Company: HODL
Filing Date: 2025-03-26
Form Type: 10-K
Source: 0000930413-25-000995
Chunk: 709

Company: VanEck Bitcoin ETF
Filing Date: 2025-03-26
Form: 10-K
Item: Item 14
Chunk 709
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 observable for the asset or liability either directly or indirectly, including quoted prices for similar assets
or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered
to be

F-8

VANECK BITCOIN ETF

Notes to the Financial Statements (continued)

December 31, 2024

active, inputs other than quoted prices that are observable for
the asset or liability, and inputs that are derived principally from or corroborated by observable market data by correlation or
other means; and

Level 3 – Unobservable inputs where there are little or no
market activity for the asset or liability, including the Trust’s assumptions used in determining the fair value of investments.

The following is a summary of the fair value hierarchy as of December
31, 2024:

    Level 1  
    Level 2  
    Level 3  
    Total 

    Assets 

    Investment in bitcoin 
    $1,280,450,332  
    $—  
    $—  
    $1,280,450,332 

The following represents the changes in quantity of bitcoin and
the respective fair value:

    Bitcoin  
    Fair Value 

    Beginning balance as of January 1, 2024 
    —  
    $
    —

    Bitcoin contributed 
     17,847.12  
     1,145,131,271 

    Bitcoin withdrawn 
     (4,130.29)  
     (283,712,958) 

    Net change in unrealized appreciation on investment in bitcoin 
     —  
     384,606,755 

    Net realized gain on investment in bitcoin 
     —  
     34,425,264 

    Ending balance as of December 31, 2024 
     13,716.83  
    $1,280,450,332 

The Trust did not hold any bitcoin as of December 31, 2023.

D. Bitcoin

Bitcoin transactions are accounted for on trade date. Realized
gains and losses on the sale of bitcoin are determined based on the average cost method. Under ASC Topic 946, the average cost
method is an accepted method to determine realized gains and losses on the sale of bitcoin. Proceeds received by the Trust from
the issuance of baskets consist of bitcoin. Deposits of bitcoin are held by Gemini Trust Company