Company: HODL
Filing Date: 2025-03-26
Form Type: 10-K
Source: 0000930413-25-000995
Chunk: 687

Company: VanEck Bitcoin ETF
Filing Date: 2025-03-26
Form: 10-K
Item: Item 13
Chunk 687
---
 federal securities laws and the applicable
rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the
PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements
are free of material misstatement whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform,
an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of
internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s
internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of
material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those
risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.
Our procedures included confirmation of cash and digital assets owned as of December 31, 2024 and 2023, by correspondence with
the custodians. Our audits also included evaluating the accounting principles used and significant estimates made by management,
as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis
for our opinion.

We have served as the Trust’s auditor since 2023.

COHEN & COMPANY, LTD.

Towson, Maryland

March 26, 2025

F-2

VANECK BITCOIN ETF

Statements of Assets and Liabilities(a)

    December 31,2024  
    December 31,2023 

    Assets 

    Investment in bitcoin, at fair value (cost $895,843,577 and $-, respectively) 
    $1,280,450,332  
    $— 

    Cash 
     —  
     100,000 

    Total assets 
     1,280,450,332  
     100,000 

    Liabilities 

    Total liabilities 
     —  
     — 

    Net assets 
    $1,280,450,332  
    $100,000 

    Shares issued and outstanding (no par value, unlimited amount authorized) 
     48,500,000  
     8,000 

    Net Asset Value per Share 
    $