Company: HODL
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0000930413-25-003438
Chunk: 138

Company: VanEck Bitcoin ETF
Filing Date: 2025-11-13
Form: 10-Q
Item: Part I, Item 3
Chunk 138
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 to sell or otherwise dispose of the Incidental Rights or
IR Virtual Currency and for the proceeds (if any) to be distributed to the Shareholders.

With respect to any fork, airdrop or similar event, the Sponsor will
cause the Trust to irrevocably abandon the Incidental Rights and any IR Virtual Currency associated with such event. As such, Shareholders
will not receive the benefits of any forks, and the Trust is not able to participate in any airdrop.

Even if required regulatory approval is sought and obtained, Shareholders
may not receive the benefits of any forks, airdrops, or similar events, the Trust may not choose, or be able, to participate in
an airdrop, and the timing of receiving any benefits from a fork, airdrop or similar event is uncertain. Any inability to recognize
the economic benefit of a hard fork or airdrop could adversely affect the value of the Shares.

Item 2. Unregistered Sales of Equity Securities
and Use of Proceeds.

a) None.

b) Not applicable.

c) 2,000,000 Shares (80 Baskets) were redeemed during the quarter ended
September 30, 2025.

    Period 
    Total Number of Shares Redeemed  
    Average Per Share 

    07/01/25 to 07/31/25 
     325,000  
    $33.22 

    08/01/25 to 08/31/25 
     175,000  
     33.45 

    09/01/25 to 09/30/25 
     1,500,000  
     31.19 

    Total 
     2,000,000  
    $31.72 

Item 3. Defaults Upon Senior Securities.

None.

Item 4. Mine Safety Disclosures.

Not applicable.

Item 5. Other Information.

Not applicable.

Item 6. Exhibits.

See the Exhibit Index below, which is incorporated
by reference herein.

28

    Exhibit No.
    Exhibit Description

    3.1
    Certificate
    of Trust incorporated by reference to Exhibit 3.1 of the Registration Statement on Form S-1 filed by the Registrant on December
    30, 2020

    3.2
    Certificate
    of Amendment to Certificate of Trust incorporated by reference to Exhibit 3.