Company: HODL
Filing Date: 2025-03-26
Form Type: 10-K
Source: 0000930413-25-000995
Chunk: 1

Company: VanEck Bitcoin ETF
Filing Date: 2025-03-26
Form: 10-K
Item: Item 1
Chunk 1
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 from the sale of the Seed Creation Baskets were $72,500,000, which resulted in the
Trust receiving 1,640.92 bitcoin. Delivery of the Seed Creation Baskets was made on January 5, 2024.

The Trust’s net asset value (“NAV”) was $1,280,450,332
at December 31, 2024, the Trust’s fiscal year end. Outstanding Shares of the Trust were 48,500,000 at December 31, 2024.

The Trust is not actively managed and will not take any actions to
take advantage, or mitigate the impacts, of volatility in the price of bitcoin.

The activities of the Trust include (i) selling Shares in blocks
of 25,000 Shares (“Baskets”) to financial firms that are registered broker-dealers (“Authorized Participants”
or “APs”) in exchange for cash to purchase bitcoin; (ii) selling bitcoin to distribute cash to Authorized Participants
redeeming Baskets; (iii) purchasing bitcoin represented by the Basket being created; and (iv) selling bitcoin to distribute cash
to Authorized Participants redeeming Shares or to pay the Sponsor’s Fee and Trust expenses not assumed by the Sponsor, if
any.

The Trust sells or redeems its Shares in Baskets that are
based on the amount of bitcoin represented by the Basket being created, the amount of bitcoin being equal to the combined NAV of
the number of Shares included in the Basket (net of the accrued but unpaid remuneration due the Sponsor (“Sponsor Fee”)
and any accrued but unpaid expenses or liabilities not assumed by the Sponsor). The Trust currently conducts subscriptions and
redemptions solely in cash. Authorized Participants deliver cash to create Baskets and will receive only cash when redeeming Shares.

The Sponsor of the Trust maintains a website at https://www.vaneck.com/us/en/investments/bitcoin-trust-hodl/,
through which the Trust’s annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and amendments
to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended (the
“Exchange Act”), are made

1

available free of charge after they have been filed or
furnished to the Securities and Exchange Commission (the “SEC”). The information on the Trust’s website is not,
and shall not be deemed to be, part of this report