Company: HODL
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0000930413-25-001795
Chunk: 16

Company: VanEck Bitcoin ETF
Filing Date: 2025-05-14
Form: 10-Q
Item: Part I, Item 1
Chunk 16
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 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

    2,650,000

    25.69

    03/01/25 to 03/31/25

    350,000

    25.05

    Total

    3,200,000
     
    $
    25.79

Item 3. Defaults Upon Senior Securities.

None.

Item 4. Mine Safety Disclosures.

Not applicable.

Item 5. Other Information.

Not applicable.

Item 6. Exhibits.

See the Exhibit Index below, which is incorporated by reference
herein.

14

EXHIBIT INDEX

    Exhibit No.
    Exhibit Description

    3.1
    Certificate
    of Trust incorporated by reference to Exhibit 3.1 of the Registration Statement on Form S-1