Company: HODL
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0000930413-25-002440
Chunk: 26

Company: VanEck Bitcoin ETF
Filing Date: 2025-08-13
Form: 10-Q
Item: Part I, Item 2
Chunk 26
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 valuation of bitcoin, a critical accounting policy that the Trust believes is important
to understanding its results of operations and financial position, is provided in the section entitled “Computation of Net
Asset Value” above. In addition, please refer to Note 2 to the Financial Statements included in this report for further discussion
of the Trust’s accounting policies.

Results of Operations

The Quarter Ended June 30, 2024 (a)

The Trust’s NAV decreased from $619,050,028 at March 31,
2024 to $614,747,718 at June 30, 2024, a 1% decrease. The decrease in the Trust’s NAV resulted primarily from a decrease
in the price of bitcoin, which contracted 12.86% from $71,066 at March 31, 2024 to $61,926 at June 30, 2024, offset by an increase
in the number of outstanding Shares from 30,800,000 Shares at March 31, 2024 to 35,100,000 Shares at June 30, 2024, a net result
of 7,100,000 Shares (284 Baskets) being created and 2,800,000 Shares (112 Baskets) being redeemed during the period.

The 12.49% decrease in the NAV per Share from $20.10 at March
31, 2024 to $17.52 at June 30, 2024 is primarily related to the 12.86% decrease in the price of bitcoin during this period.

The NAV per Share of $20.31 on April 8, 2024, was the highest
during the quarter, compared with a low during the quarter of $16.37 on May 1, 2024.

Net decrease in net assets resulting from operations for the
quarter ended June 30, 2024, was $86,790,355 resulting from a net change in unrealized depreciation on investment in bitcoin of
$89,867,337 and a net realized gain of $3,076,982 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 Six-Month Period Ended June 30, 2024 (a)

The Trust’s NAV increased from $100,000 at December 31,
2023 to $614,747,718 at June 30, 2024,