Company: HODL
Filing Date: 2025-03-26
Form Type: 10-K
Source: 0000930413-25-000995
Chunk: 671

Company: VanEck Bitcoin ETF
Filing Date: 2025-03-26
Form: 10-K
Item: Item 12
Chunk 671
---
31, 2023 

    Net increase from operations 

    Net investment loss 
    $(63,571)  
    $— 

    Net realized gain from investment in bitcoin 
     34,425,264  
     — 

    Change in net unrealized appreciation (depreciation) from investments in bitcoin 
     384,606,755  
     — 

    Net increase in net assets resulting from operations 
     418,968,448  
     — 

    Capital Share transactions 

    Contributions for shares issued 
     1,145,143,775  
     100,000 

    Withdrawals for shares redeemed 
     (283,761,891)  
     — 

    Total capital share transactions 
     861,381,884  
     100,000 

    Net increase in net assets 
     1,280,350,332  
     100,000 

    Net assets: 

    Beginning of period 
     100,000  
     — 

    End of period 
    $1,280,450,332  
    $100,000 

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

F-5

VANECK BITCOIN ETF

Schedule of Investment asof
December 31, 2024(a)

    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% 

(a) No comparative financial statements have been provided as the
Trust did not hold any bitcoin as of December 31, 2023.

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

F-6

VANECK BITCOIN ETF

Notes to the Financial Statements

December 31, 2024

Note 1. Organization:

The VanEck Bitcoin ETF (the “Trust”) (formerly known
as VanEck Bitcoin 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