Company: HODL
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0000930413-25-002440
Chunk: 4

Company: VanEck Bitcoin ETF
Filing Date: 2025-08-13
Form: 10-Q
Item: Part I, Item 1
Chunk 4
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. EST. Under ASC 820, a principal market is the market with the greatest volume and activity level for the asset or liability.
The Sponsor on behalf of the Trust will determine in its sole discretion the valuation sources and policies used to prepare the
Trust’s financial statements in accordance with GAAP.

Various inputs are used in determining the fair value of assets
and liabilities. Inputs may be based on independent market data or they may be internally developed. These inputs are categorized
into a disclosure hierarchy consisting of three broad levels for financial reporting purposes. The three levels of the fair value
hierarchy are as follows:

Level 1 – Unadjusted quoted prices in active markets for
identical assets or liabilities;

Level 2 – Inputs other than quoted prices included within
Level 1 that are observable for the asset or liability either directly or indirectly, including quoted prices for similar assets
or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered
to be active, inputs other than quoted prices that are observable for the asset or liability, and inputs that are derived principally
from or corroborated by observable market data by correlation or other means; and

Level 3 – Unobservable inputs where there are little or
no market activity for the asset or liability, including the Trust’s assumptions used in determining the fair value of investments.

5

VANECK BITCOIN ETF

Notes to Unaudited Financial Statements (continued)

June 30, 2025

The following is a summary of the fair value hierarchy as of
June 30, 2025, and December 31, 2024:

    June 30, 2025 
    Level 1  
    Level 2  
    Level 3  
    Total 

    Assets 

    Investment in bitcoin 
    $1,679,361,166  
    $—  
    $—  
    $1,679,361,166 

    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