Company: HODL
Filing Date: 2025-03-26
Form Type: 10-K
Source: 0000930413-25-000995
Chunk: 0

Company: VanEck Bitcoin ETF
Filing Date: 2025-03-26
Form: 10-K
Item: Item 1
Chunk 0
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Item 1. Business.

All Share amounts and per Share amounts referenced in Item 1 have
been adjusted to reflect the 4 for 1 share split that occurred on February 14, 2025.

Summary

The VanEck Bitcoin ETF (the “Trust”) was formed as a
Delaware statutory trust on December 17, 2020. The Trust operates pursuant to the Third Amended and Restated Trust Agreement dated
as of March 1, 2024 (the “Trust Agreement”). The purpose of the Trust is to own bitcoin transferred to the Trust in
exchange for shares issued by the Trust (the “Shares”). Each Share represents a fractional undivided beneficial interest
in and ownership of the Trust. The assets of the Trust consist primarily of bitcoin held by a third-party custodian.

The Trust is managed and controlled by the sponsor VanEck Digital
Assets, LLC (the “Sponsor”), a Delaware limited liability company. The Sponsor is a wholly-owned subsidiary of Van
Eck Associates Corporation (“VanEck”). CSC Delaware Trust Company, a Delaware trust company, is the Delaware trustee
of the Trust (the “Trustee”). Gemini Trust Company, LLC (the “Bitcoin Custodian”) and
Coinbase Custody Trust Company, LLC (the “Additional Bitcoin Custodian”, and together with the Bitcoin Custodian, the
“Bitcoin Custodians”) are the custodians of the Trust, who hold all of the Trust’s bitcoin on the Trust’s
behalf. State Street Bank and Trust Company (“State Street”) serves as the Trust’s administrator (the “Administrator”),
the transfer agent for the Trust (the “Transfer Agent”) and the cash custodian of the Trust (the “Cash Custodian”).

On December 21, 2023, Van Eck Associates Corporation (“VanEck”
or the “Seed Capital Investor”), the parent of the Sponsor, subject to certain conditions, purchased the “Seed
Shares,” comprising 8,000 Shares at a per-Share price of $12.50. Delivery of the Seed Shares was made on December 21, 2023.
Total proceeds to the Trust from the sale of the Seed Shares were $100,000. On January 4, 2024, the Seed Shares were redeemed for
cash and the Seed Capital Investor purchased the “Seed Creation Baskets,” comprising of 5,800,000 Shares at a per-Share
price of $12.50. Total proceeds to the Trust