Company: HODL
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0000930413-25-001795
Chunk: 30

Company: VanEck Bitcoin ETF
Filing Date: 2025-05-14
Form: 10-Q
Item: Part I, Item 3
Chunk 30
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Item 3. Quantitative and Qualitative Disclosures About Market
Risk.

Not applicable.

Item 4. Controls and Procedures.

The duly authorized officers of the Sponsor performing functions
equivalent to those a principal executive officer and principal financial officer of the Trust would perform if the Trust had any
officers have evaluated the effectiveness of the Trust’s disclosure controls and procedures, and have concluded that the
disclosure controls and procedures of the Trust were effective as of the end of the period covered by this report to provide reasonable
assurance that information required to be disclosed in the reports that the Trust files or submits under the Securities Exchange
Act of 1934, as amended, is recorded, processed, summarized and reported, within the time periods specified in the applicable rules
and forms, and that it is accumulated and communicated to the duly authorized officers of the Sponsor performing functions equivalent
to those a principal executive officer and principal financial officer of the Trust would perform if the Trust had any officers,
as appropriate to allow timely decisions regarding required disclosure.

There are inherent limitations to the effectiveness of any system
of disclosure controls and procedures, including the possibility of human error and the circumvention or overriding of the controls
and procedures.

There were no changes in the Trust’s internal control over
financial reporting that occurred during the period covered by this report that have materially affected, or are reasonably likely
to materially affect, the Trust’s internal control over financial reporting.

13

Part II. OTHER INFORMATION.

Item 1. Legal Proceedings.

None.

Item 1A. Risk Factors.

There have been no material changes to the Risk Factors last
reported under Part I, Item 1A of the registrant’s Annual Report on Form 10-K for the period ended December 31, 2024, filed
with the Securities and Exchange Commission on March 26, 2025.

Item 2. Unregistered Sales of Equity Securities and Use of
Proceeds.

a) None.

b) Not applicable.

c) 3,200,000 Shares (128 Baskets) were redeemed during the quarter
ended March 31, 2025.

    Period
     
    Total Number of Shares
    Redeemed
     
    Average Per 
Share

    01/01/25 to 01/31/25

    200,000
     
    $
    28.41

    02/01/25 to 02/28/25

    2,650,