Company: HODL
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0000930413-25-003438
Chunk: 62

Company: VanEck Bitcoin ETF
Filing Date: 2025-11-13
Form: 10-Q
Item: Part I, Item 2
Chunk 62
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,000,000 Shares (80 Baskets) being redeemed
during the period. In addition, the price of bitcoin increased 6.53% from $107,231 at June 30, 2025 to $114,228 at September 30,
2025.

The 6.53% increase in the NAV per Share from $30.33 at June 30,
2025 to $32.31 at September 30, 2025 is primarily related to the 6.53% increase in the price of bitcoin during this period.

The NAV per Share of $34.59 on August 13, 2025, was the highest
during the quarter, compared with a low during the quarter of $29.87 on July 1, 2025.

Net increase in net assets resulting from operations for the quarter
ended September 30, 2025, was $103,792,268 resulting from a net change in unrealized appreciation on investment in bitcoin of $84,089,218
and a net realized gain of $19,703,050 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.

The Nine-Month Period Ended September 30, 2025

The Trust’s NAV increased from $1,280,450,332 at December
31, 2024, to $2,039,322,369 at September 30, 2025, a 59.27% increase. The increase in the Trust’s NAV resulted primarily
from an increase in the number of outstanding Shares, which increased from 48,500,000 Shares at December 31, 2024 to 63,125,000
at September 30, 2025. This is the net result of 21,850,000 Shares (874 Baskets) being created and 7,225,000 Shares (289 Baskets)
being redeemed during the period. In addition, the price of bitcoin increased 22.37% from $93,349 at December 31, 2024 to $114,228
at September 30, 2025.

The 22.39% increase in the NAV per Share from $26.40 at December
31, 2024 to $32.31 at September 30, 2025 is directly related to the 22.37% increase in the price of bitcoin during this period.