Company: HODL
Filing Date: 2025-03-26
Form Type: 10-K
Source: 0000930413-25-000995
Chunk: 6

Company: VanEck Bitcoin ETF
Filing Date: 2025-03-26
Form: 10-K
Item: Item 1
Chunk 6
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 is the calculation agent for the MarketVectorTM
Bitcoin Benchmark Rate and an affiliate of VanEck.

The MarketVectorTM Bitcoin Benchmark Rate is a U.S. dollar-denominated
composite reference rate for the price of bitcoin. The Index is calculated daily between 00:00 and 24:00 Central European Time
(“CET”) and the Index values are disseminated to data vendors. The Index is disseminated in U.S. dollars and the closing
and intraday value is calculated over twenty-three minute intervals pursuant to a methodology referred to as an equal-weighted
average of the volume-weighted median price.

The MarketVectorTM Bitcoin Benchmark Rate is designed
to be a robust price for bitcoin in U.S. dollars. There is no component other than bitcoin in the Index. The underlying trading
platforms are sourced from the industry leading CCData Centralized Exchange Benchmark review report. CCData’s Centralized
Exchange Benchmark was established in 2019 as a tool designed to bring clarity to the digital asset trading platforms sector by
providing a framework for assessing risk and in turn bringing transparency and accountability to a complex and rapidly evolving
market. The CCData Centralized Exchange Benchmark methodology utilizes a combination of qualitative and quantitative metrics to
analyze a comprehensive data set across eight categories of evaluation: legal/regulation, KYC/transaction risk, data provision,
security, team/exchange, asset quality/diversity, market quality and negative events. The CCData Centralized Exchange Benchmark
review report provides a framework for assessing risk of each trading platform and brings transparency and accountability to a
rapidly evolving market and industry. Based on the CCData Centralized Exchange Benchmark, MarketVector initially selects the top
five trading platforms by rank for inclusion in the MarketVectorTM Bitcoin Benchmark Rate. If an eligible trading platform
is downgraded by two or more notches in a semi-annual review and is no longer in the top five by rank, it is replaced by the highest
ranked non-component trading platform. Adjustments to exchange coverage are announced four business days prior to the first business
day of each of March and September at 23:00 CET. The MarketVectorTM Bitcoin Benchmark Rate is rebalanced at 16:00:00
GMT/BST on the last business day of each of February and August. The current constituent trading platforms of the MarketVectorTM
Bitcoin Benchmark Rate are Bitfinex, Bitstamp, Coinbase, LMAX, and Kraken.

Net Asset Value Determinations

NAV