Company: HODL
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0000930413-25-001795
Chunk: 2

Company: VanEck Bitcoin ETF
Filing Date: 2025-05-14
Form: 10-Q
Item: Part I, Item 1
Chunk 2
---

    Investment in bitcoin 
    14,275.40 
    $975,750,516 
    $1,184,241,939 
    100.00%

    Net Assets 

    $1,184,241,939 
    100.00%

    December 31, 2024 
    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%

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

4

VANECK BITCOIN ETF

Notes to Unaudited Financial Statements

March 31, 2025

Note 1. Organization:

The VanEck Bitcoin ETF (the “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 net 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 accounting principles (“GAAP”) requires management to make estimates and assumptions that affect
the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

The Trust qualifies as an investment company solely for accounting
purposes and not for any other purpose and follows accounting and reporting requirements of Accounting Standards Codification (“ASC”)
Topic 946 Financial Services—Investment Companies (“ASC Topic 946”), but is not registered, and
is not required to be registered, as an investment company under the Investment Company Act of 1940, as amended.

 B.  Cash

Cash, if any, represents cash deposits held at a major financial
institution and is subject to credit