Company: HODL
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0000930413-25-002440
Chunk: 16

Company: VanEck Bitcoin ETF
Filing Date: 2025-08-13
Form: 10-Q
Item: Part I, Item 1
Chunk 16
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 in unrealized depreciation on investment in bitcoin of
$89,867,337 and a net realized gain of $3,076,982 on bitcoin sold for the redemption of Shares and a net investment loss of $0.
The Trust had no expenses during the quarter as they were all waived by the Sponsor.

The Six-Month Period Ended June 30, 2024 (a)

The Trust’s NAV increased from $100,000 at December 31,
2023 to $614,747,718 at June 30, 2024, a 614,648% 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 35,100,000 Shares at June 30, 2024.
This is the result of 39,000,000 Shares (1,248 Baskets) being created and 3,908,000 Shares (94 Baskets) being redeemed during the
period, and an increase in the price of bitcoin, which grew 40.16% from $44,182 at January 4, 2024 to $61,926 at June 30, 2024.

The 40.11% increase in the NAV per Share from $12.50 at December
31, 2023 to $17.52 at June 30, 2024 is primarily related to the 40.16% 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
period ended June 30, 2024, was $22,514,437, resulting from an unrealized gain on investment in bitcoin of $13,542,579, a net realized
gain of $9,024,452 on bitcoin sold for the redemption of Shares, a net realized gain of $10,977 from bitcoin sold to pay the Sponsor
Fee during the 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 period.

12

The Quarter Ended June 30,2025

The Trust’s NAV increased from $1,184,241,939 at March