Company: HODL
Filing Date: 2025-03-26
Form Type: 10-K
Source: 0000930413-25-000995
Chunk: 768

Company: VanEck Bitcoin ETF
Filing Date: 2025-03-26
Form: 10-K
Item: Item 8
Chunk 768
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 to the capabilities and development of block-chain
technologies and to the fundamental investment characteristics of digital

F-12

VANECK BITCOIN ETF

Notes to the Financial Statements (continued)

December 31, 2024

assets that are uncertain and difficult to evaluate. The Trust
is subject to risks due to its concentration of investments in a single asset class. Possible illiquid markets may exacerbate losses
or increase the variability between the Trust’s NAV and its market price. The amount of bitcoin represented by the Shares
may decline over time. At December 31, 2024, bitcoin with a fair value of $1,155,082,800 and $125,367,532 was held by the Bitcoin
Custodian and Additional Bitcoin Custodian, respectively.

Future and current regulations by a United States or foreign government
or quasi-governmental agency could have an adverse effect on an investment in the Trust. Shareholders do not have the protections
associated with ownership of Shares in an investment company registered under the 1940 Act or the protections afforded by the Commodity
Exchange Act. Future legal or regulatory developments may negatively affect the value of bitcoin or require the Trust or the Sponsor
to become registered with the SEC or CFTC, which may cause the Trust to liquidate.

The Exchange on which the Shares are listed may halt trading in
the Trust’s Shares, which would adversely impact a Shareholder’s ability to sell Shares. The market infrastructure
of the bitcoin spot market could result in the absence of active authorized participants able to support the trading activity of
the Trust.

Note 8. Financial Highlights(a)(b)

The financial highlights summarize certain per share operating
information and financial ratios of net investment income (loss) and expenses, to daily average net assets for the year ended December
31, 2024. An individual investor’s return and ratios may vary based on the timing of capital transactions:

F-13

VANECK BITCOIN ETF

Notes to the Financial Statements (continued)

December 31, 2024

    Year Ended December 31, 2024 

    Net asset value per share, beginning
    of period 
    $12.50 

    From investment operations: 

    Net investment loss(c) 
     (0.00)(d) 

    Net realized gain and change in
    unrealized appreciation/depreciation on investments in bitcoin(e) 
     13.90 

    Total increase resulting from operations