Company: HODL
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0000930413-25-003438
Chunk: 12

Company: VanEck Bitcoin ETF
Filing Date: 2025-11-13
Form: 10-Q
Item: Part I, Item 1
Chunk 12
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 investments in bitcoin(d) 
     1.98  
     0.39  
     5.91  
     5.41 

    Net increase resulting from operations 
     1.98  
     0.39  
     5.91  
     5.41 

    Net asset value per share, end of period 
    $32.31  
    $17.91  
    $32.31  
    $17.91 

    Total return(e) 
     6.53%  
     2.26%  
     22.39%  
     43.28% 

    Ratios to average net assets(f) 

    Expenses before fee waiver 
     0.20%  
     0.20%  
     0.20%  
     0.20% 

    Expenses after fee waiver 
     0.00%  
     0.00%  
     0.00%  
     0.02% 

    Net investment loss 
     0.00%  
     0.00%  
     0.00%  
     (0.02)% 

 (a) On February 14, 2025 the Trust effected a 4 for 1 share split. Per share data prior to that date has been adjusted to reflect the share split.
 (b) Net investment loss per share has been calculated based upon an average of daily shares outstanding.
 (c) Amount rounds to less than $0.005.
 (d) The amount shown for a share outstanding throughout the year may not agree with the change in the aggregate gains and losses for the period because of the timing of sales and repurchases of the Trust’s shares in relation to fluctuating market values for the Trust.
 (e) Returns are not annualized and inc lude adjustments required by GAAP. Returns for financial statements purposes may differ from net asset values and performance reported elsewhere by the Trust.
 (f) Annualized.

Note 9. Subsequent Event Review

The Trust has evaluated subsequent events and
transactions for potential recognition or disclosure through the date the financial statements were issued and has determined that
there are no material events that would require disclosure in the financial statements.

10

Item 2. Management’s Discussion
and Analysis of Financial Condition and Results of Operations.

This information should