Company: HODL
Filing Date: 2025-03-26
Form Type: 10-K
Source: 0000930413-25-000995
Chunk: 8

Company: VanEck Bitcoin ETF
Filing Date: 2025-03-26
Form: 10-K
Item: Item 1
Chunk 8
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Accordingly, the NAV of the Trust may reflect
the fair value of bitcoin rather than the bitcoin market prices on certain exchanges at 4:00 p.m. ET. Fair value pricing involves
subjective judgments and it is possible that a fair value determination for bitcoin or other assets is materially different than
the value that could be realized upon the sale of such bitcoin or asset. In addition, fair value pricing could result in a difference
between the prices used to calculate the Trust’s NAV and the prices used by the MarketVectorTM Bitcoin Benchmark
Rate.

Intraday Indicative Value

The Sponsor, in conjunction with the Administrator,
will work in good faith to determine the fair value and the correct calculation of the Trust’s NAV. In addition, in order
to provide updated information relating to the Trust for use by Shareholders and market professionals, ICE Data Indices, LLC will
calculate and disseminate throughout the core trading session on each trading day an updated intraday indicative value (“IIV”).
The IIV is calculated by taking creation unit holdings and updating that value throughout the trading day to reflect changes in
the price of bitcoin; this value is then divided by the numbers of Shares per creation unit in order to calculate an IIV on a “per
Share” basis.

The IIV disseminated during the Exchange core trading session hours
should not be viewed as an actual real time update of the NAV, because NAV per Share is calculated only once at the end of each
trading day based upon the relevant end of day values of the Trust’s investments. The Trust will provide the IIV per Share
updated every 15 seconds, as calculated by the Exchange or a third-party financial data provider during the Exchange’s regular
trading hours (9:30 a.m. to 4:00 p.m. ET). ICE Data Indices, LLC will disseminate the IIV value through the facilities of CTA/CQ
High Speed Lines. In addition, the indicative fund value will be published on the Exchange’s website and will be available
through on-line information services such as Bloomberg and Reuters. The IIV may differ from the NAV due to the differences in the
time window of trades used to calculate each price (the NAV uses a sixty-minute window, whereas the IIV draws prices from the last
trade on each exchange in an effort to produce a relevant, real-time price). The Sponsor does not believe this will cause confusion
in the marketplace, as Authorized Participants are the only Shareholders who interact