Company: HODL
Filing Date: 2025-03-26
Form Type: 10-K
Source: 0000930413-25-000995
Chunk: 672

Company: VanEck Bitcoin ETF
Filing Date: 2025-03-26
Form: 10-K
Item: Item 12
Chunk 672
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 traded on the Cboe BZX Exchange, Inc. (the “Exchange”).
The Trust’s investment objective is to reflect the performance of the price of bitcoin less the operating expenses of the
Trust. The Trust is managed and controlled by VanEck Digital Assets, LLC (the “Sponsor”), a wholly-owned subsidiary
of Van Eck Associates Corporation (“VanEck”). The CSC Delaware Trust Company is the “Trustee” of the Trust.

Note 2. Significant Accounting Policies:

A. Basis of Preparation and Use of Estimates

The preparation of financial statements in conformity with U.S.
generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect
the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

The Trust qualifies as an investment company solely for accounting
purposes and not for any other purpose and follows accounting and reporting requirements of Accounting Standards Codification (“ASC”)
Topic 946 Financial Services—Investment Companies (“ASC Topic 946”), but is not registered, and is not
required to be registered, as an investment company under the Investment Company Act of 1940, as amended.

B. Cash

Cash, if any, represents cash deposits held at a major financial
institution and is subject to credit risk to the extent its balance exceeds the federally insured limits. As of December 31, 2024,
the Trust did not hold cash.

C. Investment Valuation

The Trust values its investment in bitcoin and other assets and
liabilities at fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an
orderly transaction between market participants on the measurement date.

The Trust identifies and determines the bitcoin principal market
(or in the absence of a principal market, the most advantageous market) for GAAP financial statement purposes consistent with the
application of fair value measurement framework in Financial Accounting Standards Board (“FASB”) ASC 820 at 11:59 p.m.
EST. Under ASC 820, a principal market is the market with the greatest volume and activity level for the asset or liability. The
Sponsor on behalf of the Trust will determine in its sole discretion the valuation sources and policies used to prepare the Trust’s
financial statements in accordance with GAAP.

Various inputs are used in determining the fair value of assets
and liabilities. Inputs may be based on independent market data (observable inputs) or they may be internally developed (unobservable
inputs). These inputs are