Company: HODL
Filing Date: 2025-03-26
Form Type: 10-K
Source: 0000930413-25-000995
Chunk: 346

Company: VanEck Bitcoin ETF
Filing Date: 2025-03-26
Form: 10-K
Item: Item 1C
Chunk 346
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 by the Sponsor, which may be facilitated by the Bitcoin Custodians, to pay fees due to the Sponsor and Trust
expenses and liabilities not assumed by the Sponsor.

E. Calculation of Net Asset Value

The Trust’s net asset value (“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 pm 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.

F-9

VANECK BITCOIN ETF

Notes to the Financial Statements (continued)

December 31, 2024

F. Federal Income Taxes

The Trust is treated as a grantor trust for federal income tax
purposes and, therefore, no provision for federal income taxes is required. Any interest, expenses, gains and losses are passed
through to the holders of Shares of the Trust. The Sponsor has reviewed the tax positions as of December 31, 2024 and has determined
that no provision for income tax is required in the Trust’s financial statements.

G. Segment Reporting—In this reporting period, the
Trust adopted FASB Accounting Standards Update 2023-07 Segment Reporting (Topic 280) Improvements to Reportable Segment Disclosures
(“ASU 2023-07”). The provisions of the new standard require additional financial statements disclosures related to
segment reporting to enable investors to better understand an entity’s overall performance and to assess its potential future
cash flows. The adoption of the ASU 2023-07 had no impact on the Trust’s financial position or results of operations.

The Sponsor acts as the Trust’s chief operating decision
maker (“CODM”), assessing performance and making decisions about resource allocation. The CODM has determined that
the Trust has a single operating segment based on the fact that the Trust’s long-term strategic asset allocation is pre-determined
in accordance with the terms of its prospectus, with a defined investment strategy which is executed by the Sponsor.

Note 3. Trust Expenses and Other Agreements

The Trust pays the Sponsor a unified fee (the
“Sponsor Fee”)