Company: HODL
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0000930413-25-001795
Chunk: 15

Company: VanEck Bitcoin ETF
Filing Date: 2025-05-14
Form: 10-Q
Item: Part I, Item 1
Chunk 15
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5, a 7.51% decrease. The decrease in the Trust’s net asset value resulted primarily
from a decrease in the price of bitcoin, which contracted 11.13% from $93,349 at December 31, 2024 to $82,957 at March 31, 2025,
offset by the impact of capital share transactions, as the number of outstanding shares increased from 48,500,000 Shares at December
31, 2024 to 50,475,000 Shares at March 31, 2025. This is the net result of 5,175,000 Shares (207 Baskets) being created and 3,200,000
Shares (128 Baskets) being redeemed during the period.

The 11.14 % decrease in the NAV per Share from $26.40 at December
31, 2024 to $23.46 at March 31, 2025 is directly related to the 11.13% decrease in the price of bitcoin during this period.

The NAV per Share of $30.16 on January 21, 2025, was the highest
during the quarter, compared with a low during the quarter of $22.21 on March 10, 2025.

12

Net decrease in net assets resulting from operations for the
quarter ended March 31, 2025, was $154,976,912 resulting from a net unrealized depreciation on investment in bitcoin of $176,115,332,
and a net realized gain of $21,138,420 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.

Item 3. Quantitative and Qualitative Disclosures About Market
Risk.

Not applicable.

Item 4. Controls and Procedures.

The duly authorized officers of the Sponsor performing functions
equivalent to those a principal executive officer and principal financial officer of the Trust would perform if the Trust had any
officers have evaluated the effectiveness of the Trust’s disclosure controls and procedures, and have concluded that the
disclosure controls and procedures of the Trust were effective as of the end of the period covered by this report to provide reasonable
assurance that information required to be disclosed in the reports that the Trust files or submits under the Securities Exchange
Act of 1934, as amended, is recorded, processed, summarized and reported, within the time periods specified in the applicable rules
and