Company: HODL
Filing Date: 2025-03-26
Form Type: 10-K
Source: 0000930413-25-000995
Chunk: 739

Company: VanEck Bitcoin ETF
Filing Date: 2025-03-26
Form: 10-K
Item: Item 16
Chunk 739
---
1,145,143,775  
     100,000 

    Withdrawals for shares redeemed 
     (283,761,891)  
     — 

    Total capital share transactions 
     861,381,884  
     100,000 

    Net increase in net assets 
     1,280,350,332  
     100,000 

    Net assets: 

    Beginning of period 
     100,000  
     — 

    End of period 
    $1,280,450,332  
    $100,000 

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

F-5

VANECK BITCOIN ETF

Schedule of Investment asof
December 31, 2024(a)

    Quantity of Bitcoin  
    Cost  
    Fair Value  
    % of Net Assets

    Investment in bitcoin 
     13,716.83  
    $895,843,577  
    $1,280,450,332  
     100.00% 

    Net Assets 

    $1,280,450,332  
     100.00% 

(a) No comparative financial statements have been provided as the
Trust did not hold any bitcoin as of December 31, 2023.

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

F-6

VANECK BITCOIN ETF

Notes to the Financial Statements

December 31, 2024

Note 1. Organization:

The VanEck Bitcoin ETF (the “Trust”) (formerly known
as VanEck Bitcoin Trust), a Delaware statutory trust, is an exchange-traded fund that issues common shares of beneficial interest
in an ownership of the Trust (the “Shares”). The Shares are traded on the Cboe BZX Exchange, Inc. (the “Exchange”).
The Trust’s investment objective is to reflect the performance of the price of bitcoin less the operating expenses of the
Trust. The Trust is managed and controlled by VanEck Digital Assets, LLC (the “Sponsor”), a wholly-owned subsidiary
of Van Eck Associates Corporation (“VanEck”). The CSC Delaware Trust Company is the “Trustee” of the Trust.

Note 2. Significant Accounting Policies:

A. Basis of Preparation and Use of Estimates

The preparation of financial statements in conformity with U.S.
generally accepted