Company: HODL
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0000930413-25-002440
Chunk: 11

Company: VanEck Bitcoin ETF
Filing Date: 2025-08-13
Form: 10-Q
Item: Part I, Item 1
Chunk 11
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 may adversely affect an investment in the Trust. The price of bitcoin on the bitcoin market has exhibited
periods of extreme volatility. Digital assets such as bitcoin were only introduced within the past decade, and the medium-to-long
term value of the Shares is subject to a number of factors relating to the capabilities and development of block-chain technologies
and to the fundamental investment characteristics of digital assets that are uncertain and difficult to evaluate. The Trust is
subject to risks due to its concentration of investments in a single asset class. Possible illiquid markets may exacerbate losses
or increase the variability between the Trust’s NAV and its market price. The amount of bitcoin represented by the Shares
may decline over time. Bitcoin with a fair value of $1,280,450,332 and $1,679,361,166 were held by the Bitcoin Custodians at December
31, 2024 and June 30, 2025, respectively.

Future and current regulations by a United States or foreign
government or quasi-governmental agency could have an adverse effect on an investment in the Trust. Shareholders do not have the
protections associated with ownership of Shares in an investment company registered under the 1940 Act or the protections afforded
by the Commodity Exchange Act. Future legal or regulatory developments may negatively affect the value of bitcoin or require the
Trust or the Sponsor to become registered with the SEC or CFTC, which may cause the Trust to liquidate.

The Exchange on which the Shares are listed may halt trading
in the Trust’s Shares, which would adversely impact a Shareholder’s ability to sell Shares. The market infrastructure
of the bitcoin spot market could result in the absence of active authorized participants able to support the trading activity
of the Trust.

9

VANECK BITCOIN ETF

Notes to Unaudited Financial Statements (continued)

June 30, 2025

Note 8. Financial Highlights(a)

The financial highlights summarize certain per share operating
information and financial ratios of net investment income (loss) and expenses, to daily average net assets for the periods below.
An individual investor’s return and ratios may vary based on the timing of capital transactions:

    Three Months Ended June 30,  
    Six Months Ended June 30, 

    2025  
    2024  
    2025  
    2024 

    Net asset value per share, beginning of period 
       $23.46  
       $