Company: HODL
Filing Date: 2025-03-26
Form Type: 10-K
Source: 0000930413-25-000995
Chunk: 17

Company: VanEck Bitcoin ETF
Filing Date: 2025-03-26
Form: 10-K
Item: Item 1
Chunk 17
---
 due and seek contemporaneous reimbursement from the Trust in the form of bitcoin
at the time of payment. For extraordinary expenses denominated in dollars, the Sponsor shall convert the expense amounts into bitcoin
at the Index price on the date the Sponsor seeks such reimbursement from the Trust, and shall withdraw the corresponding amounts
of bitcoin from the Trust as reimbursement for paying such extraordinary expenses of the Trust. For extraordinary expenses denominated
in bitcoin, if any, the Sponsor shall withdraw the corresponding amounts of bitcoin from the Trust as reimbursement for paying
such extraordinary expenses. Neither the Trust nor the Shareholders shall be responsible for any fees and expenses, including any
Bitcoin network fees, incurred by the Sponsor to withdraw bitcoin from the Trust’s Bitcoin Account in connection with payment
of the Sponsor Fee or Trust expenses not assumed by the Sponsor, or to convert such bitcoin, once withdrawn, into cash (if applicable).
The Sponsor will sell bitcoin which may be facilitated by one or more Liquidity Providers and/or the Bitcoin Custodian or an affiliate
thereof, in connection with the termination of the Trust and the liquidation of the Trust’s bitcoin holdings, which the Sponsor
shall do at a price which it is able to obtain through commercially reasonable efforts, and arrange for the distribution of the
cash proceeds to the Trust’s Shareholders and creditors (if any). The amount of bitcoin held by the Trust may vary from time
to time depending on the level of the Trust’s expenses and liabilities and the market price of bitcoin. Furthermore, the
Sponsor may, in its sole discretion, agree to rebate all or a portion of the Sponsor Fee attributable to Shares held by certain
investors subject to certain minimum Share holding and lock up requirements as determined by the Sponsor to foster stability in
the Trust’s asset levels. Any such rebate will be subject to negotiation and agreement between the Sponsor and the investor
on a case-by-case basis. The Sponsor is under no obligation to provide any rebates of the Sponsor Fee. Neither the Trust nor the
Trustee will be a party to any Sponsor Fee rebate arrangements negotiated by the Sponsor. Any Sponsor Fee rebate will be paid from
the funds of the Sponsor and not from the assets of the Trust.

Creation and Redemption of Shares

The Trust creates and redeems Shares from time to time, but only
in one or more Baskets. Baskets are only made in exchange for delivery to the Trust of the amount of bitcoin represented by the
Baskets being created (subject to the Exchange receiving the necessary regulatory approval to