Company: HODL
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0000930413-25-002440
Chunk: 0

Company: VanEck Bitcoin ETF
Filing Date: 2025-08-13
Form: 10-Q
Item: Part I, Item 1
Chunk 0
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Item 1. Unaudited Financial Statements.

VANECK BITCOIN ETF

Statements of Assets and Liabilities

    June 30, 2025 (Unaudited)  
    December 31, 2024 

    Assets 

    Investment in bitcoin, at fair value (cost $1,134,940,965 and $895,843,577, respectively) 
    $1,679,361,166  
    $1,280,450,332 

    Total assets 
     1,679,361,166  
     1,280,450,332 

    Liabilities 

    Total liabilities 
     —  
     — 

    Net assets 
    $1,679,361,166  
    $1,280,450,332 

    Shares issued and outstanding (no par value, unlimited amount authorized) 
     55,375,000  
     48,500,000 

    Net Asset Value per Share 
    $30.33  
    $26.40 

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

1

VANECK BITCOIN ETF

Statements of Operations (Unaudited)

    Three Months Ended June 30,  
    Six Months Ended June 30, 

    2025  
    2024  
    2025  
    2024 

    Expenses 

    Sponsor fee, related party 
    $728,175  
    $312,510  
    $1,386,429  
    $435,179 

    Total expenses 
     728,175  
     312,510  
     1,386,429  
     435,179 

    Sponsor fee waiver, related party 
     (728,175) 
     (312,510) 
     (1,386,429) 
     (371,608)

    Net expenses 
     —  
     —  
     —  
     63,571 

    Net investment loss 
     —  
     —  
     —  
     (63,571)

    Net realized gain and net change in unrealized appreciation (depreciation) 

    Net realized gain on: 

    Bitcoin sold for redemption of shares 
     12,