Company: HODL
Filing Date: 2025-03-26
Form Type: 10-K
Source: 0000930413-25-000995
Chunk: 27

Company: VanEck Bitcoin ETF
Filing Date: 2025-03-26
Form: 10-K
Item: Item 1
Chunk 27
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 cash to the
Trust’s Cash Custodian account. The Trust then instructs the Transfer Agent to deliver the Authorized Participant’s
Shares in the Basket Deposit back to the Trust, in exchange for which the Trust instructs the Cash Custodian to transfer the Required
Cash Redemption Total to the Authorized Participant’s designated bank account and the redemption order is settled. If the
bitcoin sale transaction between the Trust and the Liquidity Provider fails to settle, the Authorized Participant shall have the
option to cancel the redemption order, in which case the Trust will retain its bitcoin and the Authorized Participant will retain
the associated Shares and will not receive any cash, or the Sponsor may use an

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alternative execution method for the Trust to sell bitcoin, in which
case the Authorized Participant agrees and acknowledges it is responsible for any Redemption Slippage and Cash Amount relating
to such alternative execution method. If the Trust’s DTC account has not been credited with all of the Baskets to be redeemed
by such time, the redemption distribution will also be delayed.

Suspension or Rejection of Redemption Orders

The Sponsor may, in its discretion, suspend the right of redemption,
or postpone the redemption settlement date, (1) for any period during which the Exchange is closed other than customary weekend
or holiday closings, or trading on the Exchange is suspended or restricted, (2) for any period during which an emergency exists
as a result of which delivery, disposal or evaluation of bitcoin is not reasonably practicable, or (3) for such other period as
the Sponsor determines to be necessary for the protection of the Shareholders. For example, the Sponsor may determine that it is
necessary to suspend redemptions to allow for the orderly liquidation of the Trust’s assets. If the Sponsor has difficulty
liquidating the Trust’s positions, e.g., because of a market disruption event or an unanticipated delay in the liquidation
of a position in an over the counter contract, it may be appropriate to suspend redemptions until such time as such circumstances
are rectified. If any of these events occurs at a time when an Authorized Participant intends to redeem Shares, and the price of
bitcoin decreases before such Authorized Participant is able to complete such redemption order, such Authorized Participant may
sustain a loss with respect to the amount that it would have been able to obtain in exchange for the bitcoin received from the
Trust upon the redemption of its Shares, had the redemption taken place when such Authorized Participant originally intended it
to occur. As