Company: HODL
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0000930413-25-003438
Chunk: 2

Company: VanEck Bitcoin ETF
Filing Date: 2025-11-13
Form: 10-Q
Item: Part I, Item 1
Chunk 2
---
825,469

    888,110,863

    Withdrawals for shares redeemed

    (63,429,642)

    (96,022,801)

    (198,105,870)

    (167,260,115)

    Net increase in capital share transactions

    256,168,935

    128,717,467

    461,719,599

    720,850,748

    Net increase in
    net assets

    359,961,203

    144,628,935

    758,872,037

    759,276,653

    Net assets:

    Beginning of period

    1,679,361,166

    614,747,718

    1,280,450,332

    100,000

    End of period
     
    $
    2,039,322,369
     
    $
    759,376,653
     
    $
    2,039,322,369
     
    $
     759,376,653

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

3

VANECK BITCOIN ETF

Schedule of Investment

    September 30, 2025 (Unaudited)
     
    Quantity of Bitcoin
     
    Cost
     
    Fair Value

    % of Net Assets

    Investment in bitcoin
     
    17,853.09
     
    $1,410,812,950
     
    $2,039,322,369

    100.00%

    Net Assets

    $2,039,322,369

    100.00%

    December 31, 2024
     
    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%

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

4

VANECK BITCOIN ETF

Notes to Unaudited Financial Statements

September 30, 2025

Note 1. Organization:

VanEck Bitcoin ETF