Company: HODL
Filing Date: 2025-03-26
Form Type: 10-K
Source: 0000930413-25-000995
Chunk: 11

Company: VanEck Bitcoin ETF
Filing Date: 2025-03-26
Form: 10-K
Item: Item 1
Chunk 11
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for the issuance or redemption, as the case may be, of Shares in creation unit aggregations of the Trust after the end of each
trading day.

Under the Cash Custody Agreement between State Street and the Trust,
State Street may act as custodian for the Trust’s non-bitcoin assets, if any, and as custodian for the Trust’s cash
(in such capacity, the “Cash Custodian”). The Cash Custodian has agreed to, among other things, open and maintain a
separate deposit account or accounts of the Trust, to determine the amount of bitcoin and/or cash required for an issuance or redemption
of shares in a Basket and to release and deliver non-bitcoin assets and pay out cash.

The Cash Custodian shall credit to the deposit account(s) all cash
received by the Cash Custodian from or for the account of the Trust. Upon an instruction to purchase Shares for the account of
the Trust, the Cash Custodian shall pay out cash

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of the Trust to purchase Shares. Upon an instruction to redeem Shares for the
account of the Trust, the Cash Custodian shall transfer the Shares so as to sell or redeem the Shares and receive proceeds of such
sale or redemption.

The Bitcoin Custodian

Gemini Trust Company, LLC serves as the Trust’s Bitcoin Custodian
and is a fiduciary under § 100 of the New York Banking Law. The Bitcoin Custodian is authorized to serve as the Trust’s
custodian under the Trust Agreement and pursuant to the terms and provisions of the agreement which establishes the rights and
responsibilities the Bitcoin Custodian, the Sponsor and the Trust with respect to the custody of the Trust’s bitcoin (the
“Custody Agreement”). The Bitcoin Custodian has its principal office at 315 Park Ave South, Floor 16, New York, NY
10010.

The Bitcoin Custodian makes available to the Trust a custodial account
for bitcoin maintained by the Bitcoin Custodian (“Bitcoin Account”) and access to an omnibus custodial account held
at depository institutions or money market funds in the Bitcoin Custodian’s name for the benefit of its customers at which
a cash balance may be maintained (“Fiat Account”). The Bitcoin Custodian’s services in respect of the Bitcoin
Account (i) allow bitcoin to be deposited from a public blockchain address to the Trust’s Bitcoin Account and (ii) allow
bitcoin to be withdrawn from the Bitcoin Account to a public blockchain address as instructed by the Trust. The Trust expects to