Company: HODL
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0000930413-25-003438
Chunk: 5

Company: VanEck Bitcoin ETF
Filing Date: 2025-11-13
Form: 10-Q
Item: Part I, Item 1
Chunk 5
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     (2,043.38)  
     (198,105,870) 

    Net change in unrealized appreciation (depreciation) from investment in bitcoin 
     —  
     243,902,664 

    Net realized gain on investment in bitcoin 
     —  
     53,249,774 

    Ending balance as of September 30, 2025 
     17,853.09  
    $2,039,322,369 

    Bitcoin  
    Fair Value 

    Beginning balance as of January 1, 2024(a) 
     —  
    $— 

    Bitcoin purchased 
     17,847.12  
     1,145,131,271 

    Bitcoin sold 
     (4,130.29)  
     (283,712,958) 

    Net change in unrealized appreciation (depreciation) from investment in bitcoin 
     —  
     384,606,755 

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

    Ending balance as of December 31, 2024 
     13,716.83  
    $1,280,450,332 

    (a)
    The Trust did not hold any bitcoin as of January 1, 2024.

 D. Bitcoin

Bitcoin transactions are accounted
for on trade date. Realized gains and losses on the sale of bitcoin are determined based on the average cost method. Under ASC
Topic 946, the average cost method is an accepted method to determine realized gains and losses on the sale of bitcoin. Proceeds
received by the Trust from the issuance of baskets consist of bitcoin. Deposits of bitcoin are held by Gemini Trust Company, LLC
(the “Bitcoin Custodian”) and at Coinbase Custody Trust Company, LLC (the “Additional Bitcoin Custodian”,
and collectively the “Bitcoin Custodians”), on behalf of the Trust until (i) delivered out in connection with redemptions
of baskets or cash or (ii) sold by the Sponsor, which may be facilitated by the Bitcoin Custodians, to pay fees due to the Sponsor
and Trust expenses and liabilities not assumed by the Sponsor.

 E. Calculation of Net Asset Value

The Trust’s net asset value
(“NAV”) is calculated based on the Trust’s net