Company: HODL
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0000930413-25-001795
Chunk: 24

Company: VanEck Bitcoin ETF
Filing Date: 2025-05-14
Form: 10-Q
Item: Part I, Item 2
Chunk 24
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 $10,977 from bitcoin sold
to pay expenses during the quarter, and a net investment loss of $63,571. Other than the Sponsor Fee of $63,571, the Trust had
no other expenses during the quarter.

(a) Shares outstanding, baskets and Net Asset Value per share
have been adjusted to reflect the 4 for 1 share split that took place on February 14, 2025.

The Quarter Ended March 31, 2025

The Trust’s NAV decreased from $1,280,450,332 at December
31, 2024 to $1,184,241,939 at March 31, 2025, a 7.51% decrease. The decrease in the Trust’s net asset value resulted primarily
from a decrease in the price of bitcoin, which contracted 11.13% from $93,349 at December 31, 2024 to $82,957 at March 31, 2025,
offset by the impact of capital share transactions, as the number of outstanding shares increased from 48,500,000 Shares at December
31, 2024 to 50,475,000 Shares at March 31, 2025. This is the net result of 5,175,000 Shares (207 Baskets) being created and 3,200,000
Shares (128 Baskets) being redeemed during the period.

The 11.14 % decrease in the NAV per Share from $26.40 at December
31, 2024 to $23.46 at March 31, 2025 is directly related to the 11.13% decrease in the price of bitcoin during this period.

The NAV per Share of $30.16 on January 21, 2025, was the highest
during the quarter, compared with a low during the quarter of $22.21 on March 10, 2025.

12

Net decrease in net assets resulting from operations for the
quarter ended March 31, 2025, was $154,976,912 resulting from a net unrealized depreciation on investment in bitcoin of $176,115,332,
and a net realized gain of $21,138,420 on bitcoin sold for the redemption of Shares and a net investment loss of $0. The Trust
had no expenses during the quarter as they were all waived by the Sponsor.

Item 3. Quantitative and Qualitative Disclosures About Market
Risk.

Not applicable.

Item 4