Company: HODL
Filing Date: 2025-03-26
Form Type: 10-K
Source: 0000930413-25-000995
Chunk: 24

Company: VanEck Bitcoin ETF
Filing Date: 2025-03-26
Form: 10-K
Item: Item 1
Chunk 24
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 Custodian bitcoin in cleared, immediately available funds by 1:00 p.m. ET. The Trust
acknowledges that, if the actual cash purchase price of bitcoin from the Liquidity Provider is below the Basket Cash Component,
the Authorized Participant shall be entitled to retain the difference and the Required Cash Creation Total shall be reduced accordingly.

Delivery of Required Deposits

On the Creation Settlement Date, the Authorized Participant who places
a purchase order must follow the procedures outlined in the “Creation Procedures” section of this Report. The Trust
shall instruct the Cash Custodian to transfer the cash proceeds to the Trust’s Fiat Account. The Liquidity Provider delivers
bitcoin to the Trust’s Clearing Account in exchange for the cash purchase price, a delivery facilitated by the Bitcoin Custodian
under the Clearing Agreement. Upon settlement by the Bitcoin Custodian, in its capacity as the provider of Clearing Services pursuant
to the Clearing Agreement, of the bitcoin purchase from the Liquidity Provider and the deposit of bitcoin in the Trust’s
Clearing Account, the Trust instructs the Transfer Agent to release the Shares to the Authorized Participant, and the Transfer
Agent directs DTC to credit the number of Shares ordered to the applicable DTC account, by close of business on the Creation Settlement
Date and the creation order is settled. If the bitcoin purchase transaction between the Trust and the Liquidity Provider fails
to settle, the Authorized Participant shall have the option to cancel the creation order, in which case the Trust will return the
Required Cash Creation Total less the Cash Amount to the Authorized Participant and the Shares will not be issued, or the Sponsor
may use an alternative execution method for the Trust to purchase bitcoin, in which case the Authorized Participant agrees and
acknowledges it is responsible for any Purchase Slippage and Cash Amount relating to such alternative execution method. The expense
and risk of delivery and ownership of cash until such cash has been received in immediately available, cleared federal funds by
the Cash Custodian on behalf of the Trust will be borne solely by the Authorized Participant.

Rejection of Purchase Orders

The Sponsor or its designee has the absolute right, but does not
have any obligation, to reject any purchase order or Basket Deposit if the Sponsor determines that:

    ●
    the purchase order or Basket Deposit is not in proper form;

    ●
    it would not be in the best interest of the Shareholders of the Trust;

    ●
    the acceptance of the purchase order or the Basket Deposit would have adverse tax