Company: HODL
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0000930413-25-002440
Chunk: 28

Company: VanEck Bitcoin ETF
Filing Date: 2025-08-13
Form: 10-Q
Item: Part I, Item 2
Chunk 28
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 55,375,000 Shares at June 30, 2025. This
is the net result of 6,925,000 Shares (277 Baskets) being created and 2,025,000 Shares (81 Baskets) being redeemed during the period.

The 29.28 % increase in the NAV per Share from $23.46 at March
31, 2025 to $30.33 at June 30, 2025 is primarily related to the 29.26% increase in the price of bitcoin during this period.

The NAV per Share of $31.56 on May 22, 2025, was the highest
during the quarter, compared with a low during the quarter of $21.70 on April 8, 2025.

Net increase in net assets resulting from operations for the
quarter ended June 30, 2025, was $348,337,082 resulting from a net unrealized appreciation on investment in bitcoin of $335,928,778,
and a net realized gain of $12,408,304 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.

The Six Months Ended June 30,2025 (a)

The Trust’s NAV increased from $1,280,450,332 at December
31, 2024 to $1,679,361,166 at June 30, 2025, a 31.15% increase. The increase in the Trust’s NAV resulted primarily from an
increase in the price of bitcoin, which increased 14.87% from $93,349 at December 31, 2024 to $107,231 at June 30, 2025. In addition,
the number of outstanding shares increased from 48,500,000 Shares at December 31, 2024 to 55,375,000 Shares at June 30, 2025. This
is the net result of 12,100,000 Shares (484 Baskets) being created and 5,225,000 Shares (209 Baskets) being redeemed during the
period.

The 14.89 % increase in the NAV per Share from $26.40 at December
31, 2024 to $30.33 at June 30, 2025 is directly related to the 14.87% increase in the price of bitcoin during this period.

The NAV