Company: HODL
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0000930413-25-003438
Chunk: 98

Company: VanEck Bitcoin ETF
Filing Date: 2025-11-13
Form: 10-Q
Item: Part I, Item 2
Chunk 98
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, the promotors of a new digital asset announce to holders of another
digital asset that such holders will be entitled to claim a certain amount of the new digital asset for free, based on the fact
that they hold such other digital asset. Neither the Trust nor the Sponsor shall be under any obligation to claim or attempt to
secure or realize any economic benefit from “airdropped” assets, and the Sponsor will cause the Trust to irrevocably
and permanently abandon, for no consideration, such Incidental Rights or IR Virtual Currency. In the event the Trust seeks to change
this position, an application would need to be filed with the SEC by the Exchange seeking approval to amend its listing rules to
permit the Trust to distribute the Incidental Rights or IR Virtual Currency associated with the airdropped assets in-kind to the
Sponsor, as agent for the Shareholders, and the Sponsor would arrange 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