Company: HODL
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0000930413-25-002440
Chunk: 8

Company: VanEck Bitcoin ETF
Filing Date: 2025-08-13
Form: 10-Q
Item: Part I, Item 1
Chunk 8
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State Street Bank and Trust Company serves as the Trust’s
administrator, transfer agent and cash custodian.

7

VANECK BITCOIN ETF

Notes to Unaudited Financial Statements (continued)

June 30, 2025

Note 4. Related Parties(a)

The Sponsor is considered to be a related party to the Trust.

MarketVector Indexes GmbH is the index sponsor and index administrator
for the MarketVector Bitcoin Benchmark Rate, which is used by the Trust to determine its NAV. MarketVector Indexes GmbH is an
indirectly wholly-owned subsidiary of VanEck.

Van Eck Securities Corporation, a marketing agent to the Trust,
is a wholly-owned subsidiary of VanEck.

VanEck was the initial seed investor (“Seed Capital Investor”)
on December 21, 2023. On January 4, 2024, the 8,000 Shares held by the Seed Capital Investor 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 from the sale of the Seed Creation Baskets were $72,500,000, which resulted in the Trust receiving
1,640.92 bitcoin. As of December 31, 2024 and June 30, 2025, the Seed Capital Investor’s ownership in the Trust represents
approximately 9% and 7%, respectively, of net assets.

VanEck is a minority interest holder in the parent company of
the Bitcoin Custodian, representing less than 1% of its equity.

(a)Share amounts in Note 4 have been adjusted to reflect the 4 for 1 share split that occurred on February 14, 2025.

Note 5. Capital Share Transactions

Investors can buy and sell Shares of the Trust in secondary
market transactions through brokers. Shares trade on the Exchange under the ticker symbol HODL. Shares are bought and sold throughout
the trading day like other publicly traded securities.

The Trust continuously offers the Trust Shares in baskets consisting
of 25,000 Shares to authorized participants. Prior to March 4, 2024, the Trust offered baskets consisting of 50,000 Shares to
authorized participants. Authorized participants pay a transaction fee for each order they place to create or redeem one or more
baskets. The Administrator calculates the cost to purchase (or sell in the case of a redemption order) the amount of bitcoin