Company: HODL
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0000930413-25-003438
Chunk: 9

Company: VanEck Bitcoin ETF
Filing Date: 2025-11-13
Form: 10-Q
Item: Part I, Item 1
Chunk 9
---
 made in exchange for delivery to the Trust or the distribution by the Trust of the amount
of bitcoin represented by the baskets being created or redeemed, the amount of which is equal to the combined NAV of the number
of Shares included in the baskets being created or redeemed determined as of 4:00 p.m. EST on the day the order to create or redeem
baskets is properly received. For an order to create baskets, an authorized participant will deliver cash to the Trust’s
account at the cash custodian, which the Sponsor will then use to purchase bitcoin from a liquidity provider chosen by the Sponsor.
For an order to redeem baskets, the Sponsor will arrange for the bitcoin represented by the basket to be sold to a liquidity provider
chosen by the Sponsor and the cash proceeds distributed from the Trust’s account at the cash custodian to the authorized
participant in exchange for their Shares. Only authorized participants may place orders to create and redeem baskets through the
transfer agent. The transfer agent will coordinate with the Trust’s Bitcoin Custodians to facilitate settlement of the Shares
and bitcoin.

Share and capital activity is as follows:

    Three Months Ended September 30,  
    Nine Months Ended September 30, 

    2025  
    2024(a)  
    2025(a)  
    2024(a) 

    Shares 
    Amount  
    Shares 
    Amount  
    Shares 
    Amount  
    Shares 
    Amount 

    Beginning of period 
    55,375,000 
    $1,067,032,548  
    35,100,000 
    $592,233,281  
    48,500,000 
    $861,481,884  
    8,000 
    $100,000 

    Shares issued 
    9,750,000 
     319,598,577  
    12,600,000 
     224,740,268  
    21,850,000 
     659,825,469  
    51,600,000 
     888,110,863 

    Shares redeemed 
    (2,000,000) 
     (63,429,642)  
    (5,300,000) 
     (96,022,801)  
    (7,225,000) 
     (198,105,870)