Company: HODL
Filing Date: 2025-03-26
Form Type: 10-K
Source: 0000930413-25-000995
Chunk: 305

Company: VanEck Bitcoin ETF
Filing Date: 2025-03-26
Form: 10-K
Item: Item 1B
Chunk 305
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 accounts on a market approach, determined on a daily basis in accordance with
the MarketVectorTM Bitcoin Benchmark Rate price at 4:00 p.m. ET. The Trust’s NAV per Share is calculated by taking the
current market value of its total assets, subtracting any liabilities, and then dividing that total by the total number of outstanding
Shares. The Trust Agreement gives the Sponsor the exclusive authority to determine the Trust’s NAV and the Trust’s NAV per
Share, which it has delegated to the Administrator.

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Liquidity

The Trust is not aware of any trends, demands, conditions or events
that are reasonably likely to result in material changes to its liquidity needs. In exchange for a fee, the Sponsor has agreed to assume
most of the expenses incurred by the Trust. As a result, the only ordinary expense of the Trust during the period covered by this Report
was the Sponsor’s Fee. The Trust’s only source of liquidity is its sales of bitcoin.

Significant Accounting Policies

In preparing financial statements in conformity with accounting principles
generally accepted in the United States of America (“GAAP”), management makes estimates and assumptions that affect the reported
amounts of assets, liabilities and disclosures of contingent assets and liabilities at the date of the financial statements, as well as
the reported amount of revenue and expenses reported during the period. Actual results could differ from these estimates. In addition,
please refer to Note 2 to the Financial Statements included in this Report for further discussion of the Trust’s accounting policies. 

Results of Operations

All Share amounts, per Share and basket amounts referenced in the Results
of Operations have been adjusted to reflect the 4 for 1 share split that occurred on February 14, 2025.

The Year Ended December 31, 2024

The Trust’s NAV increased from $100,000 at December 31, 2023 to
$1,280,450,332 at December 31, 2024, a 1,280,350% increase. The increase in the Trust’s NAV resulted primarily from an increase
in the number of outstanding shares, which increased from 8,000 Shares at December 31, 2023 to 48,500,000 Shares at December 31, 2024.
This is the net result of 63,100,000 Shares (2,212 Baskets) being created and 14,608,000 Shares (576 Baskets) being redeemed during the
period, and an increase in