Company: HODL
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0000930413-25-003438
Chunk: 7

Company: VanEck Bitcoin ETF
Filing Date: 2025-11-13
Form: 10-Q
Item: Part I, Item 1
Chunk 7
---
 with
the SEC.

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. 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/or the Bitcoin Custodians, in such quantity as is necessary to permit payment of the Sponsor Fee and Trust expenses
and liabilities not assumed by the Sponsor.

The Trustee fee is paid by the Sponsor and is not an expense of
the Trust.

The Trust holds its bitcoin at the Bitcoin
Custodian and at the Additional Bitcoin Custodian, both of which are regulated third-party custodians that carry insurance (in
the case of the Additional Bitcoin Custodian, such insurance is carried by its parent, Coinbase Inc., and is intended to cover
the loss of client assets held by Coinbase Inc. and its subsidiaries, including the Additional Bitcoin Custodian) and are responsible
for safekeeping of bitcoin owned by the Trust and holding private keys that provide access to the bitcoin in the Trust’s
bitcoin account.

State Street Bank and Trust Company serves as the Trust’s
administrator, transfer agent and cash custodian.

7

VANECK BITCOIN ETF

Notes to Unaudited Financial Statements (continued)

September 30, 2025

Note 4. Related Parties(a)

The Sponsor