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

Company: VanEck Bitcoin ETF
Filing Date: 2025-03-26
Form: 10-K
Item: Item 1
Chunk 26
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 Trust’s
registration statement are JSCT, LLC, Nonco LLC and Cumberland New York LLC. Additional Liquidity Providers may be added at any
time, subject to the Sponsor’s sole discretion. The Redemption Settlement Date shall be the immediately following Business
Day after the Redemption Trade Date unless the parties otherwise agree in writing. The Liquidity Provider, not the Authorized Participant,
shall be responsible for purchasing bitcoin from the Trust. By placing a redemption order, an Authorized Participant agrees to
facilitate the delivery of the Basket of Shares.

Once the Transfer Agent notifies the Bitcoin Custodian or Cash Custodian
(as applicable), the Sponsor and the Administrator that the Shares have been received in the Trust’s DTC account, the Administrator
instructs the Bitcoin Custodian or Cash Custodian (as applicable) to transfer the redemption bitcoin or cash amount from the Trust’s
Bitcoin Custodian or Cash Custodian account to the Authorized Participant.

Bitcoin held in the Trust’s Bitcoin Account is the property
of the Trust and is not leased, or loaned under any circumstances.

Determination of Redemption Distribution

By 8:00 p.m. ET (or such other time as the parties may agree) on
the Redemption Trade Date, the Administrator will calculate and transmit (1) Basket Cash Component, minus (2) the Cash Amount,
and minus (3) any amount by which the actual cash sale price of the bitcoin to the Liquidity Provider is less than the adjusted
Basket Cash Component (“Redemption Slippage”), to the Authorized Participant (collectively, the Basket Cash Component,
minus the Cash Amount, minus the Purchase Slippage, the “Required Cash Redemption Total”), which the Trust shall be
responsible for instructing the Cash Custodian to deliver in cash on Redemption Settlement Date to the Authorized Participant’s
designated bank account. The Trust acknowledges that, if the actual cash sale price realized from selling bitcoin to the Liquidity
Provider is above the Basket Cash Component, the Authorized Participant shall be entitled to retain the difference and the Required
Cash Redemption Total shall be increased accordingly.

Delivery of Redemption Distribution

On the Redemption Settlement Date, the Liquidity Provider delivers
cash to the Trust’s Fiat Account in exchange for the cash purchase price, as facilitated by the Bitcoin Custodian under the
Clearing Agreement. Upon settlement of the bitcoin sale by the Trust to the Liquidity Provider and the receipt of the Liquidity
Provider’s cash in the Trust’s Fiat Account, the Trust instructs the Bitcoin Custodian to transfer the