Company: HODL
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0000930413-25-002440
Chunk: 9

Company: VanEck Bitcoin ETF
Filing Date: 2025-08-13
Form: 10-Q
Item: Part I, Item 1
Chunk 9
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 represented
by the baskets being created (or redeemed); the amount of bitcoin represented is equal to the combined NAV of the number of Shares
included in the baskets being created (or redeemed).

The Trust creates and redeems Shares, but only in one or more
baskets. Baskets are only made in exchange for delivery to the Trust or the distribution by the Trust of the amount of bitcoin
represented by the baskets being created or redeemed, the amount of which is equal to the combined NAV of the number of Shares
included in the baskets being created or redeemed determined as of 4:00 p.m. EST on the day the order to create or redeem baskets
is properly received. For an order to create baskets, an authorized participant will deliver cash to the Trust’s account
at the cash custodian, which the Sponsor will then use to purchase bitcoin from a liquidity provider chosen by the Sponsor. For
an order to redeem baskets, the Sponsor will arrange for the bitcoin represented by the basket to be sold to a liquidity provider
chosen by the Sponsor and the cash proceeds distributed from the Trust’s account at the cash custodian to the authorized
participant in exchange for their Shares. Only authorized participants may place orders to create and redeem baskets through the
transfer agent. The transfer agent will coordinate with the Trust’s Bitcoin Custodians to facilitate settlement of the Shares
and bitcoin.

Share and capital activity is as follows:

    Three Months Ended June 30,  
    Six Months Ended June 30, 

    2025  
    2024(a)  
    2025(a)  
    2024(a) 

    Shares  
    Amount  
    Shares  
    Amount  
    Shares  
    Amount  
    Shares  
    Amount 

    Beginning of period 
     50,475,000  
    $920,250,403  
     30,800,000  
    $509,745,236  
     48,500,000  
    $861,481,884  
     8,000  
    $100,000 

    Shares issued 
     6,925,000  
     198,942,862  
     7,100,000  
     133,298,530  
     12,100,000  
     340,226,892  
     39,000,000  
     663