Company: HODL
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0000930413-25-003438
Chunk: 1

Company: VanEck Bitcoin ETF
Filing Date: 2025-11-13
Form: 10-Q
Item: Part I, Item 1
Chunk 1
---
,521,354

    Bitcoin distributed for Sponsor fee, related party

    —

    —

    —

    10,977

    Net realized gain on investment in bitcoin

    19,703,050

    4,496,902

    53,249,774

    13,532,331

    Net change in unrealized appreciation (depreciation) from investment
    in bitcoin

    84,089,218

    11,414,566

    243,902,664

    24,957,145

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

    103,792,268

    15,911,468

    297,152,438

    38,489,476

    Net increase in
    net assets resulting from operations
     
    $
    103,792,268
     
    $
    15,911,468
     
    $
    297,152,438
     
    $
    38,425,905

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

2

VANECK BITCOIN ETF

Statements of Changes in Net Assets (Unaudited)

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

    2025
     
    2024
     
    2025
     
    2024

    Net increase from operations

    Net investment loss
     
    $
     —
     
    $
    —
     
    $
    —
     
    $
    (63,571)

    Net realized gain from investment in bitcoin

    19,703,050

    4,496,902

    53,249,774

    13,532,331

    Net change in unrealized appreciation (depreciation) from investments
    in bitcoin

    84,089,218

    11,414,566

    243,902,664

    24,957,145

    Net increase in net assets resulting from operations

    103,792,268

    15,911,468

    297,152,438

    38,425,905

    Capital Share transactions

    Contributions for shares issued

    319,598,577

    224,740,268

    659,