Company: HODL
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0000930413-25-002440
Chunk: 14

Company: VanEck Bitcoin ETF
Filing Date: 2025-08-13
Form: 10-Q
Item: Part I, Item 1
Chunk 14
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’s operations or the value of the Shares issued
by the Trust. Moreover, neither the Sponsor nor any other person assumes responsibility for the accuracy or completeness of the
forward-looking statements. Neither the Trust nor the Sponsor undertakes an obligation to publicly update or conform to actual
results any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required
by law.

Introduction

The Trust is a Delaware statutory trust. The Trust does not
have directors, officers or employees. The creation and operation of the Trust has been arranged by the Sponsor. The Trust is administered
by the Trust Agreement, among the Sponsor, the Trustee and the Delaware Trustee. The Trust is managed and controlled by the Sponsor,
a wholly-owned subsidiary of VanEck. The Sponsor is not governed by a board of directors.

The Trust’s investment objective is to reflect the performance
of bitcoin less the operating expenses of the Trust. The Trust is a passive investment vehicle that does not seek to pursue any
investment strategy beyond tracking the price of bitcoin. The Trust does not engage in any activities designed to obtain a profit
from, or ameliorate losses caused by, changes in the price of bitcoin.

The Trust issues and redeems Shares only in aggregations of
25,000 Shares, a Basket, or integral multiples thereof, and only in transactions with Authorized Participants.

Shares of the Trust trade on the Exchange under the ticker symbol
“HODL.”

Computation of Net Asset Value

The Trust’s NAV is calculated based on the Trust’s
net asset holdings, as reconciled to the Bitcoin Custodians’ accounts, on a market approach determined on a daily basis in
accordance with the MarketVectorTM Bitcoin Benchmark Rate price at 4:00 p.m. EST. The Trust’s NAV per Share is
calculated by taking the current market value of its total assets, subtracting any liabilities, and then dividing that total by
the total number of outstanding Shares. The Trust Agreement gives the Sponsor the exclusive authority to determine the Trust’s
NAV and the Trust’s NAV per Share, which it has delegated to the Administrator.

11

Liquidity

The Trust is not aware of any trends, demands, conditions or
events that are reasonably likely to result in material changes to its liquidity needs. In exchange for a fee, the Sponsor has
agreed to assume most of the expenses incurred by the Trust. As a result, the only ordinary expense of the Trust during the period