF

- **b. EDGAR series identifier (if any):** S000074058

- **c. LEI of Series:** 549300MWH27O1ZGIJ534

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

- **a. Date of fiscal year-end:** 2026-09-30

- **b. Date as of which information is reported:** 2025-12-31

**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:** $36309141.46

**Total Liabilities:** $11759168.36

**Net Assets:** $24549973.10

**Amount of Assets Invested in Other Investment Companies:** $7717298.94

**Cash Not Reported:** $7707098.00

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 116.690593000000 | **1-Year:** 0.000000000000 | **5-Year:** 0.000000000000 | **10-Year:** 0.000000000000 | **30-Year:** 0.000000000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 0.000000000000 | **1-Year:** 0.000000000000 | **5-Year:** 0.000000000000 | **10-Year:** 0.000000000000 | **30-Year:** 0.000000000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000231452 | -5.63%               | -19.97%              | -1.19%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $3758.15                                   |
| Month 2  | $0.00                    | $-7101.07                                  |
| Month 3  | $2404.44                 | $4464.57                                   |

**Designated Index Information**

- **Index Name:** Valkyrie Blended Index 50 BTC 50 ETH

- **Index Identifier:** VUBLEND01

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| First American Treasury Obliga | First American Treasury Obligations Fund | CUSIP: 31846V328<br>LEI: 549300UU586IAH2B8H03 | Long             | STIV             | RF                | US        |  13616116 | NS      | $13616115.70  | 55.46%            |  |  |  | No            |                  1 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill              | CUSIP: 912797RK5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  15000000 | PA      | $14960332.50  | 60.94%            | 2026-01-29      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| N/A                            | CME Bitcoin Fut   Jan26                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |        28 | NC      | $-34496.56    | -0.14%            |  |  |  | No            |                  1 | On Loan: No      |
| BTFREPO010226                  | BTFREPO010226                            | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               | CORP              | US        | -11730600 | PA      | $-11730600.00 | -47.78%           |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | CME Ether Future  Jan26                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |        82 | NC      | $63936.30     | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-01-30

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

**Signature:** /s/ Benjamin Gaffey

**Name of Signer:** Benjamin Gaffey

**Title:** Treasurer