Company: HODL
Filing Date: 2025-03-26
Form Type: 10-K
Source: 0000930413-25-000995
Chunk: 733

Company: VanEck Bitcoin ETF
Filing Date: 2025-03-26
Form: 10-K
Item: Item 15
Chunk 733
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(0.00)(d) 

    Net realized gain and change in
    unrealized appreciation/depreciation on investments in bitcoin(e) 
     13.90 

    Total increase resulting from operations 
     13.90 

    Net asset value per share, end of period(f) 
    $26.40 

    Total return(g) 
     111.20%

    Ratios to average net assets(h) 

    Expenses before fee waiver 
     0.20%(i) 

    Expenses after fee waiver 
     0.01%(i) 

    Net investment loss 
     (0.01)%(i) 

    Portfolio turnover rate(g) 
     40.03%

 (a) No prior year comparative financial statements have been provided as the Trust did not have any operations as of December 31, 2023.
 (b) On February 14, 2025 the Trust effected a 4 for 1 share split. Per share data has been adjusted to reflect the share split.
 (c) Net investment loss per share has been calculated based upon an average of daily shares outstanding.
 (d) Amount rounds to greater than ($0.005)
 (e) The amount shown for a share outstanding throughout the year may not agree with the change in the aggregate gains and losses for the year because of the timing of sales and repurchases of the Trust’s shares in relation to fluctuating market values for the Trust.
 (f) Returns are not annualized and include adjustments required by GAAP. Returns for financial statements purposes may differ from net asset values and performance reported elsewhere by the Trust.
 (g) Non-annualized.
 (h) Annualized.
 (i) Calculated based upon daily average net assets from January 10, 2024 (Date of Effectiveness) to December 31, 2024.

Note 9. Subsequent Event Review

The Trust completed a 4-for-1 share split for shareholders as follows:

 Record Date Pay Date Ex-Date
 2/12/2025 2/13/2025 2/14/2025

The Trust has evaluated subsequent events and transactions for
potential recognition or disclosure through the date the financial statements were issued and has determined that there are no
other material events that would require disclosure in the financial statements.

F-14

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of