Company: HODL
Filing Date: 2025-03-26
Form Type: 10-K
Source: 0000930413-25-000995
Chunk: 764

Company: VanEck Bitcoin ETF
Filing Date: 2025-03-26
Form: 10-K
Item: Item 8
Chunk 764
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 determined
that no provision for income tax is required in the Trust’s financial statements.

G. Segment Reporting—In this reporting period, the
Trust adopted FASB Accounting Standards Update 2023-07 Segment Reporting (Topic 280) Improvements to Reportable Segment Disclosures
(“ASU 2023-07”). The provisions of the new standard require additional financial statements disclosures related to
segment reporting to enable investors to better understand an entity’s overall performance and to assess its potential future
cash flows. The adoption of the ASU 2023-07 had no impact on the Trust’s financial position or results of operations.

The Sponsor acts as the Trust’s chief operating decision
maker (“CODM”), assessing performance and making decisions about resource allocation. The CODM has determined that
the Trust has a single operating segment based on the fact that the Trust’s long-term strategic asset allocation is pre-determined
in accordance with the terms of its prospectus, with a defined investment strategy which is executed by the Sponsor.

Note 3. Trust Expenses and Other Agreements

The Trust pays the Sponsor a unified fee (the
“Sponsor Fee”) of 0.20% of average daily net assets that accrues daily and pays monthly. Prior to February 21, 2024, the
Sponsor Fee was 0.25% of average daily net assets. Effective for the period from March 12, 2024, through November 24, 2024, the Sponsor agreed to
waive the entire Sponsor Fee for the first $1.5 billion of the Trust’s net assets. Effective for the period from November 25,
2024 through January 10, 2026, the Sponsor will waive the entire Sponsor Fee for the first $2.5 billion of the Trust’s assets.
If the Trust’s assets exceed $2.5 billion prior to January 10, 2026, the Sponsor Fee charged on assets over $2.5 billion will
be 0.20% of average daily net assets. All investors will incur the same Sponsor Fee which is the weighted average of those fee
rates. After January 10, 2026, the Sponsor Fee will be 0.20% of average daily net assets. The Sponsor has agreed to pay all
operating expenses (except for litigation expenses and other extraordinary expenses) out of the Sponsor Fee. The Sponsor from time
to time will sell bitcoin, which may be facilitated by one or more liquidity providers and