Company: HODL
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0000930413-25-003438
Chunk: 6

Company: VanEck Bitcoin ETF
Filing Date: 2025-11-13
Form: 10-Q
Item: Part I, Item 1
Chunk 6
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 asset holdings, as reconciled to the Bitcoin Custodians’
accounts, on a market approach determined on a daily basis using the MarketVectorTM Bitcoin Benchmark Rate price at
4:00 pm EST. The Trust’s NAV per Share is calculated by taking the current market value of its total assets, subtracting
any liabilities, and then dividing that total by the total number of outstanding Shares. The Trust Agreement gives the Sponsor
the exclusive authority to determine the Trust’s NAV and the Trust’s NAV per Share, which it has delegated to the Administrator.

6

VANECK BITCOIN ETF

Notes to Unaudited Financial Statements (continued)

September 30, 2025

 F. Federal Income Taxes

The Trust is treated as a grantor
trust for federal income tax purposes and, therefore, no provision for federal income taxes is required. Any interest, expenses,
gains and losses are passed through to the holders of Shares of the Trust. The Sponsor has reviewed the tax positions for the period
presented and has determined that no provision for income tax is required in the Trust’s financial statements.

 G. Segment Reporting

The Sponsor acts as the Trust’s
chief operating decision maker (“CODM”), assessing performance and making decisions about resource allocation. The
CODM has determined that the Trust has a single operating segment based on the fact that the Trust’s long-term strategic
asset allocation is pre-determined in accordance with the terms of its prospectus, with a defined investment strategy which is
executed by the Sponsor. The financial information provided to and reviewed by the CODM is presented within the Trust’s financial
statements.

 H. Interim financial statements

The financial statements included
herein were prepared without audit according to the rules and regulations of the Securities and Exchange Commission. Certain information
and footnote disclosures normally included in financial statements prepared in accordance with GAAP may be omitted pursuant to
such rules and regulations. The financial statements reflect, in the opinion of management, all adjustments necessary that were
of a normal and recurring nature and adequate disclosures to present fairly the financial position and results of operations as
of and for the periods indicated. The results of operations for the three and nine months ended September 30, 2025 and September
30, 2024, are not necessarily indicative of the results to be expected for the full year or for any other period.

These financial statements should
be read in conjunction with the audited financial statements and the notes thereto included in Form 10-K previously filed