Company: HODL
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0000930413-25-001795
Chunk: 11

Company: VanEck Bitcoin ETF
Filing Date: 2025-05-14
Form: 10-Q
Item: Part I, Item 1
Chunk 11
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     (2.94) 
     7.60 

    Net asset value per share, end of period 
    $23.46  
    $20.10 

    Total return(e)(f) 
     (11.14)% 
     60.80%

    Ratios to average net assets(g) 

    Expenses before fee waiver 
     0.20% 
     0.21%

    Expenses after fee waiver 
     0.00% 
     0.11%

    Net investment loss 
     0.00% 
     (0.11)%

    Portfolio turnover rate(f) 
     6.44% 
     6.06%

 (a) On February 14, 2025 the Trust effected a 4 for 1 share split. Per share data prior to that date has been adjusted to reflect the share split.
 (b) Net investment loss per share has been calculated based upon an average of daily shares outstanding.
 (c) Amount rounds to greater than ($0.005)
 (d) The amount shown for a share outstanding throughout the year may not agree with the change in the aggregate gains and losses for the year because of the timing of sales and repurchases of the Trust’s shares in relation to fluctuating market values for the Trust.
 (e) Returns are not annualized and include adjustments required by GAAP. Returns for financial statements purposes may differ from net asset values and performance reported elsewhere by the Trust.
 (f) Non-annualized.
 (g) Annualized.

Note 9. Subsequent Event Review

The Trust has evaluated subsequent events and transactions for
potential recognition or disclosure through the date the financial statements were issued and has determined that there are no
material events that would require disclosure in the financial statements.

10

Item 2. Management’s Discussion and Analysis of
Financial Condition and Results of Operations.

This information should be read in conjunction with the
financial statements and notes to financial statements included with this report. The discussion and analysis that follows may
contain statements that relate to future events or future performance. In some cases, such forward-looking statements can be identified
by terminology such as “may,” “will,” “should,” “could,” “expect,”
“plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential”
or the negative of these terms or other comparable terminology. All statements (other than statements of historical fact) included