Company: HODL
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0000930413-25-003438
Chunk: 4

Company: VanEck Bitcoin ETF
Filing Date: 2025-11-13
Form: 10-Q
Item: Part I, Item 1
Chunk 4
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 to prepare the Trust’s financial statements in accordance with GAAP.

Various inputs are used in determining
the fair value of assets and liabilities. Inputs may be based on independent market data or they may be internally developed. These
inputs are categorized into a disclosure hierarchy consisting of three broad levels for financial reporting purposes. The three
levels of the fair value hierarchy are as follows:

Level 1 – Unadjusted quoted prices in active
markets for identical assets or liabilities;

Level 2 – Inputs other than
quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including quoted
prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets
that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability, and inputs
that are derived principally from or corroborated by observable market data by correlation or other means; and

Level 3 – Unobservable inputs where there are little
or no market activity for the asset or liability, including the Trust’s assumptions used in determining the fair value of
investments.

5

VANECK BITCOIN ETF

Notes to Unaudited Financial Statements (continued)

September 30, 2025

The following is a summary of the fair value
hierarchy as of September 30, 2025, and December 31, 2024:

    September 30, 2025 
    Level 1  
    Level 2  
    Level 3  
    Total

    Assets 

    Investment in bitcoin 
    $2,039,322,369  
    $—  
    $—  
    $2,039,322,369

    December 31, 2024 
    Level 1  
    Level 2  
    Level 3  
    Total

    Assets 

    Investment in bitcoin 
    $1,280,450,332  
    $—  
    $—  
    $1,280,450,332

The following represents the changes in quantity
of bitcoin and the respective fair value:

    Bitcoin  
    Fair Value 

    Beginning balance as of January 1, 2025 
     13,716.83  
    $1,280,450,332 

    Bitcoin purchased 
     6,179.64  
     659,825,469 

    Bitcoin sold