Company: HODL
Filing Date: 2025-03-26
Form Type: 10-K
Source: 0000930413-25-000995
Chunk: 623

Company: VanEck Bitcoin ETF
Filing Date: 2025-03-26
Form: 10-K
Item: Item 9C
Chunk 623
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the Trust.

Note 8. Financial Highlights(a)(b)

The financial highlights summarize certain per share operating
information and financial ratios of net investment income (loss) and expenses, to daily average net assets for the year ended December
31, 2024. An individual investor’s return and ratios may vary based on the timing of capital transactions:

F-13

VANECK BITCOIN ETF

Notes to the Financial Statements (continued)

December 31, 2024

    Year Ended December 31, 2024 

    Net asset value per share, beginning
    of period 
    $12.50 

    From investment operations: 

    Net investment loss(c) 
     (0.00)(d) 

    Net realized gain and change in
    unrealized appreciation/depreciation on investments in bitcoin(e) 
     13.90 

    Total increase resulting from operations 
     13.90 

    Net asset value per share, end of period(f) 
    $26.40 

    Total return(g) 
     111.20%

    Ratios to average net assets(h) 

    Expenses before fee waiver 
     0.20%(i) 

    Expenses after fee waiver 
     0.01%(i) 

    Net investment loss 
     (0.01)%(i) 

    Portfolio turnover rate(g) 
     40.03%

 (a) No prior year comparative financial statements have been provided as the Trust did not have any operations as of December 31, 2023.
 (b) On February 14, 2025 the Trust effected a 4 for 1 share split. Per share data has been adjusted to reflect the share split.
 (c) Net investment loss per share has been calculated based upon an average of daily shares outstanding.
 (d) Amount rounds to greater than ($0.005)
 (e) The amount shown for a share outstanding throughout the year may not agree with the change in the aggregate gains and losses for the year because of the timing of sales and repurchases of the Trust’s shares in relation to fluctuating market values for the Trust.
 (f) Returns are not annualized and include adjustments required by GAAP. Returns for financial statements purposes may differ from net asset values and performance reported elsewhere by the Trust.
 (g) Non-annualized.
 (h) Annualized.
 (i) Calculated based upon daily average