Company: HODL
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0000930413-25-003438
Chunk: 63

Company: VanEck Bitcoin ETF
Filing Date: 2025-11-13
Form: 10-Q
Item: Part I, Item 2
Chunk 63
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The NAV per Share of $34.59 on August 13, 2025, was the highest
during the period, compared with a low during the period of $21.70 on April 8, 2025.

Net increase in net assets resulting from operations for the nine
months ended September 30, 2025, was $297,152,438 resulting from a net change in unrealized appreciation on investment in bitcoin
of $243,902,664 and a net realized gain of $53,249,774 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.

(a) Shares outstanding, Baskets and NAV per Share, where applicable
have been adjusted to reflect the 4 for 1 share split that took place on February 14, 2025.

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 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.

There were no changes in the Trust’s internal control over
financial reporting that occurred during the period covered by this report that have materially affected, or are reasonably likely
to materially affect, the Trust’s internal control over financial reporting.

13

Part II. OTHER INFORMATION.

Item 1. Legal Proceedings.

None.

Item 1A. Risk Factors.

Except as set forth below, there have been no material