Company: HODL
Filing Date: 2025-03-26
Form Type: 10-K
Source: 0000930413-25-000995
Chunk: 442

Company: VanEck Bitcoin ETF
Filing Date: 2025-03-26
Form: 10-K
Item: Item 5
Chunk 442
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no par value, unlimited amount authorized) 
     48,500,000  
     8,000 

    Net Asset Value per Share 
    $26.40  
    $12.50 

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

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

F-3

VANECK BITCOIN ETF

Statements of Operations

    Year Ended December 31, 2024  
    For the Period December 21, 2023 (Date of Seeding)
    to December 31, 2023 

    Expenses 

    Sponsor fee, related party 
    $1,323,357  
    $— 

    Total expenses 
     1,323,357  
     — 

    Sponsor fee waiver, related party 
     (1,259,786)  
     — 

    Net expenses 
     63,571  
     — 

    Net investment loss 
     (63,571)  
     — 

    Net realized gain and change in unrealized appreciation (depreciation) 

    Net realized gain on: 

    Bitcoin sold for redemption of shares 
     34,414,287  
     — 

    Bitcoin distributed for Sponsor fee, related party 
     10,977  
     — 

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

    Net change in unrealized appreciation (depreciation) on investments in bitcoin 
     384,606,755  
     — 

    Net realized gain and change in unrealized appreciation (depreciation) 
     419,032,019  
     — 

    Net increase in net assets resulting from operations 
    $418,968,448  
    $— 

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

F-4

VANECK BITCOIN ETF

Statements of Changes in Net Assets

    Year Ended December 31, 2024  
    For the Period December 21, 2023 (Date of Seeding)
    to December 31, 2023 

    Net increase from operations