<span item_type="fundamental" item_id="d789e4d54dcde84d5c00e26c28330738" counter_id="ETF/US/HODL" env="prod"></span><span item_type="announcement" item_id="582411565099517569" env="prod"></span><p>Revenue: As of FY2025 Q3, the actual value is USD 103.79 M.</p><p>EBIT: As of FY2025 Q3, the actual value is USD 103.79 M.</p><p></p><h3>Segment Revenue</h3><ul><li>The VanEck Bitcoin ETF’s investment in bitcoin at fair value increased from $1,280,450,332 on December 31, 2024, to $2,039,322,369 on September 30, 2025, reflecting a significant increase in the fair value of bitcoin holdings.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1838028/000093041325003438/c114208_10q-ixbrl.htm"></span></li></ul><h3>Operational Metrics</h3><ul><li>Net increase in net assets resulting from operations for the quarter ended September 30, 2025, was $103,792,268, primarily due to a net change in unrealized appreciation on investment in bitcoin of $84,089,218 and a net realized gain of $19,703,050 on bitcoin sold for the redemption of shares.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1838028/000093041325003438/c114208_10q-ixbrl.htm"></span></li><li>For the nine months ended September 30, 2025, the net increase in net assets was $297,152,438, resulting from a net change in unrealized appreciation on investment in bitcoin of $243,902,664 and a net realized gain of $53,249,774 on bitcoin sold for the redemption of shares.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1838028/000093041325003438/c114208_10q-ixbrl.htm"></span></li></ul><h3>Cash Flow</h3><ul><li>The Trust’s only source of liquidity is its sales of bitcoin, and it does not hold cash.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1838028/000093041325003438/c114208_10q-ixbrl.htm"></span></li></ul><h3>Unique Metrics</h3><ul><li>The Trust’s NAV increased from $1,280,450,332 at December 31, 2024, to $2,039,322,369 at September 30, 2025, a 59.27% increase, primarily due to an increase in the number of outstanding shares and the price of bitcoin.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1838028/000093041325003438/c114208_10q-ixbrl.htm"></span></li></ul><h3>Future Outlook and Strategy</h3><ul><li><strong>Core Business Focus</strong>: The Trust aims to reflect the performance of bitcoin less the operating expenses, focusing on tracking the price of bitcoin without pursuing any additional investment strategies.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1838028/000093041325003438/c114208_10q-ixbrl.htm"></span></li><li><strong>Non-Core Business</strong>: The Trust does not engage in activities designed to obtain a profit from changes in the price of bitcoin, and it does not have directors, officers, or employees.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1838028/000093041325003438/c114208_10q-ixbrl.htm"></span></li><li><strong>Priority</strong>: The Trust’s strategic focus remains on maintaining its passive investment vehicle status, with no plans to alter its investment strategy beyond tracking bitcoin prices.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1838028/000093041325003438/c114208_10q-ixbrl.htm"></span></li></ul>

VanEck Bitcoin ETF | 10-Q: FY2025 Q3 Revenue: USD 103.79 M