Company: HODL
Filing Date: 2025-03-26
Form Type: 10-K
Source: 0000930413-25-000995
Chunk: 289

Company: VanEck Bitcoin ETF
Filing Date: 2025-03-26
Form: 10-K
Item: Item 1A
Chunk 289
---
 of Investment asof
December 31, 2024(a)

    Quantity of Bitcoin  
    Cost  
    Fair Value  
    % of Net Assets

    Investment in bitcoin 
     13,716.83  
    $895,843,577  
    $1,280,450,332  
     100.00% 

    Net Assets 

    $1,280,450,332  
     100.00% 

(a) No comparative financial statements have been provided as the
Trust did not hold any bitcoin as of December 31, 2023.

The accompanying notes are an integral
part of these financial statements.

F-6

VANECK BITCOIN ETF

Notes to the Financial Statements

December 31, 2024

Note 1. Organization:

The VanEck Bitcoin ETF (the “Trust”) (formerly known
as VanEck Bitcoin Trust), a Delaware statutory trust, is an exchange-traded fund that issues common shares of beneficial interest
in an ownership of the Trust (the “Shares”). The Shares are 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, 202