Company: HODL
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0000930413-25-001795
Chunk: 4

Company: VanEck Bitcoin ETF
Filing Date: 2025-05-14
Form: 10-Q
Item: Part I, Item 1
Chunk 4
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 2 
    Level 3 
    Total

    Assets 

    Investment in bitcoin 
    $1,184,241,939 
    $— 
    $— 
    $1,184,241,939 

    December 31, 2024 
    Level 1 
     Level 2 
     Level 3 
     Total

    Assets 

    Investment in bitcoin 
    $1,280,450,332 
    $— 
    $— 
    $1,280,450,332 

The following represents the changes in quantity of bitcoin and
the respective fair value:

    Bitcoin 
    Fair Value

    Beginning balance as of January 1, 2025 
     13,716.83  
    $1,280,450,332 

    Bitcoin contributed 
     1,463.60  
     141,284,030 

    Bitcoin withdrawn 
     (905.03) 
     (82,515,511)

    Net change in unrealized appreciation (depreciation) from investment in bitcoin 
     —  
     (176,115,332)

    Net realized gain on investment in bitcoin 
     —  
     21,138,420 

    Ending balance as of March 31, 2025 
     14,275.40  
    $1,184,241,939 

    Bitcoin 
    Fair Value

    Beginning balance as of January 1, 2024 
     —  
    $— 

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

    Bitcoin withdrawn 
     (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 

The Trust did not hold any bitcoin as of December 31, 2023.

 D. Bitcoin

Bitcoin transactions are accounted for on trade date. Realized
gains and losses on the sale of bitcoin are determined based