Company: HODL
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0000930413-25-001795
Chunk: 6

Company: VanEck Bitcoin ETF
Filing Date: 2025-05-14
Form: 10-Q
Item: Part I, Item 1
Chunk 6
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 herein were prepared without
audit according to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures
normally included in financial statements prepared in accordance with GAAP may be omitted pursuant to such rules and regulations.
The financial statements reflect, in the opinion of management, all adjustments necessary that were of a normal and recurring nature
and adequate disclosures to present fairly the financial position and results of operations as of and for the periods indicated.
The results of operations for the three months ended March 31, 2025 and 2024, are not necessarily indicative of the results to
be expected for the full year or for any other period.

These financial statements
should be read in conjunction with the audited financial statements and the notes thereto included in the Form 10‑K previously
filed with the SEC.

Note 3. Trust Expenses and Other Agreements

The Trust pays the Sponsor a unified fee (the “Sponsor
Fee”) of 0.20% of net assets that accrues daily and pays monthly. Prior to February 21, 2024, the Sponsor Fee was 0.25% of
net assets. Effective for the period from March 12, 2024, through November 24, 2024, the Sponsor agreed to waive the entire Sponsor
Fee for the first $1.5 billion of the Trust’s net assets. Effective for the period from November 25, 2024 through January
10, 2026, the Sponsor will waive the entire Sponsor Fee for the first $2.5 billion of the Trust’s assets. If the Trust’s
assets exceed $2.5 billion prior to January 10, 2026, the Sponsor Fee charged on assets over $2.5 billion will be 0.20% of average
daily net assets. All investors will incur the same Sponsor Fee which is the weighted average of those fee rates. After January
10, 2026, the Sponsor Fee will be 0.20% of average daily net assets. The Sponsor has agreed to pay all operating expenses (except
for litigation expenses and other extraordinary expenses) out of the Sponsor Fee. The Sponsor from time to time will sell bitcoin,
which may be facilitated by one or more liquidity providers and/or the Bitcoin Custodians, in such quantity as is necessary to
permit payment of the Sponsor Fee and Trust expenses and liabilities not assumed by the Sponsor.

The Trustee fee is paid by the Sponsor and is not an expense
of