Company: HODL
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0000930413-25-003438
Chunk: 0

Company: VanEck Bitcoin ETF
Filing Date: 2025-11-13
Form: 10-Q
Item: Part I, Item 1
Chunk 0
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Item 1. Unaudited Financial Statements.

VANECK BITCOIN ETF

Statements of Assets and Liabilities

    September 30, 2025 (Unaudited)  
    December 31, 2024 

    Assets 

    Investment in bitcoin, at fair value (cost $1,410,812,950 and $895,843,577, respectively) 
    $2,039,322,369  
    $1,280,450,332 

    Total assets 
     2,039,322,369  
     1,280,450,332 

    Liabilities 

    Total liabilities 
     —  
     — 

    Net assets 
    $2,039,322,369  
    $1,280,450,332 

    Shares issued and outstanding (no par value, unlimited amount authorized) 
     63,125,000  
     48,500,000 

    Net Asset Value per Share 
    $32.31  
    $26.40 

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

1

VANECK BITCOIN ETF

Statements of Operations (Unaudited)

    Three Months Ended September 30,
     
    Nine Months Ended September 30,

    2025
     
    2024
     
    2025
     
    2024

    Expenses

    Sponsor fee, related party
     
    $
    978,658
     
    $
    336,577
     
    $
    2,365,087
     
    $
    771,756

    Total expenses

    978,658

    336,577

    2,365,087

    771,756

    Sponsor fee waiver, related party

    (978,658)

    (336,577)

    (2,365,087)

    (708,185)

    Net expenses

    —

    —

    —

    63,571

    Net investment loss

    —

    —

    —

    (63,571)

    Net realized gain
    and net change in unrealized appreciation (depreciation)

    Net realized gain on:

    Bitcoin sold for redemption of shares

    19,703,050

    4,496,902

    53,249,774

    13