Company: HODL
Filing Date: 2025-03-26
Form Type: 10-K
Source: 0000930413-25-000995
Chunk: 405

Company: VanEck Bitcoin ETF
Filing Date: 2025-03-26
Form: 10-K
Item: Item 4
Chunk 405
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Item 4. Mine Safety Disclosures.

Not applicable.

PART II

Item 5. Market for Registrant’s Common Equity, Related Stockholder
Matters and Issuer Purchases of Equity Securities.

Market Information

On January 10, 2024, the Shares commenced trading on Cboe BZX Exchange,
Inc, under the ticker symbol “HODL.”

Holders

As of December 31, 2024, there were approximately 85 DTC participating shareholders of record of the Trust. Because most of the Trust’s Shares are held by
brokers and institutions on behalf of shareholders, we are unable to estimate the total number of shareholders
represented by these record holders.

Dividends

The Trust did not declare any cash distributions to Shareholders during
the during the fiscal year ended December 31, 2024. The Trust has no obligation to make periodic distributions to Shareholders.

Use of Proceeds from Registered Securities (a)

5,400,000 Shares (216 Baskets) were redeemed during the period ended
December 31, 2024.

    Period
     
    Total Number of Shares
    Redeemed

    Average Per Share

    10/01/24 to 10/31/24

    1,600,000

    $
    18.13

    11/01/24 to 11/30/24

    2,600,000

    21.07

    12/01/24 to 12/31/24

    1,200,000

    27.26

    Total

    5,400,000

    $
    21.57

(a)Share,
                                            Per Share and Basket information above has been adjusted to reflect the 4 for 1 share split
                                            that occurred on February 14, 2025.

Purchases of Equity Securities by the Issuers and Affiliated Purchaser.

Not applicable.

Item 6. [Reserved]

Item 7. Management’s Discussion and Analysis of Financial Condition
and Results of Operations.

This information should be read in conjunction with the financial
statements and notes to financial statements included with this Report. The discussion and analysis that follows may contain statements

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that relate to future events or future performance. In some cases,
such forward-looking statements can be identified by terminology such as “may,” “will,” “should,”
“could,” “expect,” “plan,” “antic