Company: HODL
Filing Date: 2025-03-26
Form Type: 10-K
Source: 0000930413-25-000995
Chunk: 15

Company: VanEck Bitcoin ETF
Filing Date: 2025-03-26
Form: 10-K
Item: Item 1
Chunk 15
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ee shall be a party, or any corporation to which substantially all the corporate trust business of the Trustee
may be transferred, shall, subject to the preceding sentence, be the Trustee under the Trust Agreement without further act.

The Administrator

State Street serves as the Trust’s Administrator. State Street’s
principal address is One Congress Street, Boston, MA 02111. Under the Trust’s Administration Agreement between State Street
and the Trust (the “Trust Administration Agreement”) and a separate cash custodian agreement, the Administrator provides
certain administrative and accounting services and financial reporting for the maintenance and operations of the Trust, maintaining
the books of account of the Trust, including calculating the NAV of the Trust and disseminating the NAV and other information for
accounting data or any information pertaining to the books and records maintained by the Administrator. In addition, the Administrator
makes available the office space, equipment, personnel and facilities required to provide such services. The Administrator also
facilitates the transfer of bitcoin required for the operation of the Trust. Under the Cash Custody Agreement, State Street may
act as custodian for the Trust’s non-bitcoin assets, if any, and as bank for the Trust’s cash.

The Transfer Agent

State Street serves as the Transfer Agent for the Trust. The Transfer
Agent: (1) issues and redeems Shares of the Trust; (2) responds to correspondence by Shareholders and others relating to its duties;
(3) maintains Shareholder accounts; and (4) makes periodic reports to the Trust. The Trust’s Transfer Agent facilitates the
settlement of Shares in response to the placement of creation orders and redemption orders from Authorized Participants.

The Marketing Agent

Van Eck Securities Corporation (the “Marketing Agent”),
a wholly-owned subsidiary of VanEck, is responsible for: (1) working with the Administrator to review and approve, or reject, purchase
and redemption orders of Baskets placed by Authorized Participants with the Administrator; (2) providing assistance in the marketing
of the Shares; (3) reviewing and approving the marketing materials prepared by the Sponsor for compliance with applicable SEC and
the Financial Industry Regulatory Authority (“FINRA”) advertising laws, rules and regulations; and (4) maintaining
a public website on behalf of the Trust, containing information about the Trust and the Shares.

The Trust’s Fees and Expenses

The Trust pays the Sponsor a unified fee (the “Sponsor
Fee”) of 0.20% of average daily net assets that accrues daily