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

Company: VanEck Bitcoin ETF
Filing Date: 2025-03-26
Form: 10-K
Item: Item 1
Chunk 25
---
 consequences to the Trust or its Shareholders;

    ●
    the acceptance or receipt of the purchase order or the Basket Deposit would, in the opinion of counsel to the Sponsor,
    be unlawful; or

    ●
    circumstances outside the control of the Trust, the Sponsor, the Marketing Agent or the Bitcoin Custodian or Cash Custodian
    make it, for all practical purposes impracticable or not feasible to process Baskets (including if the Sponsor determines
    that the investments available to the Trust at that time will not enable it to meet its investment objective).

None of the Sponsor, the Transfer Agent, the Bitcoin Custodian or
the Cash Custodian will be liable for the rejection of any purchase order or Basket Deposit.

Redemption Procedures

The procedures by which an Authorized Participant can redeem one
or more Baskets mirror the procedures for the creation of Baskets with an additional safeguard on bitcoin or cash being removed
from the Trust’s Bitcoin Custodian or Cash Custodian account. Currently, redemption orders are only

15

processed in cash. On any business day, an Authorized Participant
may place an order with the Transfer Agent to redeem one or more Baskets. Redemption orders must be placed by the order cut-off
time for an order on a Business Day (the “Redemption Order Cut-Off Time”). The Redemption Order Cut-Off Time is 3:59:59
p.m. ET on a trade date or as otherwise communicated by the Sponsor. A redemption order will be effective on the date it is received
by the Transfer Agent (“Redemption Order Date”).

On the business day on which any order redeeming Baskets of the Trust
is placed (the “Redemption Trade Date”), following receipt of the redemption order from the Authorized Participant,
the Trust shall instruct the Bitcoin Custodian to move the bitcoin in the amount of the Basket Deposit out of the Trust’s
account at the Bitcoin Custodian into the Trust’s Clearing Account. On the Redemption Trade Date, the Trust in its sole discretion,
shall select a Liquidity Provider and execute a trade to sell the bitcoin in exchange for cash to be delivered on the settlement
date for a redemption order (which shall be the Business Day immediately following the Redemption Trade Date unless the Trust,
Sponsor, and Authorized Participant agree to a different date) (the “Redemption Settlement Date”). The Liquidity Providers
as of the date of this Report, that have agreed to serve as a Liquidity Provider and have consented to be named in the