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

Company: VanEck Bitcoin ETF
Filing Date: 2025-11-13
Form: 10-Q
Item: Part I, Item 1
Chunk 11
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 are uncertain and difficult to evaluate.
The Trust is subject to risks due to its concentration of investments in a single asset class. Possible illiquid markets may exacerbate
losses or increase the variability between the Trust’s NAV and its market price. The amount of bitcoin represented by the
Shares may decline over time. Bitcoin with a fair value of $2,039,322,369 and $1,280,450,332 were held by the Bitcoin Custodians
at September 30, 2025 and December 31, 2024, respectively.

Future and current regulations by a United
States or foreign government or quasi-governmental agency could have an adverse effect on an investment in the Trust. Shareholders
do not have the protections associated with ownership of Shares in an investment company registered under the 1940 Act or the protections
afforded by the Commodity Exchange Act. Future legal or regulatory developments may negatively affect the value of bitcoin or require
the Trust or the Sponsor to become registered with the SEC or CFTC, which may cause the Trust to liquidate.

The Exchange on which the Shares are listed
may halt trading in the Trust’s Shares, which would adversely impact a Shareholder’s ability to sell Shares. The market
infrastructure of the bitcoin spot market could result in the absence of active authorized participants able to support the trading
activity of the Trust.

9

VANECK BITCOIN ETF

Notes to Unaudited Financial Statements (continued)

September 30, 2025

Note 8. Financial Highlights(a)

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 periods below. An individual investor’s return and ratios may vary based on the timing of capital transactions:

    Three Months Ended September 30,  
    Nine Months Ended September 30, 

    2025  
    2024  
    2025  
    2024 

    Net asset value per share, beginning of period 
    $30.33  
    $17.52  
    $26.40  
    $12.50 

    From investment operations:  

    Net investment loss(b) 
     0.00  
     0.00  
     0.00  
     0.00(c) 

    Net realized gain and change in unrealized appreciation (depreciation) from