Company: HODL
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0000930413-25-001795
Chunk: 23

Company: VanEck Bitcoin ETF
Filing Date: 2025-05-14
Form: 10-Q
Item: Part I, Item 2
Chunk 23
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 valuation of bitcoin, a critical accounting policy that the Trust believes is important
to understanding its results of operations and financial position, is provided in the section entitled “Computation of Net
Asset Value” above. In addition, please refer to Note 2 to the Financial Statements included in this report for further discussion
of the Trust’s accounting policies.

Results of Operations

The Quarter Ended March 31, 2024 (a)

The Trust’s net asset value increased from $100,000 at
December 31, 2023 to $619,050,028 at March 31, 2024, a 618,950% increase. The increase in 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