Company: HODL
Filing Date: 2025-03-26
Form Type: 10-K
Source: 0000930413-25-000995
Chunk: 148

Company: VanEck Bitcoin ETF
Filing Date: 2025-03-26
Form: 10-K
Item: Item 1
Chunk 148
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34,414,287 on bitcoin sold for the redemption of Shares, a net realized gain of $10,977 from bitcoin sold to pay
expenses during the twelve-month 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 twelve-month period.

Item 7A. Quantitative and Qualitative Disclosures About Market Risk.

Not applicable.

Item 8. Financial Statements and Supplementary Data.

See Index to Financial Statements on page F-1 for a list of the financial
statements being filed herein. 

Item 9. Changes in and Disagreements with Accountants on Accounting
and Financial Disclosure.

There have been no changes in accountants and no disagreements with
accountants during the period from December 31, 2023 to December 31, 2024.

Item 9A. Controls and Procedures.

Disclosure 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

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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

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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 forms, and
that it is accumulated and communicated to 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, as appropriate to allow timely
decisions regarding required disclosure.

There are inherent limitations to the effectiveness of any system of
disclosure controls and procedures, including the possibility of human error and the circumvention or overriding of the controls and procedures.

Management’s Report on Internal Control over Financial
Reporting

The Sponsor’s management is responsible for establishing and maintaining
adequate internal control over financial reporting, as defined under Exchange Act Rules 13a-15(f) and 15d-15(f). The Trust’s internal
control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting
and the preparation of financial statements for external purposes in accordance with GAAP. Internal control over financial reporting includes