Company: HODL
Filing Date: 2025-03-26
Form Type: 10-K
Source: 0000930413-25-000995
Chunk: 726

Company: VanEck Bitcoin ETF
Filing Date: 2025-03-26
Form: 10-K
Item: Item 15
Chunk 726
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 advantageous market) for GAAP financial statement purposes consistent with the
application of fair value measurement framework in Financial Accounting Standards Board (“FASB”) ASC 820 at 11:59 p.m.
EST. Under ASC 820, a principal market is the market with the greatest volume and activity level for the asset or liability. The
Sponsor on behalf of the Trust will determine in its sole discretion the valuation sources and policies used to prepare the Trust’s
financial statements in accordance with GAAP.

Various inputs are used in determining the fair value of assets
and liabilities. Inputs may be based on independent market data (observable inputs) or they may be internally developed (unobservable
inputs). These inputs are categorized into a disclosure hierarchy consisting of three broad levels for

F-7

financial reporting purposes. The three levels of the fair value
hierarchy are as follows:

Level 1 – Unadjusted quoted prices in active markets for
identical assets or liabilities;

Level 2 – Inputs other than quoted prices included within
Level 1 that are 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

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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