Company: HODL
Filing Date: 2025-03-26
Form Type: 10-K
Source: 0000930413-25-000995
Chunk: 13

Company: VanEck Bitcoin ETF
Filing Date: 2025-03-26
Form: 10-K
Item: Item 1
Chunk 13
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 will not lease or loan bitcoin held in the Trust’s account with the Bitcoin
Custodian and will not give instructions to that effect.

In addition to the bitcoin custodial services in connection with
the Bitcoin Account, the Bitcoin Custodian will also provide the Trust with clearing and settlement services for bitcoin purchase
and sale transactions (“Clearing Services”) between the Trust and a third party selected by the Sponsor who (1) is
not the Authorized Participant and (2) will not be acting as an agent, nor at the direction, of the Authorized Participant with
respect to the delivery of bitcoin to the Trust (such third party, a “Liquidity Provider”) in connection with the Trust’s
creation and redemption processes as well as in connection with transfers of bitcoin out of the Trust to pay the Sponsor Fee and
to reimburse the Sponsor in bitcoin for payment of extraordinary expenses. These services are detailed within the clearing agreement
between the Trust and the Bitcoin Custodian (the “Clearing Agreement”). In connection with the Clearing Services, the
Bitcoin Custodian will make available to the Trust a clearing account (the “Clearing Account”).

The Additional Bitcoin Custodian

Coinbase Custody Trust Company, LLC, serves as the Trust’s
Additional Bitcoin Custodian and is a fiduciary under § 100 of the New York Banking Law and a qualified custodian for purposes
of Rule 206(4)-2(d)(6) under the Investment Advisers Act of 1940, as amended. The Additional Bitcoin Custodian is authorized to
serve as the Trust’s custodian under the Trust Agreement and pursuant to the terms and provisions of the Additional Bitcoin
Custody Agreement. The Additional Bitcoin Custodian has its principal address at 55 Hudson Yards, 550 West 34th Street, 4th Floor,
New York, NY 10001.

The Additional Bitcoin Custodian makes available to the Trust a custodial
account for bitcoin maintained by the Additional Bitcoin Custodian (the “Additional Bitcoin Account”). The Additional
Bitcoin Custodian’s services in respect of the Additional Bitcoin Account (i) allow all or a portion of the Trust’s
bitcoin allocated to the vault balance (the “Additional Bitcoin Vault Balance”) to be held in the Additional Bitcoin
Account, (ii) allow bitcoin to be deposited from a public blockchain address to the Trust’s Additional Bitcoin Account, (iii)
allow bitcoin to be withdrawn from the Additional Bitcoin Account to a public blockchain address as instructed by the Trust and
(iv)