Company: HODL
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0000930413-25-002440
Chunk: 5

Company: VanEck Bitcoin ETF
Filing Date: 2025-08-13
Form: 10-Q
Item: Part I, Item 1
Chunk 5
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    1, 2025 
     13,716.83  
    $1,280,450,332 

    Bitcoin contributed 
     3,422.11  
     340,226,892 

    Bitcoin withdrawn 
     (1,477.72) 
     (134,676,228)

    Net change in unrealized appreciation (depreciation) from investment in bitcoin 
     —  
     159,813,446 

    Net realized gain on investment in bitcoin 
     —  
     33,546,724 

    Ending balance as of June 30, 2025 
     15,661.22  
    $1,679,361,166 

    Bitcoin  
    Fair
    Value 

    Beginning balance as of January
    1, 2024 
     —  
    $— 

    Bitcoin contributed 
     17,847.12  
     1,145,131,271 

    Bitcoin withdrawn 
     (4,130.29) 
     (283,712,958)

    Net change in unrealized appreciation (depreciation) from investment in bitcoin 
     —  
     384,606,755 

    Net realized gain on investment in bitcoin 
     —  
     34,425,264 

    Ending balance as of December 31,
    2024 
     13,716.83  
    $1,280,450,332 

The Trust did not hold any bitcoin as of January 1, 2024.

 D. Bitcoin

Bitcoin transactions are accounted for on trade date. Realized
gains and losses on the sale of bitcoin are determined based on the average cost method. Under ASC Topic 946, the average cost
method is an accepted method to determine realized gains and losses on the sale of bitcoin. Proceeds received by the Trust from
the issuance of baskets consist of bitcoin. Deposits of bitcoin are held by Gemini Trust Company, LLC (the “Bitcoin Custodian”)
and at Coinbase Custody Trust Company, LLC (the “Additional Bitcoin Custodian”, and collectively the “Bitcoin
Custodians”), on behalf of the Trust until (i) delivered out in connection with redemptions of baskets or cash or (ii) sold
by the Sponsor, which may be facilitated by the Bitcoin Cust