Company: HODL
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0000930413-25-002440
Chunk: 18

Company: VanEck Bitcoin ETF
Filing Date: 2025-08-13
Form: 10-Q
Item: Part I, Item 1
Chunk 18
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 Shares at June 30, 2025. This
is the net result of 12,100,000 Shares (484 Baskets) being created and 5,225,000 Shares (209 Baskets) being redeemed during the
period.

The 14.89 % increase in the NAV per Share from $26.40 at December
31, 2024 to $30.33 at June 30, 2025 is directly related to the 14.87% increase in the price of bitcoin during this period.

The NAV per Share of $31.56 on May 22, 2025, was the highest
during the period, compared with a low during the quarter of $21.70 on April 8, 2025.

Net increase in net assets resulting from operations for the
six months ended June 30, 2025, was $193,360,170 resulting from a net unrealized appreciation on investment in bitcoin of $159,813,446,
and a net realized gain of $33,546,724 on bitcoin sold for the redemption of Shares and a net investment loss of $0. The Trust
had no expenses during the quarter as they were all waived by the Sponsor.

(a) Shares outstanding, Baskets and NAV per Share have been
adjusted to reflect the 4 for 1 share split that took place on February 14, 2025.

Item 3. Quantitative and Qualitative
Disclosures About Market Risk.

Not applicable.

Item 4. Controls and Procedures.

The duly authorized officers of the Sponsor performing functions
equivalent to those a principal executive officer and principal financial officer of the Trust would perform if the Trust had any
officers have evaluated the effectiveness of the Trust’s disclosure controls and procedures, and have concluded that the
disclosure controls and procedures of the Trust were effective as of the end of the period covered by this report to provide reasonable
assurance that information required to be disclosed in the reports that the Trust files or submits under the Securities Exchange
Act of 1934, as amended, is recorded, processed, summarized and reported, within the time periods specified in the applicable rules
and forms, and that it is accumulated and communicated to the duly authorized officers of the Sponsor performing functions equivalent
to those a principal executive officer and principal financial officer of the Trust would perform if the Trust had any officers,
as appropriate to allow timely decisions regarding required disclosure.

There are inherent limitations to the effectiveness of any system
of disclosure controls