Company: HODL
Filing Date: 2025-03-26
Form Type: 10-K
Source: 0000930413-25-000995
Chunk: 760

Company: VanEck Bitcoin ETF
Filing Date: 2025-03-26
Form: 10-K
Item: Item 8
Chunk 760
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032,019  
     — 

    Net increase in net assets resulting from operations 
    $418,968,448  
    $— 

The accompanying
notes are an integral part of these financial statements.

F-4

VANECK BITCOIN ETF

Statements of Changes in Net Assets

    Year Ended December 31, 2024  
    For the Period December 21, 2023 (Date of Seeding)
    to December 31, 2023 

    Net increase from operations 

    Net investment loss 
    $(63,571)  
    $— 

    Net realized gain from investment in bitcoin 
     34,425,264  
     — 

    Change in net unrealized appreciation (depreciation) from investments in bitcoin 
     384,606,755  
     — 

    Net increase in net assets resulting from operations 
     418,968,448  
     — 

    Capital Share transactions 

    Contributions for shares issued 
     1,145,143,775  
     100,000 

    Withdrawals for shares redeemed 
     (283,761,891)  
     — 

    Total capital share transactions 
     861,381,884  
     100,000 

    Net increase in net assets 
     1,280,350,332  
     100,000 

    Net assets: 

    Beginning of period 
     100,000  
     — 

    End of period 
    $1,280,450,332  
    $100,000 

The accompanying notes are an integral part of these financial
statements.

F-5

VANECK BITCOIN ETF

Schedule of Investment asof
December 31, 2024(a)

    Quantity of Bitcoin  
    Cost  
    Fair Value  
    % of Net Assets

    Investment in bitcoin 
     13,716.83  
    $895,843,577  
    $1,280,450,332  
     100.00% 

    Net Assets 

    $1,280,450,332  
     100.00% 

(a) No comparative financial statements have been provided as the
Trust did not hold any bitcoin as of December 31, 2023.

The