Company: HODL
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0000930413-25-003438
Chunk: 60

Company: VanEck Bitcoin ETF
Filing Date: 2025-11-13
Form: 10-Q
Item: Part I, Item 2
Chunk 60
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 bitcoin, a critical accounting policy that the Trust believes is important
to understanding its results of operations and financial position, is provided in the section entitled “Computation of Net
Asset Value” above. 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 (a)

The Quarter Ended September 30, 2024

The Trust’s NAV increased from $614,747,718 at June 30, 2024
to $759,376,653 at September 30, 2024, a 23.53% increase. The increase in the Trust’s NAV resulted primarily from the number
of outstanding Shares increasing from 35,100,000 Shares at June 30, 2024 to 42,400,000 Shares at September 30, 2024. This is the
net result of 12,600,000 Shares (504 Baskets) being created and 5,300,000 Shares (212 Baskets) being redeemed during the period.
In addition, the price of bitcoin grew 2.26% from $61,926 at June 30, 2024 to $63,326 at September 30, 2024.

The 2.26% increase in the NAV per Share from $17.52 at June 30,
2024 to $17.91 at September 30, 2024 is directly related to the 2.26% increase in the price of bitcoin during this period.

The NAV per Share of $19.19 on July 22, 2024, was the highest during
the quarter, compared with a low during the quarter of $15.02 on August 5, 2024.

Net increase in net assets resulting from operations for the quarter
ended September 30, 2024, was $15,911,468 resulting from a net change in unrealized appreciation on investment in bitcoin of $11,414,566,
a net realized gain of $4,496,902 on bitcoin sold for the redemption of Shares and a net investment loss of $0. The Trust had no
expenses during the quarter as they were all waived by the Sponsor.

The Nine-Month Period Ended September 30, 2024

The Trust’s NAV increased from $100,000 at December 31, 2023
to $759,376,653 at September 30, 2024, a 759,