Company: HODL
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0000930413-25-001795
Chunk: 9

Company: VanEck Bitcoin ETF
Filing Date: 2025-05-14
Form: 10-Q
Item: Part I, Item 1
Chunk 9
---
,000

    530,072,065

    Shares redeemed
     
    (3,200,000
    )

    (82,520,661
    )
     
    (1,108,000
    )

    (20,426,829
    )

    End of period
     
    50,475,000

    $
    920,250,403

    30,800,000

    $
    509,745,236

(a)Shares amounts have been adjusted to reflect a 4 for 1 share split that occurred on February 14, 2025.

8

VANECK BITCOIN ETF

Notes to Unaudited Financial Statements (continued)

March 31, 2025

Note 6. Commitments and Contingent Liabilities

In the normal course of business, the Trust enters into contracts
that contain a variety of general indemnifications. The Trust’s maximum exposure under these agreements is unknown as this
would involve future claims that may be made against the Trust that have not yet occurred. However, the Sponsor believes the risk
of loss under these arrangements to be remote.

Note 7. Concentration Risk

Substantially all of the Trust’s assets are holdings of
bitcoin, which creates a concentration risk associated with fluctuations in the value of bitcoin due to a number of factors. Accordingly,
a decline in the value of bitcoin will have an adverse effect on the value of the Shares of the Trust. Factors that may have the
effect of causing a decline in the value of bitcoin include high volatility, which could have a negative impact on the performance
of the Trust. Bitcoin platforms are relatively new and may be unregulated or may be subject to regulation in a relevant jurisdiction,
but may not be complying, and therefore, may be more exposed to fraud and security breaches than established, regulated exchanges
for other financial assets or instruments, which could have a negative impact on the performance of the Trust. The value of the
Shares depends on the development and acceptance of the bitcoin network. The slowing or stopping of the development or acceptance
of the bitcoin network may adversely affect an investment in the Trust. The price of bitcoin on the bitcoin market has exhibited
periods of extreme volatility. Digital assets such as bitcoin were only introduced within the past decade, and the medium-to-long
term value of the Shares is subject to a number of factors relating to the capabilities and development of block-chain technologies
and to the fundamental investment characteristics of