Merk Investments’s B2Gold BTG Stock Holding History

Merk Investments’s Portfolio BTG Stock Details BTG Fund Activity

Bought

Maintained

Sold

Quarter	Market Value	Status	Shares	Change in Stake	Trade Value	Portfolio Weight	Portfolio Position
2026 Q1	$9.06M	Hold	2,000,000	–	–	2.46%	8
2025 Q4	$9.02M	Hold	2,000,000	–	–	2.5%	9
2025 Q3	$9.9M	Hold	2,000,000	–	–	3.05%	9
2025 Q2	$7.22M	Hold	2,000,000	–	–	2.93%	10
2025 Q1	$5.7M	Hold	2,000,000	–	–	3.11%	9
2024 Q4	$4.88M	Hold	2,000,000	–	–	5.01%	7
2024 Q3	$6.16M	Hold	2,000,000	–	–	5.83%	8
2024 Q2	$5.4M	Hold	2,000,000	–	–	6.02%	7
2024 Q1	$5.22M	Hold	2,000,000	–	–	5.82%	7
2023 Q4	$6.32M	Hold	2,000,000	–	–	6.73%	7
2023 Q3	$5.78M	Hold	2,000,000	–	–	6.53%	7
2023 Q2	$7.14M	Hold	2,000,000	–	–	5.66%	8
2023 Q1	$7.88M	Hold	2,000,000	–	–	6.85%	8
2022 Q4	$7.14M	Hold	2,000,000	–	–	6.46%	7
2022 Q3	$6.44M	Hold	2,000,000	–	–	6.33%	8
2022 Q2	$67.8K	Hold	2,000,000	–	–	15.29%	4
2022 Q1	$9.18M	Hold	2,000,000	–	–	5.12%	8
2021 Q4	$7.86M	Hold	2,000,000	–	–	5.37%	8
2021 Q3	$6.84M	Hold	2,000,000	–	–	5.18%	10
2021 Q2	$8.42M	Hold	2,000,000	–	–	5.5%	8
2021 Q1	$8.62M	Sell	2,000,000 -250,000	-11%	-$1.22M	5.39%	9
2020 Q4	$16.3M	Sell	2,250,000 -250,000	-10%	-$1.53M	8.77%	5
2020 Q3	$16.3M	Hold	2,500,000	–	–	9.8%	4
2020 Q2	$14.2M	Sell	2,500,000 -500,000	-17%	-$2.51M	10.19%	4
2020 Q1	$8.98M	Hold	3,000,000	–	–	9.2%	3
2019 Q4	$15.6M	Buy	+3,000,000	New	+$10.6M	10.15%	3

Other funds holding BTG

VanEck Associates New York $133B AUM 72.99% 1-Year Est. Return

PFCS

Pale Fire Capital SE Prague, Czech Republic $1.14B AUM 42.87% 1-Year Est. Return

Two Sigma Investments New York $124B AUM 33.93% 1-Year Est. Return

VCM

Vanguard Capital Management Malvern, Pennsylvania $4.04T AUM

American Century Companies Kansas City, Missouri $194B AUM 35% 1-Year Est. Return

Dimensional Fund Advisors Austin, Texas $481B AUM 30.42% 1-Year Est. Return

D.E. Shaw & Co New York $166B AUM 43.98% 1-Year Est. Return

Millennium Management New York $240B AUM 35.51% 1-Year Est. Return

Goldman Sachs New York $871B AUM 31.28% 1-Year Est. Return

Jane Street New York $777B AUM 61.18% 1-Year Est. Return

Merk Investments's BTG Position: Q1 2026 in Review

Merk Investments held its B2Gold (BTG) position steady in Q1 2026 at 2,000,000 shares worth $9.06M. The position accounts for 2.46% of the portfolio, ranked #8.

Merk Investments first reported a position in BTG in Q4 2019 and has held it in 26 quarters since. The position peaked at $16.3M in Q4 2020. 298 funds tracked by Wall St. Rank hold BTG as of Q1 2026.

Merk Investments held 2,000,000 shares of B2Gold worth $9.06M as of Q1 2026.
Merk Investments left its B2Gold share count unchanged in Q1 2026.
B2Gold made up 2.46% of Merk Investments's portfolio in Q1 2026, its #8 holding.
Merk Investments first reported a position in B2Gold in Q4 2019 and has held it in 26 quarters since.
Merk Investments's B2Gold position peaked at $16.3M in Q4 2020.
298 funds tracked by Wall St. Rank held B2Gold as of Q1 2026.

Based on Merk Investments's 13F filing for Q1 2026, filed 18 May 2026.