Company: HODL
Filing Date: 2025-03-26
Form Type: 10-K
Source: 0000930413-25-000995
Chunk: 673

Company: VanEck Bitcoin ETF
Filing Date: 2025-03-26
Form: 10-K
Item: Item 12
Chunk 673
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 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

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    Bitcoin withdrawn 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
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