Company: HODL
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0000930413-25-001795
Chunk: 1

Company: VanEck Bitcoin ETF
Filing Date: 2025-05-14
Form: 10-Q
Item: Part I, Item 1
Chunk 1
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,332) 
     103,409,916 

    Net realized gain and change in unrealized appreciation (depreciation) 
     (154,976,912) 
     109,368,363 

    Net
    increase (decrease) in net assets resulting from operations 
    $(154,976,912) 
    $109,304,792 

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

2

VANECK BITCOIN ETF

Statements of Changes in Net Assets (Unaudited)

    Three Months
    EndedMarch 31,2025 
    Three Months
    EndedMarch 31,2024

    Net
    increase (decrease) from operations 

    Net investment loss 
    $—  
    $(63,571)

    Net realized gain from investment in bitcoin 
     21,138,420  
     5,958,447 

    Change in net unrealized appreciation (depreciation) from investments in bitcoin 
     (176,115,332) 
     103,409,916 

    Net
    increase (decrease) in net assets resulting from operations 
     (154,976,912) 
     109,304,792 

    Capital Share transactions 

    Contributions for shares issued 
     141,284,030  
     530,072,065 

    Withdrawals for shares redeemed 
     (82,515,511) 
     (20,426,829)

    Total
    capital share transactions 
     58,768,519  
     509,645,236 

    Net
    increase (decrease) in net assets 
     (96,208,393) 
     618,950,028 

    Net
    assets: 

    Beginning of period 
     1,280,450,332  
     100,000 

    End
    of period 
    $1,184,241,939  
    $619,050,028 

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

3

VANECK BITCOIN ETF

Schedule of Investment

    March 31, 2025 (Unaudited) 
    Quantity
of Bitcoin
     
    Cost
     
    Fair
Value
     
    % of Net Assets