Company: HODL
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0000930413-25-002440
Chunk: 30

Company: VanEck Bitcoin ETF
Filing Date: 2025-08-13
Form: 10-Q
Item: Part I, Item 2
Chunk 30
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 reported under Part I, Item 1A of the registrant’s Annual Report on Form 10-K for the period ended
December 31, 2024, filed with the Securities and Exchange Commission on March 26, 2025.

Digital Asset Treasury Companies Risk

In recent times, a number of companies engaged
in businesses outside the digital assets industry have begun to hold their corporate treasuries in digital assets instead of in
fiat currency (“digital asset treasury companies”). In some cases, these companies have raised funds through financing
or securities offerings and applied the proceeds to purchase digital assets, including bitcoin.

Digital asset treasury companies are a relatively
new phenomenon and it is impossible to predict all of the risks they could pose to the Trust. On the one hand, digital asset treasury
companies may increase procyclical dynamics in the market because they may purchase digital assets, such as bitcoin, when prices
are rising and they may sell such assets when prices are decreasing, potentially making bitcoin more expensive in a rising market
and then causing downward pressure on bitcoin prices in a falling market (causing prices to fall faster than they otherwise would).
Digital asset treasury companies could cause greater volatility in digital asset markets, including markets for bitcoin. Negative
events or sentiment surrounding digital asset treasury companies could affect the market for bitcoin. On the other hand, digital
asset treasury companies may compete with the Trust in the marketplace as a perceived alternative means of achieving exposure to
the price of bitcoin (to a greater or lesser extent) through investing in securities. The foregoing or similar events involving
digital asset treasury companies could adversely affect holders of Shares in the Trust.

Item 2. Unregistered Sales of Equity
Securities and Use of Proceeds.

a) None.

b) Not applicable.

c) 2,025,000 Shares (81 Baskets) were redeemed during the quarter
ended June 30, 2025.

    Period 
    Total Number of Shares Redeemed  
    Average Per Share 

    04/01/25 to 04/30/25 
     1,100,000  
    $23.28 

    05/01/25 to 05/31/25 
     700,000  
     28.63 

    06/01/25 to 06/30/25 
     225,000  
     28.94 

    Total 
     2,025,000