Company: HODL
Filing Date: 2025-03-26
Form Type: 10-K
Source: 0000930413-25-000995
Chunk: 16

Company: VanEck Bitcoin ETF
Filing Date: 2025-03-26
Form: 10-K
Item: Item 1
Chunk 16
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 and pays monthly. Prior to February 21, 2024, the Sponsor Fee
was 0.25% of average daily net assets. Effective for the period from March 12, 2024, through November 30, 2024, the Sponsor agreed
to waive the entire Sponsor Fee for the first $1.5 billion of the Trust’s net assets. Effective for the period from November
25, 2024 through January 10, 2026, the Sponsor will waive the entire Sponsor Fee for the first $2.5 billion of the Trust’s
assets. If the Trust’s assets exceed $2.5 billion prior to January 10, 2026, the Sponsor Fee charged on assets over $2.5
billion will be 0.20% of average daily net assets. All investors will incur the same Sponsor Fee which is the weighted average of
those fee rates. After January 10, 2026, the Sponsor Fee will be 0.20% of average daily net assets.The Sponsor Fee is paid by the
Trust to the Sponsor as compensation for services performed under the Trust Agreement. The Administrator makes its determination
regarding the Sponsor Fee in respect of each day by reference to the Trust’s NAV as of that day. The Sponsor Fee accrues in
U.S. dollars and is payable monthly in arrears in bitcoin on, or by, the tenth business day of the next month in respect of the
prior month. Each month, the Administrator calculates the Sponsor Fee for each day of the month, resulting in a cumulative total in
U.S. dollars, which the Administrator then calculates the bitcoin equivalent of by reference to the Index as of the date of
calculation, and the Sponsor shall then withdraw the corresponding amount of bitcoin from the Trust’s Bitcoin Account in

10

payment of the Sponsor Fee. The
Sponsor has agreed to pay all ordinary operating expenses (except for extraordinary expenses, including but not limited to, non-recurring
expenses and costs of services performed by the Sponsor or a service provider on behalf of the Trust to protect the Trust or the
interests of Shareholders, such as in connection with any indemnification of agents, service providers or counterparties of the
Trust and extraordinary legal fees and expenses, including any legal fees and expenses incurred in connection with litigation,
regulatory enforcement or investigation matters) out of the Sponsor Fee.

For extraordinary expenses not covered in the previous sentence,
the Sponsor shall pay these expenses as they become