Company: HODL
Filing Date: 2025-03-26
Form Type: 10-K
Source: 0000930413-25-000995
Chunk: 22

Company: VanEck Bitcoin ETF
Filing Date: 2025-03-26
Form: 10-K
Item: Item 1
Chunk 22
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 total number of Shares outstanding on the date the order is received. On the trade

13

date for a purchase order, following receipt of the purchase order
from the Authorized Participant, the Trust shall, in its sole discretion, select a Liquidity Provider and execute a trade to purchase
bitcoin from that Liquidity Provider in the amount of the total deposit required to create each Basket (“Basket Deposit”),
with the purchased bitcoin to be delivered by the Liquidity Provider on the settlement date for a purchase order (which shall be
the Business Day immediately following the trade date unless the Trust, Sponsor, Authorized Participant agree to a different date)
(the “Creation Settlement Date”) in exchange for a cash price to be delivered by the Trust on Creation Settlement Date.
The Liquidity Provider, not the Authorized Participant, shall be responsible for delivering bitcoin to the Trust.

Subject to In-Kind Regulatory Approval, of which there can be no
assurance that such approval will ever be obtained following an Authorized Participant’s purchase order, the Trust’s
Bitcoin Custodian account must be credited with the required bitcoin by the end of the business day following the purchase order
date, or the Trust’s Cash Custodian account must be credited with the required cash by the end of the business day following
the purchase order date, as applicable. Upon receipt of the bitcoin deposit amount in the Trust’s Bitcoin Account, or the
cash deposit amount in the Trust’s Cash Custodian account, the Bitcoin Custodian or Cash Custodian, respectively, will notify
the Transfer Agent, the Authorized Participant, and the Sponsor that the bitcoin or cash has been deposited. The Transfer Agent
will then direct DTC to credit the number of Shares created to the applicable DTC account.

No Shares will be issued unless and until the Bitcoin Custodian (in
the case of in-kind deposits) or Cash Custodian (in the case of cash deposits) has informed the Transfer Agent that the bitcoin
or cash (as applicable) has been received. Disruption of services at the Bitcoin Custodian would have the potential to delay settlement
of the bitcoin related to Share creations. To the extent a Liquidity Provider, is not able to deliver bitcoin associated with a
purchase order as of a specified time on the settlement date, the Authorized Participant will have the option to cancel the order,
or the Sponsor may select an alternative execution method for the bitcoin purchase. To the extent that bitcoin transfers in connection
with a creation order are delayed due to congestion or other issues with the Bitcoin network, such bitcoin