Reading lines from a txt file into variables in batch

I am trying to figure out how to read IP addresses from a file named "IPList.txt) into individual variables in a batch script. Here's what I have so far.

:DEFINITIONS
set LOGFILE=IPScript.log
set IPLIST=C:\IPLIST.txt
echo Script Started >> %LOGFILE%
goto SetIP

:SetIP
for /f "tokens=*" %%a in (%IPLIST%) do (
set FirstIP=%%a
)
echo The first IP is %FirstIP% >> %LOGFILE%
exit

The output I'm getting in "IPscript.log" is "The First IP is: " with no IP listed, just a space. Also, is there a way for me to set multiple IPs like this, in just one for loop?