Company: HODL
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0000930413-25-003438
Chunk: 61

Company: VanEck Bitcoin ETF
Filing Date: 2025-11-13
Form: 10-Q
Item: Part I, Item 2
Chunk 61
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277% increase. The increase in the Trust’s NAV resulted primarily from an increase
in the number of outstanding Shares, which increased from 8,000 Shares at December 31, 2023 to 42,400,000 Shares at September 30,
2024. This is the net result of 51,600,000 Shares (1,752 Baskets) being created and 9,208,000 Shares (360 Baskets) being redeemed
during the period. In addition, the price of bitcoin increased 43.33% from $44,182 at January 4, 2024 to $63,326 at September 30,
2024.

The 43.28% increase in the NAV per Share from $12.50 at December
31, 2023 to $17.91 at September 30, 2024 is directly related to the 43.33% increase in the price of bitcoin during this period.

The NAV per Share of $20.68 on March 13, 2024, was the highest during
the period, compared with a low during the period of $11.10 on January 23, 2024.

Net increase in net assets resulting from operations for the nine-month
period ended September 30, 2024, was $38,425,905, resulting from a net change in unrealized appreciation on investment in bitcoin
of $24,957,145, a net realized gain of $13,521,354 on bitcoin sold for the redemption of Shares, a net realized gain of $10,977
from bitcoin sold to pay expenses during the nine-month period, and a net investment loss of $63,571. Other than the Sponsor Fee
of $63,571, the Trust had no other expenses during the nine-month period.

The Quarter Ended September 30, 2025

The Trust’s NAV increased from $1,679,361,166 at June 30,
2025 to $2,039,322,369 at September 30, 2025, a 21.43% increase. The increase in the Trust’s NAV resulted primarily from
an increase in the number of outstanding Shares, which increased from 55,375,000 Shares at June 30, 2025 to 63,125,000 Shares at
September 30, 2025. This is the net result of 9,750,000 Shares (390

12

Baskets) being created and 2