Company: HODL
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0000930413-25-002440
Chunk: 6

Company: VanEck Bitcoin ETF
Filing Date: 2025-08-13
Form: 10-Q
Item: Part I, Item 1
Chunk 6
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odians, to pay fees due to the Sponsor and Trust expenses and liabilities
not assumed by the Sponsor.

 E. Calculation of Net Asset Value

The Trust’s net asset value (“NAV”) is calculated
based on the Trust’s net 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)

June 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 six months ended June 30, 2025 and 2024, are not necessarily indicative of the results