Company: HODL
Filing Date: 2025-03-26
Form Type: 10-K
Source: 0000930413-25-000995
Chunk: 383

Company: VanEck Bitcoin ETF
Filing Date: 2025-03-26
Form: 10-K
Item: Item 3
Chunk 383
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 December 31, 2023 to
$1,280,450,332 at December 31, 2024, a 1,280,350% increase. The increase in the Trust’s NAV resulted primarily from an increase
in the number of outstanding shares, which increased from 8,000 Shares at December 31, 2023 to 48,500,000 Shares at December 31, 2024.
This is the net result of 63,100,000 Shares (2,212 Baskets) being created and 14,608,000 Shares (576 Baskets) being redeemed during the
period, and an increase in the price of bitcoin, which grew 111.28% from $44,182 at January 4, 2024 to $93,349 at December 31, 2024.

The 111.20% increase in the NAV per Share from $12.50 at December 31,
2023 to $26.40 at December 31, 2024 is directly related to the 111.28% increase in the price of bitcoin during this period.

The NAV per Share of $30.13 on December 17, 2024, was the highest during
the period, compared with a low during the period of $11.10 on January 23, 2024.

Net increase in net assets resulting from operations for the twelve-month
period ended December 31, 2024, was $418,968,448 resulting from an net unrealized appreciation on investment in bitcoin of $384,606,755,
a net realized gain of $34,414,287 on bitcoin sold for the redemption of Shares, a net realized gain of $10,977 from bitcoin sold to pay
expenses during the twelve-month period, and a net investment loss of $63,571. Other than the Sponsor Fee of $63,571, the Trust had no
other expenses during the twelve-month period.

Item 7A. Quantitative and Qualitative Disclosures About Market Risk.

Not applicable.

Item 8. Financial Statements and Supplementary Data.

See Index to Financial Statements on page F-1 for a list of the financial
statements being filed herein. 

Item 9. Changes in and Disagreements with Accountants on Accounting
and Financial Disclosure.

There have been no changes in accountants and no disagreements with
accountants during the period from December 31, 2023 to December 31, 2024.