Company: HODL
Filing Date: 2025-03-26
Form Type: 10-K
Source: 0000930413-25-000995
Chunk: 639

Company: VanEck Bitcoin ETF
Filing Date: 2025-03-26
Form: 10-K
Item: Item 10
Chunk 639
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, 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 has agreed to pay all
operating expenses (except for litigation expenses and other extraordinary expenses) out of the Sponsor Fee. The Sponsor from time
to time will sell bitcoin, which may be facilitated by one or more liquidity providers and/or the Bitcoin Custodians, in such
quantity as is necessary to permit payment of the Sponsor Fee and Trust expenses and liabilities not assumed by the Sponsor.

The Trustee fee is paid by the Sponsor and is not an expense of
the Trust.

The Trust holds its bitcoin at the Bitcoin Custodian and at the
Additional Bitcoin Custodian, both of which are regulated third-party custodians that carry insurance
(in the case of the Additional Bitcoin Custodian, such insurance is carried by its parent, Coinbase Inc., and is intended to cover
the loss of client assets held by Coinbase Inc. and its subsidiaries, including the Additional Bitcoin Custodian) and are responsible
for safekeeping of bitcoin owned by the Trust and holding private keys that provide access to the bitcoin in the Trust’s bitcoin account.

F-10

VANECK BITCOIN ETF

Notes to the Financial Statements (continued)

December 31, 2024

State Street Bank and Trust Company serves as the Trust’s
administrator, transfer agent and cash custodian.

Note 4. Related Parties(a)

The Sponsor is considered to be a related party to the Trust.

MarketVector Indexes GmbH is the index sponsor and index administrator
for the MarketVector Bitcoin Benchmark Rate, which is used by the Trust to determine its NAV. MarketVector Indexes GmbH is an indirectly
wholly-owned subsidiary of VanEck.

Van Eck Securities Corporation, a marketing agent to the Trust,
is a wholly owned-subsidiary of VanEck.

VanEck was the initial seed investor (“Seed Capital Investor”)
on December 21, 2023. On January 4, 2024, the 8,000 Shares