Company: HODL
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0000930413-25-001795
Chunk: 14

Company: VanEck Bitcoin ETF
Filing Date: 2025-05-14
Form: 10-Q
Item: Part I, Item 1
Chunk 14
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 the Trust’s net asset value resulted
primarily from an increase in the number of outstanding shares, which increased from 8,000 Shares at December 31, 2023 to 30,800,000
Shares at March 31, 2024, a consequence of 31,900,000 Shares (964 Baskets) being created and 1,108,000 Shares (36 Baskets) being
redeemed during the period and an increase in the price of bitcoin, which grew 60.17 % from $44,182 at January 4, 2024 to $70,766
at March 31, 2024.

The 60.80% increase in the NAV from $12.50 at December 31, 2023
to $20.10 at March 31, 2024 is directly related to the 66.17 % increase in the price of bitcoin during this period.

The NAV increased less than the price of bitcoin on a percentage
basis due to the Sponsor Fee, which, net of Sponsor Fee waiver, was $63,571 for the quarter, or 0.11% of the Trust’s average
weighted assets of $239,311,214 during the quarter, and the seed capital period. The NAV of $20.68 on March 13, 2024, was the highest
during the quarter, compared with a low during the quarter of $11.10 on January 23, 2024.

Net increase in net assets resulting from operations for the
quarter ended March 31, 2024, was $109,304,792 resulting from a net unrealized appreciation on investment in bitcoin of $103,409,916,
a net realized gain of $5,947,470 on bitcoin sold for the redemption of Shares, a net realized gain of $10,977 from bitcoin sold
to pay expenses during the quarter, and a net investment loss of $63,571. Other than the Sponsor Fee of $63,571, the Trust had
no other expenses during the quarter.

(a) Shares outstanding, baskets and Net Asset Value per share
have been adjusted to reflect the 4 for 1 share split that took place on February 14, 2025.

The Quarter Ended March 31, 2025

The Trust’s NAV decreased from $1,280,450,332 at December
31, 2024 to $1,184,241,939 at March 31, 202