Company: HODL
Filing Date: 2025-03-26
Form Type: 10-K
Source: 0000930413-25-000995
Chunk: 28

Company: VanEck Bitcoin ETF
Filing Date: 2025-03-26
Form: 10-K
Item: Item 1
Chunk 28
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 a consequence, Authorized Participants may reduce their trading in Shares during periods of suspension, decreasing
the number of potential buyers of Shares in the secondary market and, therefore, decreasing the price a Shareholder may receive
upon sale. None of the Sponsor, the person authorized to take redemption orders in the manner provided in the Authorized Participant
Agreement, the provider of Clearing Services, the Cash Custodian or the Bitcoin Custodian will be liable to any person or in any
way for any loss or damages that may result from any such suspension or postponement. To the extent that the Sponsor suspends the
right of redemption, the Trust will notify Shareholders in a prospectus supplement and a current report on Form 8-K or in its annual
or quarterly reports.

Redemption orders must be made in whole Baskets. The Sponsor acting
by itself or through the person authorized to take redemption orders in the manner provided in the Authorized Participant Agreement
may, in its sole discretion, reject any redemption order (1) the Sponsor determines not to be in proper form, (2) the fulfillment
of which its counsel advises may be illegal under applicable laws and regulations, or (3) if circumstances outside the control
of the Sponsor, the person authorized to take redemption orders in the manner provided in the Authorized Participant Agreement
or the Bitcoin Custodian make it for all practical purposes not feasible for the Shares to be delivered under the redemption order.
The Sponsor may also reject a redemption order if the number of Shares being redeemed would reduce the remaining outstanding Shares
to 25,000 Shares (i.e., 1 Basket) or less.

The Marketing Agent shall notify the Authorized Participant of a
rejection or suspension of any redemption order. The Marketing Agent is under no duty, however, to give notification of any specific
defects or irregularities nor shall the Marketing Agent or the Trust incur any liability for the failure to give any such notification.
The Trust and the Marketing Agent may not revoke a previously accepted redemption order.

Creation and Redemption Transaction Fee

To compensate the Transfer Agent for expenses incurred in connection
with the creation and redemption of Baskets, an Authorized Participant is required to pay a transaction fee to the Transfer Agent
to create or redeem Baskets, which does not vary in accordance with number of Baskets in such order. The transaction fee may be
reduced, increased or otherwise changed by the Sponsor. The Sponsor will notify DTC of any change in the transaction fee and will
not implement any increase in the fee for the