Company: HODL
Filing Date: 2025-03-26
Form Type: 10-K
Source: 0000930413-25-000995
Chunk: 303

Company: VanEck Bitcoin ETF
Filing Date: 2025-03-26
Form: 10-K
Item: Item 1B
Chunk 303
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 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

81

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,” “anticipate,” “believe,” “estimate,”
“predict,” “potential” or the negative of these terms or other comparable terminology. All statements (other than
statements of historical fact) included in this Report that address activities, events or developments that may occur in the future, including
such matters as changes in commodity prices and market conditions (for bitcoin and the Shares), the operations of the Trust, the plans
of the Sponsor and references to the Trust’s future success and other similar matters are forward-looking statements. These statements
are only predictions. Actual events or results may differ materially. These statements are based upon certain