Company: HODL
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0000930413-25-002440
Chunk: 1

Company: VanEck Bitcoin ETF
Filing Date: 2025-08-13
Form: 10-Q
Item: Part I, Item 1
Chunk 1
---
408,304  
     3,076,982  
     33,546,724  
     9,024,452 

    Bitcoin distributed for Sponsor fee, related party 
     —  
     —  
     —  
     10,977 

    Net realized gain on investment in bitcoin 
     12,408,304  
     3,076,982  
     33,546,724  
     9,035,429 

    Net change in unrealized appreciation (depreciation) from investment in bitcoin 
     335,928,778  
     (89,867,337) 
     159,813,446  
     13,542,579 

    Net realized gain and net change in unrealized appreciation (depreciation) 
     348,337,082  
     (86,790,355) 
     193,360,170  
     22,578,008 

    Net increase (decrease) in net assets resulting from operations 
    $348,337,082  
    $(86,790,355) 
    $193,360,170  
    $22,514,437 

The accompanying
notes are an integral part of these financial statements.

2

VANECK BITCOIN ETF

Statements of Changes in Net Assets (Unaudited)

    Three Months Ended June 30,  
    Six Months Ended June 30, 

    2025  
    2024  
    2025  
    2024 

    Net increase (decrease) from operations 

    Net investment loss 
    $—  
    $—  
    $—  
    $(63,571)

    Net realized gain from investment in bitcoin 
     12,408,304  
     3,076,982  
     33,546,724  
     9,035,429 

    Net change in unrealized appreciation (depreciation) from investments in bitcoin 
     335,928,778  
     (89,867,337) 
     159,813,446  
     13,542,579 

    Net increase (decrease) in net assets resulting from operations 
     348,337,082  
     (86,790,355